Best Payroll and Timekeeping Services in Buxton

OCCUPATIONAL FRAUD REPORT 2024. We know that payroll is an area where fraud is a possibility, and that possibility comes with costs. But how much? The Association of Certified Fraud Examiners (ACFE) has researched and found out just that. The figures are in Dollars as the study has been conduced on a global sampling of businesses. Payroll fraud was seen in 190 cases, representing 10% of the total fraud cases seen: putting this type of asset misappropriation near the middle of the risk scale. The median loss seen was around $50,000. Such cases typically lasted 18 months before being detected, costing around $2,800 per month undetected. For small businesses, payroll fraud is about 1.5 times more likely to occur in businesses with less than 100 employees, 9% of cases seen in large businesses involved payroll fraud versus 14% in smaller businesses. The industry in which payroll fraud was seen at a higher percentage than all others was construction at 23% of cases in this sector. Government and public administration came in second with 18%. So how do we stop this from happening in payroll? Controls being in place reduces losses and detects fraud quicker. One of the most effective controls is surprise audits, reducing losses by 63% compared to that control was not in place. Surprise audits also reduced the time to detect fraud by half.