Fraud Week 2013: How is Your Fraud Awareness?

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GUEST BLOGGER

Scott Patterson
Senior Media Relations Specialist

You have probably heard that, according to ACFE research, the typical organization loses 5 percent of its revenue to fraud. Did you also know that the median duration of a fraud scheme is 18 months? Or that most frauds are detected by an anonymous tip?

If you are an anti-fraud professional, you are probably aware of those stats and several others from our Report to the Nations on Occupational Fraud and Abuse. They are, after all, the best indicators of fraud’s impact today.

For the average business owner, executive or manager, however, fraud probably isn’t in the front of their mind every day. In fact, it probably comes up somewhere behind paying the bills, keeping earnings on track,  serving clients, managing employees and a host of other issues demanding immediate attention. 

That is why International Fraud Awareness Week remains such an important annual campaign. Starting this Sunday, Nov. 3, through Saturday, Nov. 9, organizations around the globe make fraud awareness a priority – through training and communication with employees, outreach to media and the public, social media activities and more. Many of the more than 800 Official Supporters of Fraud Week will conduct their own internal fraud risk assessments to measure their internal controls and preparedness for fraud.

Here is just a small sampling of the things going on next week:

  • Exactech Forensics, LLC, in Provo will host a luncheon with the ACFE Utah chapter to share ideas with delegates on strategies to prevent and detect fraud.
  • In France, BNP Paribas will host online training and a conference to support anti-fraud initiatives.
  • Georgia Southern University’s Center for Forensic Studies in Accounting and Business will distribute anti-fraud information across campus, covering subjects including identity theft and investment scams.
  • The ACFE Greece Chapter will host its Fraud Prevention Forum 2013 on Nov. 5 and will welcome ACFE President and CEO James D. Ratley, CFE, as a keynote speaker.
  • Pennsylvania’s Carlow University will promote fraud awareness in all accounting courses during Fraud Week, and inform the students about its undergraduate degree in Forensic Accounting and Master of Science Degree in Fraud and Forensics.
  • The seminar, “Targeting Fraud – Safeguarding Integrity,” will be a collaboration between Franklin University, National White Collar Crime Center, Ohio Ethics Commission, Ohio Inspector General and Ohio Investigators Association on Nov. 6-7.
  • President Ratley will also speak on fraud indicators for compliance professionals at the Compliance Summit Asia in Hong Kong, Nov. 7.

It’s not too late to get involved. It's free to sign up as an Official Supporter of Fraud Week, and the ACFE provides training tools and other resources to help organizations shine a spotlight on fraud.  Also, be sure to follow Fraud Week activities on social media – search the hashtag #fraudweek on Twitter for real-time updates and information about Fraud Week. Last year we tracked more than a half a million impressions on Twitter about the campaign.

To learn more about International Fraud Awareness Week, and to add your organization as an Official Supporter, visit FraudWeek.com. We look forward to hearing about your week.