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The $3.7 Trillion Question: How to Stop Fraud?

Monday, November 17, 2014

The numbers on the impact of fraud worldwide are astonishing. According to the Association of Certified Fraud Examiners (ACFE), fraud cost the world economy around $3.7 trillion last year.

While financial reporting fraud remains relatively rare, its annual impact is still significant. ACFE says financial reporting fraud accounted for 9 percent, or $333 billion, of its 2013 total.

In the face of these large numbers, what’s our plan of attack? How can we better deter, detect, and mitigate fraud? In my judgment, the process begins with a few key steps. First, we build our understanding of fraud. Then, we collaborate and communicate effectively to fight it.

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