The Morales Law Firm would like to thank Aniya Granato from Bestaccountingdegrees.net for sharing this information with us. For more information please visit: http://bestaccountingdegrees.net/employee-theft/
With nearly 1 in 3 American workers admitting to some degree of employee theft, let’s explore the scoop of the problem.
Estimated annual Impact on U.S. businesses from employee theft fraud
It’s 15 times more likely that a business will be targeted by an employee than anyone else.
Employee-related crimes that go unnoticed
10% of the employee population is responsible for more than 95% of the total losses from employee theft.
Industries most susceptible to fraud and theft
- Financial services
- Manufacturing services
Dollars and More Dollars
With the frequency that employee fraud is happening, how much is it costing business owners and what’s the effect on the bottom line?
Annual global losses from employee theft and fraud
That’s enough to buy a new MacBook Pro for every worker in the U.S., China, India, European Union, Indonesia, Brazil, Bangladesh and Russia combined.
That’s enough to contribute about $50,000 into the retirement accounts of every American who has them.
That’s enough to buy homes for every person living on the streets in the U.S.
Average amount stolen per case
Employee theft and fraud
1 in 3
Business failures linked to employee theft and fraud
How do most fraudsters get caught?
Median length of workplace fraud scheme before detection
Dishonest employees were apprehended in 2012, up 5.5% from 2011Nearly half of employee fraud and theft cases are reported by tipsters, whether internal or external.Only about 3 percent of fraud cases are first noticed by police. But when police are the first to notice the theft, the losses are dramatic.
Median loss by method of detection
Police $1 million
External audit $370,000