Litigation: Dealing with Financial Fraud

Inside Counsel

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Financial fraud is one of many issues in-house counsel sometimes have to address as part of an organization’s overall legal and compliance team. Handling it efficiently and appropriately can be the difference between major losses and full recovery.

According to the most recent estimates from the Association of Certified Fraud Examiners, a typical organization loses 5 percent of its revenues each year. Applied to organizations across the globe, that corresponds to a potential projected annual loss of over $3.5 trillion. The median loss for so-called occupational fraud–use of one’s occupation for personal enrichment through misuse of the organization’s assets–is approximately $140,000, with more than one-fifth of the cases having over $1 million in loss.

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