Magazine article Risk Management


Magazine article Risk Management


Article excerpt

Catastrophe losses surged in 2008, reaching $25.2 billion, the highest since the record $62.3 billion reached in 2005, the year of Hurricanes Katrina and Rita, and the fourth costliest year in a decade. There were 37 catastrophes in 2008, the highest number of catastrophic events in a single year since 1999.

Source: Insurance Information Institute

Rising Payment Fraud Statistics

30% of survey respondents report that incidents of fraud increased in 2008 compared to 2007

10% of organizations experienced increased fraud activity during the second half of 2008 as economic conditions worsened in the United States

91% of organizations that experienced attempted or actual payments fraud in 2008 were victims of check fraud

Among organizations that suffered a financial loss resulting from payments fraud in 2008, the typical loss was $15,200.

Source: Association for Financial Professionals

In order to succeed, you have to live dangerously . …

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