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industry of organizations
           We looked at the industry classification of the organizations victimized by the fraud cases in our study. It is important to view
           this data as a representation of the companies that had CFEs investigate internal fraud cases within the last two years, rather
           than as an indication of which industries are more or less likely to be victimized by fraud. However, the following tables do
           draw attention to some differences in the frequency and cost associated with occupational frauds among different sectors.
           For example, the banking and financial services industry had the most cases, accounting for more than 16% of the frauds
           reported to us. The period of time covered by our survey — calendar years 2008 and 2009 — was filled with news stories of
           fraud in the banking sector, so this finding is not unexpected. In contrast, the mining industry experienced the fewest frauds
           in our study, but those cases caused a median loss of $1 million — by far the largest of any of the industries we examined. 11


                  Industry of Victim Organizations                  Industry of Victim Organizations
                       (sorted by Frequency)                            (sorted by Median loss)
                                Number   percent   Median                          Number  percent   Median
            industry                                          industry
                                of Cases  of Cases  Loss                           of Cases  of Cases  Loss
            Banking/Financial Services  298  16.6%  $175,000  Mining               12      0.7%    $1,000,000
            Manufacturing       193     10.7%   $300,000      Wholesale Trade      42      2.3%    $513,000
            Government and Public   176  9.8%   $81,000       Oil and Gas          57      3.2%    $478,000
            Administration
                                                              Real Estate          57      3.2%    $475,000
            Retail              119     6.6%    $85,000
                                                              Agriculture, Forestry, Fishing   27  1.5%  $320,000
            Healthcare          107     5.9%    $150,000      and Hunting
            Insurance           91      5.1%    $197,000      Manufacturing        193     10.7%   $300,000
            Education           90      5.0%    $71,000       Transportation and   62      3.4%    $300,000
                                                              Warehousing
            Services (other)    88      4.9%    $109,000
                                                              Technology           65      3.6%    $250,000
            Construction        77      4.3%    $200,000
                                                              Construction         77      4.3%    $200,000
            Technology          65      3.6%    $250,000
                                                              Insurance            91      5.1%    $197,000
            Transportation and   62     3.4%    $300,000
            Warehousing                                       Arts, Entertainment and   49  2.7%   $180,000
                                                              Recreation
            Oil and Gas         57      3.2%    $478,000
                                                              Banking/Financial Services  298  16.6%  $175,000
            Real Estate         57      3.2%    $475,000
                                                              Healthcare           107     5.9%    $150,000
            Services (professional)  51  2.8%   $110,000
                                                              Telecommunications   37      2.1%    $131,000
            Arts, Entertainment and   49  2.7%  $180,000
            Recreation                                        Utilities            45      2.5%    $120,000
            Utilities           45      2.5%    $120,000      Services (professional)  51  2.8%    $110,000
            Wholesale Trade     42      2.3%    $513,000      Communications/Publishing  16  0.9%  $110,000
            Religious, Charitable or   41  2.3%  $75,000      Services (other)     88      4.9%    $109,000
            Social Services
                                                              Retail               119     6.6%    $85,000
            Telecommunications  37      2.1%    $131,000
                                                              Government and Public   176  9.8%    $81,000
            Agriculture, Forestry, Fishing   27  1.5%  $320,000  Administration
            and Hunting
                                                              Religious, Charitable or Social   41  2.3%  $75,000
            Communications/Publishing  16  0.9%  $110,000     Services
            Mining              12      0.7%    $1,000,000    Education            90      5.0%    $71,000
           11 There was a small sample of only 12 cases in this industry, which may impact the reliability of the median loss data.


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