Fraud and Financial Crime Management
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However small businesses feel the effects of fraud more acutely. It is particularly threatening to those who may lack the internal resources typically responsible for managing risks. Here are 5 things banks and financial institutions need to understand about small businesses fraud threats.
According to the Association of Certified Fraud Examiners (ACFE)...small businesses had the highest median loss of $150,000, while large organizations had a median loss of $140,000. Due to a small business’s scale, they are likely to feel the negative impact of a loss this size much more acutely than larger counterparts.
In recent years, employee fraud has not been very high on the list of fraud types FIs have prioritized for technology investments. While there are always issues from time to time, other priorities such as application fraud were far more pressing. However, in recent months, the economy has begun to falter and employee fraud incidents always increase when the economy goes south.
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