Page 131 - ACFE Fraud Reports 2009_2020

Excluding mining, which only had one case (costing $17 Occupational Frauds Based On Industry
million), the highest losses occurred in the wholesale trade – Sorted By Median Loss
industry, which had a median loss of $1 million among 30
cases. Next highest were construction, with a median loss Industry # % Med.
of $500,000 among 35 cases, and manufacturing, with a Cases Cases Loss
median loss of $413,000 among 101 cases. Mining 1 0.1% $17,000,000
Wholesale Trade 30 2.9% $1,000,000
Among the industries that showed the lowest median Construction 35 3.4% $500,000
losses were retail (median loss of $80,000 among 75 cases) Manufacturing 101 9.7% $413,000
and government and public administration (median loss
of $82,000 among 110 cases). Service (professional, 58 5.6% $300,000
scientific or technical)
Methods of Fraud Based Banking/Financial 148 14.3% $258,000
Services
on Industry Communications/ 16 1.5% $225,000
Publishing
In the first table in this section, we saw how all the frauds Real Estate 30 2.9% $200,000
were distributed, based on the industry of the victim or-
ganization. Our next step was to analyze the cases within Arts, Entertainment 22 2.1% $175,000
and Recreation
each industry to determine what forms of fraud were most
common. Service (general) 60 5.8% $163,000
Healthcare 89 8.6% $160,000
We limited this analysis to industries in which at least Oil and Gas 32 3.1% $154,000
50 cases were reported so that we would have a sufficient Utilities 34 3.3% $124,000
sample to draw upon. Because 90% of all cases involve as- Transportation and 27 2.6% $109,000
set misappropriations, we excluded corruption and finan- Warehousing
cial statement fraud cases from this analysis. In the next Insurance 78 7.5% $100,000
section, we have provided a breakdown of industries with Education 73 7.0% $100,000
the most corruption and financial fraud statement cases,
respectively. Government and 119 11.5% $82,000
Public Administration
Retail 75 7.2% $80,000
The following tables show the most commonly reported
asset misappropriation schemes in each industry for which Agriculture, Forestry, 8 0.8% $71,000
at least 50 cases were reported. Fishing and Hunting

ACFE Report to the Nation on Occupational Fraud & Abuse 19