U.S. businesses lose an estimated seven percent of their annual revenues to fraud, according to a survey of Certified Fraud Examiners who investigated cases between January 2006 and February 2008. That translates to approximately $994 billion in fraud losses when applied to the projected 2008 United States Gross National Product. Fraud schemes tend to be very costly. For example, the median loss caused by the occupational frauds in the study was $175,000 and more than one-quarter of frauds involved losses of at least $1 million. The study also found that frauds were most often committed by the accounting department or upper management and that most fraudsters were first-time offenders. Small businesses are especially vulnerable to occupational fraud. Check out the I.I.I. small business ownersÃ¢â‚¬â„¢ guide to insurance.