The Association of Certified Fraud Planners’ 2016 Global Fraud Study identifies the cost of fraud and impact of proper financial controls.
Among its findings:
- The median loss from a single case of fraud in Canada is $154,000
- More than 23 percent of fraud cases involved more than $1 million
- Manipulation of financial statements resulted in greater losses than corruption or theft
- When anti-fraud controls are in place, actual loss from fraud drops by at least 50 percent
Condo communities are susceptible to fraud and can take measures to reduce their exposure. See the Condo Archives (Financial Management/Condo Fraud) for information about how fraud is perpetrated in condo communities and ways to reduce exposure.