Fraud Awareness Week

The Association of Certified Fraud Examiners is urging organizations worldwide to participate in International Fraud Awareness Week, November 7-13, 2010 to help cast a spotlight on the problems arising from fraud.

This weeklong campaign encourages business leaders and employees to proactively take steps to minimize the impact of fraud by promoting anti-fraud awareness and education.

In its 2010 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 $160,000. Nearly one-quarter of the frauds involved losses of at least $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 organizations 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 tips than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.

The 2010 Report to the Nations is available for download online at the ACFE’s website: ACFE.com/RTTN. The Report is in PDF format

Become an Official Supporter
There’s no charge to become an official supporter of International Fraud Awareness Week. You will receive downloadable anti-fraud resources, as well as a logo to post on your company or organization’s web site. You will also be provided with a customizable press release to send to local media announcing your involvement in this important movement.

Influence Future Professionals
Speak to local university students enrolled in business, management and accounting courses about the importance of being trained in the detection and prevention of fraud.

Reduce Risk
Send an email to clients outlining the risks and cost of fraud. Encourage them to reduce their fraud risk.

Spread the Word
Encourage other colleagues and students to become involved with the ACFE in the fight against fraud.

Host an Anti-Fraud Seminar
Hold a free fraud prevention seminar in your community. Download anti-fraud resources or contact info@ACFE.com for more information.

One Response to Fraud Awareness Week

  1. Stone Carlie November 23, 2010 at 10:39 am #

    Incredible how the average time was 18 months before the fraud was detected. It’s especially difficult for small and mid-size companies to discover occupational fraud, with limited resources and lack of internal controls. Our firm is actually holding a complimentary executive briefing for St. Louis companies, too. Thanks for the post and the tips!