Better watch out! — Construction fraud can hurt your bottom line
Abstract: In its 2012 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimated that a typical organization loses 5% of its revenues to occupational fraud each year. When it comes to construction, the ACFE found that the median loss suffered due to fraud schemes was in the neighborhood of $300,000. This article describes some common occupational fraud schemes and how to combat fraud. A sidebar describes the three categories of occupational fraud.