Yoss: Fraud Costs Big—Here’s How Financial Professionals Can Prevent It | Quick Tech Talk
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Yoss: Fraud Costs Big—Here’s How Financial Professionals Can Prevent It | Quick Tech Talk
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Even small improvements to internal controls can reduce the average $700,000 loss from financial statement fraud.
Quick Tech Talk
With Steve Yoss
CPE Today
Fraud isn’t just a nuisance—it’s a multimillion-dollar drain on businesses every year. According to the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5% of their annual revenue to fraud. That amounts to a staggering $4.7 trillion globally, based on the 2022 Report to the Nations.
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In the latest episode of Quick Tech Talk, technology educator and CPA Steve Yoss breaks down why fraud persists—and what financial professionals can do to stop it. From asset misappropriation to corruption to financial statement fraud, Yoss explains the common red flags, the steep costs, and how improving your organization’s internal controls can yield major savings and a more ethical workplace culture.