International Fraud Awareness Week kicks off today Organisations lose an estimated five per cent of their annual revenues to fraud, according to a report published last year by the Association of Certified Fraud Examiners (ACFE) in the United States. To help shine a spotlight on this global problem, more than 900 organisations worldwide are participating in International Fraud Awareness Week from today until November 9 as official supporters to promote anti-fraud awareness and prevention. Called “Fraud Week,” for short, the campaign encourages organisations of all sizes and industries to host fraud awareness training for employees, conduct employee surveys to assess levels of fraud preparedness within their organisation, post articles on company websites, newsletters and social media, and team with local news organisations to highlight the problem of fraud, a statement from the ACFE from Austin, Texas, USA said Friday. ACFE president and CEO James D Ratley said that the support of organisations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness. “Organisations of all sizes and types are susceptible to fraud, and it can have a measurable impact on their bottom line,” Ratley said. “While prevention and detection is a year-round endeavour, Fraud Week shines a spotlight on fraud — and supporters of the campaign demonstrate their understanding that spreading awareness is key in combating the global fraud threat.” In its 2012 Report to the Nations on Occupational Fraud and Abuse, the ACFE found that: • Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was US$140,000. More than one-fifth of the frauds involved losses of at least US$1 million. • Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught. • Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred. • 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 FraudWeek. The 2012 Report to the Nations is available for download online at the ACFE’s website: ACFE/RTTN. The Report is in PDF format. (Source: Trinidad Express)
Posted on: Sun, 03 Nov 2013 11:00:00 +0000
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