How much does fraudulent hiring typically cost companies?

The cost of hiring a fraudulent actor extends far beyond wasted salary expenses and, in some cases, has even bankrupted the victims. A single bad hire with the worst intentions can attempt to access anything of financial value, including attempts to gain access to the bank accounts of the business. Companies waste valuable time and resources processing often hundreds of fake applications. Making prevention much more cost-effective than remediation. Organized fraudulent candidates from foreign organized gangs perform their actions, assuming the lowest level of return is the US wage they manage to earn. But from there, access attempts are made to platforms that hold currency (including crypto), attempts to infiltrate malware into applications and internal IT, and attempts to exfiltrate sensitive information about customers that can be resold on the dark web. In the worst case, the cost can bankrupt a business. In the best case, wasted time and effort of hiring, loss of reputation, and cost of employment.