The mining industry also suffered the largest median loss —$475,000 — of all the industries examined. Despite the increases in fraud cases in the industry, this median financial loss has decreased by 5% in the last four years, SEON reported.
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Fraud in the mining industry can take many forms, from inventory theft to improper asset evaluations. The four main types of mining fraud are: environmental, forestry, occupational and reserves or resources reporting.
SEON reported that despite the increase in reported fraud cases and the large median financial loss, the median financial loss in mining fraud has decreased in the last four years – by 5%.
Read the full report here.
