International Fraud Awareness Week Begins Sunday
AUSTIN, Texas, USA– Hundreds of organisations worldwide have partnered with the Association of Certified Fraud Examiners (ACFE) to participate in International Fraud Awareness Week, Nov. 11-17, 2012 to promote anti-fraud awareness and education.
The grassroots movement shines a spotlight on the issue during a time when businesses and government agencies around the world are losing an estimated 5 percent of their annual revenues to fraud, according to an ACFE study released earlier this year. Applied to the 2011 Gross World Product, this figure translates to a potential projected annual fraud loss of more than $3.5 trillion (U.S.).
Fraud Week was first organized 12 years ago by the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, in an effort to proactively fight fraud and help safeguard businesses and the economy from this growing problem.
Since then, the list of supporters has grown to more than 700 business, agencies and individuals, many of whom will be engaging in various activities during the week, including: hosting fraud awareness training for employees and/or the community, assessing fraud knowledge and risk factors within their organisation, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud.
ACFE President and CEO James D. Ratley, CFE, said that the support of organisations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Ratley said. “Businesses and organisations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud threat.
“Once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters around the world for your commitment to the cause,” Ratley said.
In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
· Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000 (U.S). More than one-fifth of the frauds involved losses of at least $1 million.
· Small businesses are especially vulnerable to occupational fraud. These organisations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
· Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.
The 2012 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.
About the Association of Certified Fraud Examiners
The ACFE is the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education. Together with nearly 65,000 members in over 150 countries, the ACFE is reducing the incidence of fraud and providing the training and resources to fight fraud more effectively. For more information about the ACFE, visit www.ACFE.com.