Spread the Word: Fraud Week is Nov. 15-21

AUTHOR’S POST

Mandy Moody, CFE
ACFE Media Manager

Fraud is a problem facing companies of all sizes and employees in all departments. But in contrast to days past when companies only reacted to fraud after the fact, organizations are now being more proactive in addressing risk and compliance issues head-on. Organizations like Clorox, Walmart, USAA and more have signed up to support the upcoming International Fraud Awareness Week, November 15-21. They have stepped forward at a time when entities lose an estimated 5 percent of their revenues to fraud (according the ACFE’s 2014 Report to the Nations on Occupational Fraud and Abuse).

International Fraud Awareness Week has come a long way since its humble beginning back in 2000. There are now organizations from all over the world registered as Official Supporters, including large corporations, small businesses, government agencies, boutique accounting firms, nonprofit organizations and ACFE chapters worldwide.

One of the best things about Fraud Week is that it presents a unique opportunity to share free anti-fraud resources and best practices with organizations that want to raise awareness among their employees, clients and even the general public. Available in the resources section of FraudWeek.com, here are some free resources you don’t want to miss:

• Video: Convicted fraudster Nathan Mueller describes the details of his four-year-long, $8.5 million embezzlement scheme.
• Video: Andrea Baxendale recalls the opportunities and rationalization that led to her fraud.
• Printable Fraud Week Supporter Poster: Download and print our Fraud Week poster to show your support as an Official Supporter.
• We have also updated the downloadable Fraud Week logo and customizable press release to help you publicize your proactive stance against fraud.
• More resources

During (and around) the week of November 15-21, Official Supporters will host fraud awareness trainings for employees, conduct employee surveys to assess levels of fraud preparedness, post articles on company websites, newsletters and social media, and team with local news sources to promote fraud prevention and detection.

It’s only a few weeks away. What do you have planned for Fraud Week?

Spread the Word: Fraud Week is Nov. 16-22

GUEST BLOGGER

Scott Patterson, CFE
ACFE Senior Media Relations Specialist

Fraud is a problem facing companies of all sizes and employees in all departments. But in contrast to days past when companies only reacted to fraud after the fact, organizations are now being more proactive in addressing risk and compliance issues head-on. Organizations like USAA, Lowe’s, Wyndham Resorts, the U.S. Department of Labor, Barclays, IBM and more have signed up to support the upcoming International Fraud Awareness Week, November 16-22. They have stepped forward at a time when entities lose an estimated 5 percent of their revenues to fraud (according the ACFE’s 2014 Report to the Nations on Occupational Fraud and Abuse). Known as “Fraud Week,” this important movement has come a long way since its humble beginning back in 2000. In fact, there are now more than 1,000 organizations registered as Official Supporters, including large corporations, small businesses, government agencies, boutique accounting firms, nonprofit organizations and ACFE chapters worldwide.

One of the best things about Fraud Week is that it presents a unique opportunity to share free anti-fraud resources and best practices with organizations that want to raise awareness among their employees, clients and even the general public.

Available in the resources section of FraudWeek.com, our new “Cost of Complacency” infographic helps anyone visualize the heightened impact of fraud when it is not detected early and through proactive measures. The infographic makes a great feature for company websites, employee newsletters and to send to the media with a personalized message from an Official Supporter of Fraud Week.

Also new this year is a printable handout, “5 Fraud Tips Every Business Leader Should Act On,” perfect for sharing with colleagues and clients or handing out at presentations. The one-pager encourages common-sense measures such as establishing formal hiring procedures and implementing a fraud hotline.

We have also updated the downloadable Fraud Week logo and customizable press release to help you publicize your proactive stance against fraud. These items and more are available in the Featured Resources section on FraudWeek.com.

During (and around) the week of November 16-22, Official Supporters will host fraud awareness trainings for employees, conduct employee surveys to assess levels of fraud preparedness, post articles on company websites, newsletters and social media, and team with local news sources to promote fraud prevention and detection.

It’s only a few weeks away. What do you have planned for Fraud Week?

How Will You Get Involved in International Fraud Awareness Week?

GUEST BLOGGER

Scott Patterson
ACFE Public Relations Specialist

Years ago, the ACFE’s grassroots fraud awareness campaign, International Fraud Awareness Week, was held during our Annual Fraud Conference and Exhibition. In 2006, I remember seeing hundreds of conference attendees sporting “I’m a Fraud Fighter!” stickers and grabbing literature to take back to their companies, clients and chapters to help spread the word. Over time, though, we realized that Fraud Week (for short) deserved its own spotlight. The next year, Fraud Week was moved to November, and the movement really took off, with hundreds of organizations partnering with the ACFE to support the effort.

