Fraud results in an estimated $1.7 billion in the United States each year, affecting millions of people. Financial fraud has always been an issue, but with new technological advancements, fraudsters are finding new ways to scam individuals and businesses alike.

If an organization falls victim to financial fraud, they don't just lose whatever funds were stolen. Reputation damage may discourage new business and send current customers and clients running. Add legal fees to the mix and fraud could be fatal to even well-established companies. However, knowing how to spot common types of financial fraud can help you boost your detection and prevention efforts.