Combating Fraud with Independent Objective Reporting and Hard Data

According to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations, 21% of the studied cases resulted in fraud losses to the organisation of USD 1 million+.

It is estimated that 5% of revenue is lost to fraud globally (>USD 4.5 trillion per year).

The most common industries reported to ACFE were banking and financial services, government and public administration, and manufacturing. (It is important to note that this does not necessarily mean that more fraud occurs in these sectors; it might simply indicate that organisations in these industries employ more Certified Fraud Examiners than others.)

The mining industry suffered the highest median loss of USD 475,000, while frauds in the energy sector had the next-highest median loss of USD 275,000. Manufacturing was high at USD 198,000 median loss.

Corruption (conflicts of interest, bribery, kickbacks, illegal gratuities) is the most common fraud. There are many potential red flags to look out for. The most common departments associated with fraud were:

Operations
Accounting
Executive/upper management
Sales

To help guard against fraud, PCA can provide your company with an independent, objective assessment of any chemical, equipment or control strategy. Based on hard data from the process.

The 2020 Report to the Nations – the ACFE’s 11th study on the costs and effects of occupational fraud—represents the latest in a series of reports dating back to the first edition published in 1996.

About This Site

PCA is the independent technology service assisting industry to improve process, chemistry, productivity, sustainability. For Chemicals, Mining, Paper, Metals, Alumina, Food, Utilities, Retail and other Industries.

With PCA’s Core Trust Design, processes, chemistry, equipment and control strategies are assessed in an impartial, objective manner using industrial process and chemistry knowledge, the industrial site’s own data and “statistical thinking”.

The founder of PCA holds discussions with the client to define the objectives and scope of work. With decades of experience in process and chemistry technical consulting for multinationals in the Chemical and other industries, such as Mining, Paper & Board, Metals, Alumina, Food & Beverage, Utilities. Work directly with the founder of PCA, not an intermediary. Trust in a positive outcome.

PCA is the originator of the PCA Trust System – A PCA Innovation. Using advanced cryptography and public blockchain, Trust Statements can be produced for any supplier, manufacturer and industry that wants to build trust in their process, product or service marketing.

PCA Trust Statements are unique and the most secure form of statement. The client can use them to make verifiable statements important for the marketing of their business.