According to the Association of Certified Fraud Examiner’s latest report, Canadian fraudsters were more likely to receive no punishment from their employers than being asked to resign. More than 200 anti-fraud professionals received an early-access, exclusive look at the 2016 Report to the Nations: Canadian Edition during the 2016 ACFE Fraud Conference Canada in Montreal, September 11-14.
The report, which analyzes 86 cases of fraud investigated by CFEs in Canada between January 2014 and October 2015, explores multiple aspects of fraud cases, including median loss per scheme, type of scheme, controls in place and outcomes of each instance of fraud. In the ACFE Report to the Nations on Occupational Fraud and Abuse, the least likely outcome for actions taken against a perpetrator of fraud was for them to receive no punishment from an employer, amongst Canadian responses, however, a perpetrator receiving no punishment was the third most likely outcome; making it more likely for a fraudster in Canadian cases to receive no punishment than being asked or permitted to resign.
Other highlights include:
- The typical occupational fraud in Canada lasts 24 months and causes $154,000 worth of damage.
- Small companies were both the most common victims of occupational fraud in Canada and suffered losses nearly three times as large as the biggest companies.
- More than half of occupational fraudsters in Canada were living beyond their means at the time the fraud occurred, and 46% had committed some form of non-fraud workplace violation during or prior to their frauds.
- Half of the fraud cases in Canada at organizations with a hotline were detected by a tip, compared to only 13.2% of cases at organizations without a hotline in place.
The 2016 ACFE Fraud Conference Canada featured keynote addresses from Alexandra Wrage, President of TRACE International, Inc. and former member of the FIFA Independent Governance Committee, Jean-Francois Fortin, Executive Director of Enforcement for Autorité des Marches Financiers and Daniel Tobok, Chief Executive Officer of Cytelligence Inc.
Attendees at Canada’s largest anti-fraud conference had access to a variety of breakout sessions that covered topics including Canadian privacy laws, fraud schemes in construction and capital projects, cybercrime and more. The conference provided an opportunity for anti-fraud professionals to come together to share best practices and network with their peers.