Occupational fraud costs organizations about 5 percent of their revenue annually, according to the latest data from the Association of Certified Fraud Examiners.

In its 2010 Report to the Nations, ACFE says the 5 percent figure applied to the gross world product suggests fraud cost the global economy more than $2.9 trillion in 2009. ACFE surveyed fraud examiners in 106 countries examining 1,843 cases of fraud to reach its conclusions.

James Ratley, president of the ACFE, said in a statement that the biannual report has expanded to include global data to give a more accurate view of the nature of fraud and its impact on organizations around the world. “Fraud knows no boundaries, and anti-fraud professionals worldwide face more challenges than ever in detecting and combating it,” he said.

First published in 1996, the report is intended to help develop benchmarking statistics on occupational fraud losses, detection methods, and perpetrators. The report says the median loss caused by occupational fraud in the ACFE study was $160,000, with nearly one-fourth of the frauds involving losses of at least $1 million.

The study suggests fraud schemes typically continue for months or years before they are detected, and that tips from insiders represent the most common method of detection. ACFE said fraud carried out by owners and executives typically are three times as costly as frauds committed by managers and nine times as costly as frauds committed by employees.

Ratley said the report is useful to anyone charged with deterring, detecting, preventing, or simply understanding the global economic impact of occupational fraud. “It is only through studying how fraud is committed, the methods through which it is detected, and the characteristics of fraud perpetrators that we can best curb future losses,” he said.

The ACFE study comes on the heels of a recent academic study published by the Council of Sponsoring Organizations, which found fraud at U.S. public companies in the past decade led to an average loss of $12.05 million. The COSO study examined 347 cases pursued by the Securities and Exchange Commission from 1998 to 2007 and tallied the total damage at some $120 billion in cumulative mis-statements and misappropriations.

In its fraud report, ACFE says organizations rely too heavily on external audits to find fraud but instead should make more use of hotlines or tiplines and surprise audits. The ACFE said fewer than 30 percent of organizations in its study use surprise audits, but that they can be an effective tool in fighting fraud, primarily because they create a perception among employees that fraud will be caught.