Cost of Fraud
The typical organization loses five percent of its annual revenue to fraud, with a median loss of $160,000. Frauds committed by owners and executives were more than nine times as costly as employee fraud. The industries most commonly affected are banking, manufacturing, and government.
Read more about this topic: Fraudsters
Famous quotes containing the words cost of, cost and/or fraud:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Life! Life! Don’t let us go to life for our fulfilment or our experience. It is a thing narrowed by circumstances, incoherent in its utterance, and without that fine correspondence of form and spirit which is the only thing that can satisfy the artistic and critical temperament. It makes us pay too high a price for its wares, and we purchase the meanest of its secrets at a cost that is monstrous and infinite.”
—Oscar Wilde (1854–1900)
“He saw, he wish’d, and to the prize aspir’d.
Resolv’d to win, he meditates the way,
By force to ravish, or by fraud betray;
For when success a lover’s toil attends,
Few ask, if fraud or force attain’d his ends.”
—Alexander Pope (1688–1744)