Fraud: Who is the next target?

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The final part of our fraud series reviews the most recent Marquet Report on Embezzlement which closely examines domestic fraud cases. The recently released report by Marquet International analyzes US fraud and embezzlement cases that resulted in losses of $100K or more in 2013. There were 554 such cases in 2013, a new (unfortunate) record.  As they say, “This figure represents a rate of more than 10 ½ cases per week – a staggering amount.”

The report continues, “We believe that our data shows that poor economies and economic downturns are drivers for potential embezzlers. However, this is not the only factor. Indeed, our data suggests that the primary motivating factor for perpetrators of long-term embezzlements is not because the money is needed for dire financial circumstances, but rather to obtain and maintain a lifestyle beyond what they would otherwise be able to attain.”

Some of the more interesting statistics taken from The 2013 Marquet Report on Embezzlement include:

  • The average loss for 2013 was about $1.1 million; the median loss was $325,000 and the average scheme lasted 4.6 years;
  • More than 2/3 of the incidents (71%) were committed by employees who held finance/bookkeeping & accounting positions;
  • The most common embezzlement scheme involved the issuance of forged or unauthorized company checks;
  • The financial services industry suffered the greatest number and the greatest losses due to major embezzlements;
  • Credit Unions continue to be a major target/victim of large embezzlement schemes;
  • Government entities were the second most frequent victim after Financial entities, followed by the combined group of Non-profits and religious organizations
The Marquet Report concludes with a number of specific measures to help minimize fraud and embezzlement losses as part of a comprehensive organizational control and governance strategy. We’ve posted them on our website (click here) or click here for the full report (site registration required).


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 (Reprinted with permission.  Copyright ©2014 Marquet International, Ltd.)

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