ACFE report reveals extent of corruption in private companies

The 2024 professional financial fraud report published by the Association of Certified Fraud Examiners (ACFE) analyzed 1,921 actual financial fraud cases collected from 138 countries and regions, finding that organizations lost an average of $1.5 million due to these abuses.

As a result of these cases, the total loss of companies around the world exceeded 3.1 billion dollars.

THE IMPACT OF FINANCIAL ABUSE IS INCREASING

According to the report, financial abuses are increasing every year and organizations lose approximately 5 percent of their revenues because of this. While the Latin America and Caribbean region stands out as the region with the highest loss with a median loss of $250,000, the Asia-Pacific and Eastern Europe and West/Central Asia regions are also in this ranking with losses of $200,000. On a country basis, India, South Africa and Nigeria are among the countries with the highest number of financial abuse cases.

‘TRANSPARENCY IS VERY IMPORTANT’

The research emphasizes that most financial abuses are detected through reports made by employees, showing how vital internal transparency is. Remed Etikline Sales and After-Sales Services Manager Begüm Akçal points out the importance of ensuring internal transparency in order to protect company values ​​and reputation and states that they offer corporate ethics process consultancy and ethics line services in this regard.

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