Four in Five Companies Targeted for Financial Fraud, Shows Kyriba Poll
PR Web |
Financial fraud is still rampant among U.S. businesses, says a survey conducted by
Despite the ubiquity of attempted fraud, many organizations are still complacent in their fraud prevention strategy, and more than a third of companies haven't reviewed it in the past year. Eighteen percent of companies have never reviewed their fraud prevention strategy.
"The level of attempted financial fraud within U.S. organizations is unfortunately not surprising given the lack of proactive efforts and controls implemented by corporate finance teams," said
"There are almost 130,000 medium and large businesses across the U.S., so these statistics suggest that there 25,000 of them are completely unaware of whether they have been defrauded. It's clearly time for companies to adopt a more hands-on approach to fraud prevention, and take a long, hard look at their levels of exposure," added Stark.
The poll was conducted of 411 finance professionals, during a webinar hosted by
A full breakdown of answers is below.
Has your organization ever been the target of an attempted financial fraud?
• Yes, and we suffered financial losses - 29.9 percent
• Yes, but we caught it before any damage was done - 42.9 percent
• Yes, but we don't know if we suffered any losses - 5.6 percent
• No, we have never been targeted - 7.8 percent
• I don't know - 13.9 percent When did you last review / update your fraud prevention processes?
• Never, as far as I know - 18.1 percent
• More than five years ago - 3.4 percent
• Between one and five years ago - 14.3 percent
• Less than a year ago - 21.8 percent
• We're constantly reviewing them - 42.4 percent An infographic of these statistics can be downloaded from
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