© D.L. Crumbley
2003 PricewaterhouseCooper Survey
Survey to several hundred of the largest companies (with 91 responses).
Half of the detected economic crimes at responding companies were found by auditors, but it did not distinguish between internal audits. Another 36 percent of the frauds were reported by whistle-blowers
Although 76 percent of the United States respondents were covered by insurance, fewer than half were able to recover from their insurers. And less than a third of insured companies affected by fraud collected more than 20 percent of the amount lost.
The average amount lost was $2.2 million, and the highest levels of economic crime were reported in Africa and North America (including Canada and the United States).
Source: J.D. Glater, “Survey Finds Fraud’s Reach in Big Business” www.nytimes.com/2002/07/08/business/08CHIE.html.