The Impact of Fraud: A #FraudWeekChat Recap

GUEST BLOGGER

Courtney Howell
ACFE Community Manager

We recently co-hosted #FraudWeekChat (a Twitter chat) with the Identity Theft Resource Center in support of International Fraud Awareness Week. Participants who joined the chat took the opportunity to discuss the impact of fraud and identity theft. So much great advice and wisdom were shared, along with countless resources. Not to mention, everyone brought their best gifs to the party.

If you didn’t get a chance to join our Twitter chat this year, here are some of the top insights shared during the chat.

A1 #idtheft and synthetic identity crimes are often predicate acts to all types of fraud. Not to mention the horrible impact on victims who have their identity stolen. #fraudweekchat

— James Ruotolo, CFE (@jdruotolo) November 15, 2018

A1: No one is immune from the fallout. Individuals, organizations, third parties, government, families - everyone feels the repercussions from a single fraud bc fraud & ID theft are insidious. They hit the foundations of trust we have in how to operate in the world #fraudweekchat https://t.co/I8LW3StCnz

— Emily Wilson (@ThirdEmily) November 15, 2018

See all the responses to Q1 here.

With the vast amount of information compromised by #data breaches, consumers are losing trust in entities and becoming fatigued in securing their information. We need to empower them to take back their data. #fraudweekchat https://t.co/OcB6VMYm0u

— Eva Velasquez (@ITRCCEO) November 15, 2018

A2: 2018 is the year of the #breach and while not all breaches are caused by #fraud, with #phishing scams up 297%, many still are. A breach of just 10,000 records can cost a business $2.1 million #fraudweekchat

— IdentityForce (@IdentityForce) November 15, 2018

See all the responses to Q2 here.

A3: Financially is what always come to mind first. We see all the time Individuals not being approved for credit or loans based on fraud they were not aware of. Higher interest rates may also be given as low credit scores from identity theft impact individuals. #fraudweekchat

— CyberScout (@CyberScout) November 15, 2018

A3: Individuals lost the ability to trust others, which caused undue stress in the workplace. One-by-one this can destroy the corporate culture and hurt the company for years to come. #fraudweekchat

— Jeremy Clopton (@JeremyClopton) November 15, 2018

See all the responses to Q3 here.

A4: Of nonfinancial effects, The Aftermath® report saw a 77.3 percent reported increased stress levels and 54.5 percent had increased fatigue or decreased energy. #fraudweekchat https://t.co/98XFKgwXVZ

— ITRC (@ITRCSD) November 15, 2018

Q4. Reputational risk is a big one. Especially for #nonprofits. Bad press about #fraud can make people think twice about donating. Emotional impacts are long-lasting. I have seen these crimes break up strong churches and other organizations when sides are taken. #fraudweekchat https://t.co/gJq4e4j7vn

— Tiffany Couch (@TheTiffanyCouch) November 15, 2018

See all the responses to Q4 here.

A5: When #fraud is not handled correctly, the victim organization can fail to recover any losses. In one case we worked, a company not only suffered losses from the theft itself, but also from a lawsuit by the perpetrator for defamation of character. #fraudweekchat https://t.co/J5nBViGBm2

— Forensic Strategic (@ForensicStrat) November 15, 2018

A5: When fraud occurs to an individual or business the effects will ripple into the future. An individual could lose a future job opportunity & #SmallBiz could lose out on meaningful partnerships. #fraudweekchat #fraudsupport pic.twitter.com/2jbGiDYJG7

— FraudSupport (@FraudSupport) November 15, 2018

See all the responses to Q5 here.

A6: Talk with your friends and family about what they are doing to protect themselves during upcoming holiday celebrations, online shopping scams are likely to be on the rise! #fraudweekchat #idtheftchat

— The National Center for Victims of Crime (@CrimeVictimsOrg) November 15, 2018

A6: Have a conversation. Make it fun – i.e. Fraud trivia. Share articles via SM. Share info w/ the those unable to access info. Get involved in community events to help spread the word. Most police divisions have a financial crimes unit – info sharing & reporting. #fraudweekchat https://t.co/RtHsbGq9Oz

— Irene Marie Plavcic (@ireneplavcic) November 15, 2018

See all the responses to Q6 here.

A7: Understand that public or free wi-fi tends to be less secured than those that are password protected. #fraudweek #FraudAwarenessWeek

— Fredrick W. Lee (@FredrickWLee) November 16, 2018

A7: Be proactive and Skeptical. Trust no one. Do investigation and research before jumping to conclusion. Always look for red flags. If something is too good to be true, it probably is #fraud #fraudweekchat #TheAcfe

— Mubashir Jan, CFE (@MubashirJan16) November 15, 2018

See all the responses to Q7 here.

Thank you so much to everyone who participated, liked and shared our #fraudweekchat tweets. There were so many helpful resources and tips shared throughout the chat. Use them to talk to family, friends and the larger community about the impact of fraud, and continue your great work for International Fraud Awareness Week and beyond.