The Urgency of Early Fraud Detection

Detecting fraud early is paramount to mitigating its damaging effects on organizations. Research reveals that frauds typically go undetected for a year, with costs escalating the longer they persist.

Data shows that frauds caught within six months result in a median loss of $30,000, but those lasting two to three years escalate to $250,000. Shockingly, schemes undetected for five or more years cause a median loss of $875,000.

This underscores the critical need for proactive measures and robust monitoring systems to identify and address fraudulent activities swiftly. Early detection is key to minimizing financial losses, safeguarding assets, and preserving organizational integrity.

Thank you to the ACFE’s Report to the Nations!!