Within Canada’s construction industry, the median loss to fraud is $259,000 of annual revenues, almost 70 per cent more than the $154,000 that Canadian companies in other sectors lose each year, according to the Association of Certified Fraud Examiners.
The frauds include stealing property, expense account abuse and kickback schemes. Online scams such as ransomware are also appearing with greater regularity.
“There’s a lot of corruption in the construction industry,” said Rosanne Walters, a partner and chartered accountant at BDO Canada’s Vancouver office. Forensic investigations are one of her several specialties.
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