News
Fraud in the United States
CES is pleased to announce the release of the inaugural 2011 Report on the Cost of Fraud in the United States. This report represents the culmination of months of research and analysis. It begins by breaking fraud down into six categories: corporate, securities, financial, mortgage, healthcare, and insurance fraud. The report then analyzes publicly available data on those subjects and reports on the dollars lost to that particular form of fraud, the common schemes used by perpetrators, and what is being done to combat fraud.
CES’ fraud report is based on the United Kingdom’s “Annual Fraud Indicator,” which reports on similar losses associated with fraud. Surprisingly, this report is one of the first times that an organization was able to place a total figure on the losses associated with fraud in the United States. CES’ ultimate goal is to ensure that this number is tracked annually with a higher degree of precision than what currently exists.
Ultimately, the report is intended to give the reader insight into America’s fraud problem. It is not a guide to preventing fraud where it occurs. Rather, it represents a starting point: the identification of the issue. It is an assessment of the obstacles that must be overcome to eventually reduce the losses associated with fraud. The insight gained from this report should be used to take the next step: working to lessen America’s exposure to fraud.
CES welcomes any comments, questions, or feedback on the report itself. The report itself is available in .pdf version. If you would like a printed copy, please request one at: here. Send an email, and we will mail one to your given address.
Fraud in the United States
Fraud in the United States is a systemic problem. It results in trillions of dollars in losses each year to all segments of society. Individuals, corporations, and all forms of government fall victim to a variety of fraudulent schemes because overarching trends and patterns in fraud are not being thoroughly examined. The inability to accurately measure fraud across a broad spectrum results in uneven and ineffective enforcement of anti-fraud measures.
In CES’ first annual report on fraud in the United States, we will detail the extent of fraud by comprehensively examining six broad categories. The report will look at popular schemes and trends, common perpetrators, and most importantly, we will attempt to put a number on the total amount of losses associated with fraud. We expect that the report will help shine a brighter light on how big of a problem that fraud has become in our society.
This report differs from other existing fraud reports since it provides an estimate on the total losses incurred as a result of fraud, not just the losses associated with a single category, such as insurance fraud. The report is modeled after the “Annual Fraud Indicator” released by the British National Fraud Authority. Our research was compiled from a variety of public sources with an emphasis on using federal sources when available. It is our hope that the report spurs greater efforts in both the public and private sectors to research the impacts of fraud on our society and develop methods to detect and prevent it in the future.