The 2018 Report to the Nations on Occupational Fraud and Abuse issued by the Association of Certified Fraud Examiners (ACFE) includes 110 cases from Latin America and the Caribbean that were investigated between January 2016 and October 2017. These cases caused a median loss of US $193,000 per case.
As noted in Exhibit 10.1, corruption is the most common form of occupational fraud committed in Latin America and the Caribbean; 51% of the cases analyzed involved some form of corruption, which is more than twice as frequent as any other type of fraud scheme. Theft of noncash assets is the second most common category of occupational fraud, occurring in 22% of the cases in the region. In addition, almost half of the fraud schemes in Latin America and the Caribbean are detected by a tip, making this the most likely method of detection by far (see Exhibit 10.2).
Exhibit 10.1Scheme Types – Latin America and the Caribbean
Exhibit 10.2Initial Detection Method – Latin America and the Caribbean
The 2018 Report to the Nations also examines the anti-fraud controls that were present at victim organizations at the time ...
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