Fraud: the use of one's position within an organization for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources or assets (paraphrased from the Association of Certified Fraud Examiners). Others simply define fraud as intentional deception; lying, cheating, and stealing.

Fraud and abuse costs U.S. organizations more than $400 billion annually. The average organization loses more than $9 a day per employee to fraud and abuse, or about 6 percent of its total annual revenue is lost through fraud and abuse committed by its own employees (Report to the Nation on Occupational Fraud and Abuse, Association of Certified Fraud Examiners, 2008).

Every enterprise is susceptible to losses resulting from fraudulent behavior by persons inside the enterprise (for example,, employees) and persons outside the enterprise (for example, vendors). Fraud examiners are engaged to resolve allegations of fraud, as well as assist in its prevention and detection.

If you suspect fraud is occurring in your organization, LGC&D can provide you with the expertise in the form of a fraud investigation to resolve your uncertainties. If a fraud has occurred in your organization, LGC&D can provide you with the expertise in the form of a forensic examination to ascertain the amount of losses associated with fraudulent activities. If you are interested in examining ways to reduce the likelihood of fraud being perpetrated within your organization, LGC&D can provide you with the expertise to aid in a review of your fraud-reducing control structure.

If you suspect fraud, if a fraud was discovered, or if you want to consider methodologies to reduce the likelihood of fraud, we can help you. Contact us.