This is a commendable effort! However, it is unfortunate that detected fraud cases and actual fraud cases are conflated throughout the article.
$241,633 was lost to fraud this year — that’s about what we expect
We estimate 0.23% of those funds was lost to theft, bribes, and imposters.
By your own admission, the increase from 0.18% to 0.23% is mostly the result of improved detection. Such a large improvement in a one-year span suggests there is still a lot of low-hanging fruit. Because of that, fraud is probably much more common than reported here.
It is perfectly normal not to know how much money you are losing to fraud! I have spoken to fraud detection folks at an insurance company as well as ex-forensics. Established large organizations don’t have reliable estimates either. Detected fraud cases do have a use, of course, as a lower bound on actual fraud cases.
This is a commendable effort! However, it is unfortunate that detected fraud cases and actual fraud cases are conflated throughout the article.
By your own admission, the increase from 0.18% to 0.23% is mostly the result of improved detection. Such a large improvement in a one-year span suggests there is still a lot of low-hanging fruit. Because of that, fraud is probably much more common than reported here.
It is perfectly normal not to know how much money you are losing to fraud! I have spoken to fraud detection folks at an insurance company as well as ex-forensics. Established large organizations don’t have reliable estimates either. Detected fraud cases do have a use, of course, as a lower bound on actual fraud cases.