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Chrome River Survey Reveals Insights on Business Travel Expense Fraud, How Businesses Can Deter ItAge, job level and reporting procedures all correlate strongly with the propensity to commit expense fraud, according to data from Chrome River Technologies, Inc., a global leader in expense and invoice automation solutions. Based on a survey of more than 1,200 business travelers in the U.S., U.K. and Australia, conducted in April and May 2018, expense fraud could potentially cost American organizations $1.9 billion per year. The survey's results also provide insights intended to help employers curb the financial impact of these unethical practices. According to the Association of Certified Fraud Examiners (ACFE), expense reimbursement fraud comprises 17 percent of all business fraud. The ACFE notes that smaller businesses, which generally have fewer internal controls, typically suffer double the losses of larger businesses. Chrome River's survey shows expense fraud is more likely to be committed by:
Other takeaways from the survey include:
Survey Methodology The survey was conducted among 1,216 self-identified frequent and semi-frequent business travelers, based in the U.S., U.K. and Australia. They survey was conducted online by SurveyMonkey from April 25 to May 1, 2018. The figure for the total estimated expense fraud was taken from respondents' self-reported answers, combined with the total number of frequent or semi-frequent business travelers in the United States. About Chrome River Chrome River Technologies, Inc. lets business flow for some of the world's largest and most-respected global organizations. Our powerful, yet easy-to-use SaaS (News - Alert) expense management and invoice automation solutions deliver the most modern global and mobile experience in the marketplace. Our highly-configurable business rules engine supports your evolving compliance and reporting requirements in today's ever-changing business climate. Chrome River is rated as a Leader in expense management by analyst firm IDC (News - Alert), and is loved by CFOs, CIOs, AP teams, travel managers and business travelers alike. To find out why Chrome River is trusted by more than 2 million users at more than 750 organizations worldwide, contact us at +1 888 781 0088, or visit us at www.chromeriver.com, or on Facebook, Twitter and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180531006340/en/ |