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:
“One must always be aware, to notice—even though the cost of noticing is to become responsible.”
—Thylias Moss, African American poet. As quoted in the Wall Street Journal (May 12, 1994)
“It may cost me twenty thousand francs; but for twenty thousand francs, I will have the right to rail against the iniquity of humanity, and to devote to it my eternal hatred.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“Things gained through unjust fraud are never secure.”
—Sophocles (497–406/5 B.C.)