Certified Fraud Examination
Paula Field, owner of Lucrum, is a leading Certified Fraud Examiner in the state of Texas. A CFE is a professional specifically trained in the detection and deterrence of a wide variety of white-collar crimes including occupational fraud and abuse and misappropriation of assets. Certified fraud examiners detect fraud and improve organizations' financial health. These professionals often work with law enforcement and may offer legal testimony against fraud criminals.
28% of all reported defrauded companies have less than 100 employees
A typical fraud case typically lasts 12 months before any detection.
The Average Loss suffered was an average of 5% of their annual revenue
42% of those frauds resulted from a lack of internal controls
29% are perpetrated by an owner/executive, or a highly trusted employee.
Organizations with the fewest employees had highest median losses.
Industries with highest median loss:
• Real Estate
• Wholesale Trade
• Transportation & Warehousing
•Construction
• Utilities
5% of lost revenue to workplace fraud each year
CFE's estimate that organizations lose 5% of their revenue to fraud each year.
Nearly half of all fraud came from these departments:
• Operations
• Accounting
• Executive/Upper Management
• Sales
The main categories of workplace fraud:
• Asset Misappropriation
• Corruption
• Financial Statement Fraud
