Criminal Law: What Is Fraud?
There are a number of people who have been victimized by fraudulent acts. However, most of the time, fraud goes undetected. For this reason, it is important to learn what fraud is and how to spot warning signs to stop huge problems from occuring in the long run. Fraud is a very broad term that generally refers to a wide variety of felonies that involves fraudulent actions.
Why Fraud Prevention Should be Given More Attention
The leading economies of the West seem to be the hardest hit when it comes to the problem of fraud. Losses to the fraudster and the cost of dealing with the problem are more than many other nations' national budgets. Many frauds carry on through several years and many others are never discovered at all.
ACFE Report Estimates Organizations Worldwide Lose 5 Percent of Revenues to Fraud
Global data from fraud experts is reflected for the first time in the 2010 Report to the Nations on Occupational Fraud and Abuse. Organizations around the world lose an estimated five percent of their annual revenues to fraud, according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2008 and December 2009. Applied to the estimated 2009 Gross World Product, this figure translates to a potential total fraud loss of more than $2.9 trillion.