Fraud is Costing Construction Industry $860 Billion Annually
Collusion, bribes, and contractor overbilling are just a few of the ways construction companies are losing obscene amounts of money each year. “More companies need to take their head out of the sand and recognize that fraud and corruption costs, not only in terms of profits, but also a company’s reputation,” says Clare Hartnell, Grant Thornton’s global leader for real estate and construction. “It’s a real threat to growth. Fraud is often seen as the cost of doing business. This does not have to be the case.” According to a new report, the numbers are likely to increase as the global market improves.
