According to estimates from the ACFE, cases of fraud cost the worldwide economy more than $400 billion a year. The fraudsters are increasingly using electronic resources in their criminal activities, thereby increasing the amount of fraudulent activity. These “invisible“ and “anonymous“ money transactions make it easier to conceal fraud. However, the actual cost of fraud goes far beyond the actual financial losses. Fraud also affects a company’s reputation.
Using customized software solutions to fight fraud is one answer to the risk of financial loss and a damaged reputation. Nearly 85% of all fraud within institutions is committed by insiders, with over 50% of the offenders belonging to the management. Fraud is not confined to any particular region, sector or branch of industry, and nor is it dependent on the size of the organization.