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All organizations, no matter the size, can fall victim to expense report fraud. Instituting internal controls is a great first step to warding off fraud. Educating accounting staff on tell-tale signs is also a great way to catch perpetrators. For example, by noting examples from the two primary fraud schemes, accounting staff can be on the lookout and potentially catch fraud before it occurs. The two primary schemes perpetrated are employees claiming reimbursement for fictitious expenses or inflating actual business expenses.
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What do you imagine the typical fraudster profile looks like?
The 2014 Association of Certified Fraud Examiners (ACFE) annual report highlights a typical fraudster’s profile. Most fraudsters don’t share their intent and willingness to commit fraud and the perpetrator acts alone. For the most part 55% of fraudsters attended or graduated from college. From this 55%, 14% obtained a post-graduate degree. When dealing with a fraudster who didn’t attend college organizations can expect to lose about $100,000 but when dealing with individuals who obtained a post-graduate degree, organizations can expect to lose about $300,000.
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