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.
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Famous quotes containing the words cost and/or fraud:
“The Fountaine of parents duties is Love....Great reason there is why this affection should be fast fixed towards their children. For great is that paine, cost, and care, which parents must undergoe for their children. But if love be in them, no paine, paines, cost or care will seeme too much.”
—William Gouge (20th century)
“Things gained through unjust fraud are never secure.”
—Sophocles (497–406/5 B.C.)