Toronto, ON (May 17, 2022) – According to the Association of Certified Fraud Examiners (ACFE), the typical workplace fraud case in Canada results in an average loss of approximately $90,000 with statistics showing billing schemes to be the most common, present in more than a third of fraud cases.
Workplace fraud can occur in all kinds of organizations including small, not-for-profit agencies, retirement homes, schools, and faith communities. Many non-profit organizations are often more susceptible to fraud because they may lack many of the controls necessary to prevent a loss and will be impacted the most financially.
The culprits are often ‘insiders’ – executives, managers, employees and volunteers who were once valued and trusted members of the community.
There are several best practices that organizations can put in place to prevent, deter and detect workplace fraud. Ecclesiastical’s Risk Control Specialists have developed a bulletin which outlines these best practices, and provides valuable information to organizations of all sizes.
More Risk Control resources can be found in our Resource Centre at ecclesiastical.ca.
You can find the Ecclesiastical Specialist School™, with information, tips and practical advice on risk management and mitigation, in our Resource Centre at ecclesiastical.ca.
1. Association of Certified Fraud Examiners (ACFE’s) 2020 Report to the Nations on Occupational Fraud and Abuse.
About Ecclesiastical Insurance
Ecclesiastical Insurance Office plc is a specialist commercial insurance company. Proudly part of the Benefact Group, we are deeply committed to protecting the needs of organizations that enrich the lives of others; to supporting our communities’ unique cultural programs and to championing initiatives that help improve the lives of people in need. Ecclesiastical Canada has received the Caring Company designation from Imagine Canada for its outstanding leadership in community investment and social responsibility in Canada.
An award-winning employer, Ecclesiastical was named one of Canada’s Top Employers for Young People, 2022 for the 10th consecutive year and one of Greater Toronto’s Top Employers, 2022 for the 4th consecutive year. For more information, visit ecclesiastical.ca.
SOURCE: Ecclesiastical Insurance Office plcTags: best practices, Ecclesiastical Insurance, fraud