'Turkey home to the second highest amount of fraudulent business in Eastern Europe'
A recent report by a non-governmental fraud authority revealed Turkey to have the second highest amount of fraudulent business in Eastern Europe. With some 13 cases of fraud in the past year, Turkey lost first place to Serbia, where some 14 cases were recorded.
Duvar English
A recent report about workplace ethics violations and fraud revealed Turkey to be the second worst country among some 23 countries in Eastern Europe and Western Asia, expert auditor Müjder Alptekin said.
The 2020 report by non-governmental Association of Certified Fraud Examiners (ACFE), prepared bi-annually, revealed Turkey to have the second most cases of fraud in Eastern Europe.
With some 13 cases of fraud in the past year, Turkey lost first place to Serbia, where some 14 cases were recorded, Alptekin said, adding that each case of fraud cost about $113,000.
Alptekin noted that the number of cases recorded in Turkey is probably an underestimation as many companies in the country are family businesses where misconduct is difficult to unearth.
"The longer it takes for fraud to be detected, the more harm it does. The average cost of a fraud that lasts longer than five weeks is $7,000 to $740,000," Alptekin said.
Companies need to install internal checks on balances to prevent fraud, ensure their sustainability and to become more institutional.
"Companies will be advantaged to implement internal controls, rules of conduct and ethics violations hotlines," Alptekin added.