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Introduction

Exhibit 1.12

2006 National Fraud Survey: Median Loss by Education

Postgraduate degree

$425,000

Education Level

Bachelor's degree

Some college

$200,000

$200,000

High school grad

$100,000

$0

$100,000 $200,000 Median Loss

$300,000

$400,000

$500,000

we expected a fairly linear correlation between education and median loss. This was evi- dent in our 2006 study, as is shown by Exhibit 1.12. Fraudsters with only a high school education caused median losses of $100,000, but that figure doubled for perpetrators who had an undergraduate education. The median loss caused by those with postgradu- ate degrees was $425,000. (See Exhibit 1.13.)

The Effect of Collusion

It was not surprising to see that in cases involving more than one perpetrator, fraud losses rose substantially. The majority of 2006 survey cases (60.3%) involved only a

Exhibit 1.13

2006 National Fraud Survey: Percent of Cases by Education

Postgraduate degree

12.2%

Education Level

Bachelor's degree

Some college

21.6%

33.4%

High school grad

32.8%

0%

5%

10%

15% 20% 25% Percent of Cases

30%

35%

40%

31

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