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Yoss: Spot–And Stop–Fraud Early | Quick Tech Talks

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Quick Tech Talk
With Steve Yoss
CPE Today

Occupational fraud remains one of the most pervasive and costly threats to organizations worldwide—and many companies may be underestimating the risk. A recent Quick Tech Talks episode delves into key findings from the Association of Certified Fraud Examiners’ (ACFE) 2024 Report to the Nations, uncovering the mechanics behind the world’s most common types of fraud and the staggering financial toll they exact.

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The numbers are alarming: Occupational fraud is responsible for losses equaling up to 7% of global GDP, or more than $5 trillion annually, according to the ACFE. These crimes don’t just target large corporations—they impact businesses of all sizes and sectors. In this episode, listeners are guided through the three major categories of occupational fraud—asset misappropriation, financial statement fraud, and corruption—and shown how each can quietly undermine an organization’s integrity and profitability.

The ACFE report identifies patterns in perpetrator behavior and organizational vulnerabilities. Asset misappropriation, the most common scheme, includes theft of cash, inventory, or other assets. Corruption, such as kickbacks and conflicts of interest, typically occurs in mid-to-large-sized organizations where internal controls may be lax or poorly enforced. Financial statement fraud—while less frequent—is often the most costly and typically committed by senior management to deceive investors, lenders, or regulators.

The episode encourages business leaders to learn from past incidents and implement more robust internal controls. “The real danger lies in complacency,” tech guru Steve Yoss notes. “Fraud thrives in environments where checks and balances are inconsistent or non-existent.”

The ACFE estimates that the median loss per fraud case is $125,000. But organizations with proactive anti-fraud programs, such as regular audits, whistleblower hotlines, and anti-fraud training, report significantly lower losses and quicker detection.

The episode emphasizes practical, actionable steps to bolster security, including:

  • Segregating financial duties

  • Strengthening vendor management processes

  • Routinely analyzing financial records for inconsistencies

  • Fostering a culture of transparency and ethics

“Every dollar saved from fraud is a dollar reinvested in your organization’s mission and success,” Yoss concludes.