Organizations of all types and sizes are subject to fraud.
Fraud often employs illegal and immoral, or unfair means. Fraud encompasses a wide-range of illicit practices and illegal acts involving intentional deception or misrepresentation.Īccording to the Association of Certified Fraud Examiners (ACFE, 2010), fraud is “a deception or misrepresentation that an individual or entity makes knowing that misrepresentation could result in some unauthorized benefit to the individual or to the entity or some other party.” Fraud cheats the target organization of its legitimate income and results in a loss of goods, money, and even goodwill and reputation. Fraud is a worldwide phenomenon that affects all continents and all sectors of the economy.
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