New York City and Long Island CPA Firm Gettry Marcus Provides Recent Data on Occupational Fraud and Suggests Methods to Detect It

Gettry Marcus, a leading accounting, tax, and consulting services firm with offices in Long Island and New York, discusses new data on the workplace occupational fraud.

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Woodbury, NY (PRWEB) December 16, 2013

Gettry Marcus, a top 200 New York City and Long Island CPA firm, provides data on occupational fraud and ways to detect it in the workplace.

Occupational frauds are estimated to last a median of 18 months before being detected. According to findings, approximately 54% of all fraudsters were between the ages of 31 and 45. Fraud losses tended to rise with the age of the perpetrator; while only 3% of frauds were perpetrated by individuals over 60 years of age, the median loss from that demographic was $974,000 (approximately 4 times the total median loss in any other age range). The median fraud committed by a man was more than twice that of a woman; $200,000 and $91,000, respectively.

43% of fraud is discovered through tips; the majority of which come from employees of the victim organization. Companies, and their advisors, should contemplate the implementation of an anti-fraud program. Companies that have such programs in place experience lower losses, and frauds of a shorter duration than organizations without such a program. Such programs should include a mechanism for individuals to report suspicious activity that allows for anonymity and confidentiality. Staff should be educated as to what constitutes fraud, how fraud harms everyone in the company, and how to report suspicious activity.

The nature and the amount of the fraud can be quantified with the help of a forensic accountant. The Gettry Marcus team is experienced and well trained in the area of fraud investigations. Senior team members have extensive knowledge of computerized data mining techniques and other fraud detection methods. Members of the Group have attained the following designations: Certified in Financial Forensics (CFF), Certified Fraud Examiner (CFE), Master Analyst in Financial Forensics (MAFF) and Diplomat of the American Board of Forensic Accounting (DABFA). In addition, members of the Gettry Marcus team have published articles in peer reviewed national journals on the topics of fraud investigations and forensic accounting, and were a contributing author to Financial Forensics Body of Knowledge, a comprehensive guide for forensic accounting, published by Wiley in 2012.

For more information about detecting occupational fraud, visit the Gettry Marcus website.

Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients’ businesses, to better understand their goals and problems and to help them attain the vision they have for their company.

Gettry Marcus is "Always Looking Deeper" to build value for our clients.

Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler(at)gettrymarcus(dot)com.

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