Since then, Wal-Mart, USAA, Coca-Cola and Deloitte are just a few of the businesses that have signed on as official partners for this important campaign, in addition to government agencies including the Secret Service, U.S. Dept. of Justice and the U.S. Dept. of Labor. The best thing about International Fraud Awareness Week, though, is that any organization can get involved – it doesn’t cost anything to sign up, and the ACFE shares resources with all of the official supporters to help them in their anti-fraud activities. Every year on FraudWeek.com we post downloadable resources, including the Fraud Prevention Check-up, Fraud IQ Quiz and educational presentations focused on fraud prevention and detection.

This year, International Fraud Awareness Week is Nov. 6-12. I encourage you to get your company involved, and take the initiative to make an impact during the week, whether by hosting fraud awareness training for your employees and/or the community, conducting employee surveys to assess levels of fraud awareness within your organization, posting articles on your website and newsletters and/or teaming with local media to highlight the problem of fraud.

The problem is an urgent one, as fraud schemes are extremely costly:

• The median loss caused by the occupational fraud cases studied in the ACFE’s 2010 Report to the Nations on Occupational Fraud and Abuse.
• Schemes can continue for months or even years before they are detected, lasting a median of 18 months before being caught.
• Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts.
• 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.

Check out FraudWeek.com to learn more.

The Best — and Biggest — on Earth

PRESIDENT'S BLOG

James D. Ratley, CFE

ACFE President and CEO

If the International Space Station passes over San Diego next week those on board just might be able to make out the largest group of fraud fighters ever assembled. Well, maybe I’m exaggerating a little. But 2,300 fraud fighters will indeed set an all-time attendance record when they gather in “America’s Finest City” for the 22nd Annual ACFE Fraud Conference, June 12-17.

We’ll welcome you with insights on the latest forensic, legal, regulatory and political developments, combined with enough networking and other fun to make your conference a personal and professional success.

We are also proud to announce the publication of ACFE Founder and Chairman Dr. Joseph T. Wells’ 19th book, Fraud Fighter: My Fables and Foibles. Dr. Wells’ autobiography will be on sale at the Conference, and he will attend a book signing Monday afternoon.

Our internationally renowned keynote speakers also have much to share with you. “America’s Most Wanted” host John Walsh will tell how he became an anti-crime activist, and Joan Pastor, PhD, will explain the fraudster psychology insights she developed during her career in government and law enforcement. Likewise, forensic accounting specialist Dr. Howard M. Schilit will spotlight the early signs of financial statement fraud.  And Assistant Attorney General Lanny Breuer will offer an inside perspective on his leadership of the Criminal Division of the U.S. Department of Justice (DOJ).

As you know, insider tips are a prime source of investigative leads for the DOJ and all fraud fighters. That’s one reason for the wide interest in the SEC’s new Whistleblower Program rules, which take effect Aug. 12. As the number of SEC whistleblower cases rises, so will the potential for sometimes controversial parallel proceedings by the DOJ and SEC. More than ever, because of this and other legal complexities, CFEs need to understand factors governing the admissibility of whistleblower-provided evidence that may lead to federal charges against their employers or clients.

Along with the DOJ perspective Breuer will provide, the conference session, “Whistleblowing After Dodd-Frank: A New World,” will help attendees understand the SEC's approach to this important topic. One discussion item you won’t want to miss is the new rules’ position on whether whistleblowers should have to report fraud internally before they do to the SEC.

You’ll find me chatting with members at this and other conference events. I hope to see you soon.

ACFE Resolution #2: The Corporate Alliance Program

#2: LAUNCH THE ACFE CORPORATE ALLIANCE PROGRAM

In the latest issue of Fraud Magazine, the cover story, “Who Owns Fraud? Uniting Everyone to Effectively Manage the Anti-Fraud Program” emphasizes the old saying, “it takes a village.” The article suggests that management within a company must work together as a team to fight fraud effectively; with different functions playing different parts. It is with this same idea that we are launching the ACFE Corporate Alliance. We are currently running a pilot program with anti-fraud teams at USAA and Walmart, and will officially launch the program this spring.

The recent ACFE Report to the Nations estimates that the typical organization loses 5 percent of its annual revenue to fraud. Having anti-fraud experts like CFEs in a company can help reduce the impact of fraud. That is why we wanted to create an easy and beneficial way for companies to partner with the ACFE to educate and grow their fraud-fighting teams.

The new ACFE Corporate Alliance Program will help teams:

• Build a solid foundation of anti-fraud knowledge with group discounts on the CFE Exam Prep Course, the most effective tool available to help prepare for the CFE Exam.

• Stay up to date on the latest fraud news by receiving access to Fraud Magazine, e-newsletters and discussion forums.

• Receive exclusive training opportunities, as well as discounts on ACFE training, including live events, webinars and self-study courses.

• Get an extra level of personalized service including a dedicated liaison at the ACFE and free featured employer listings on the ACFE Job Board.

For more information about the Corporate Alliance Program, contact Lupe De Leon at ldeleon@acfe.com.

Stay tuned to ACFE Insights as we countdown to our No. 1 New Year’s Resolution tomorrow. Also, what are your professional New Year’s resolutions? Leave us your comments below.