Danny Schechter - ColdType

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Over 730,000 counts of suspected financial wrongdoing
were recorded in America last year, according to recent data
from the Treasury Department’s Financial Crimes Enforcement
Network. Institutions such as banks, insurers and casinos
are required by law to report suspicious activities to federal
authorities under 20 categories.
Financial institutions filed nearly 13% more reports of fraud
compared with 2007, accounting for almost half of the
increase in total filings. The number of mortgage frauds
alone rose by 23% to almost 65,000.
Not all of these crimes were related to activities on Wall
Street, but increasingly many are. It is no wonder that there
are a growing number of “Forensic Accountants” being hired
to try to detect and stop the frauds. The Arizona Republic
reports: “There are about 37,000 certified fraud examiners
working to uncover an estimated $994 billion in fraud schemes
in the United States, according to the Association of Certified
Fraud Examiners.”
Fraud by the numbers
$994 billion
Estimated 2008 total of fraud losses in the United States.
$175,000
Median loss among reported fraud cases.
27 percent
Percent of fraud cases from financial institutions or government
agencies.
17-30 months
Estimated duration of a typical fraud scheme before detection.
Source: Association of Certified Fraud Examiners. (Arizona
Republic)