The Association of Certified Fraud Examiners (ACFE) in its Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse estimates that, worldwide, fraud costs companies 5% of their annual revenue each year. Median losses are estimated to be $130,000, while over one-fifth of all cases are estimated to have losses over $1 million. In an effort to bring awareness to the risk of fraud, and ways that business owners and investigators may be able mitigate and respond to fraud, the ACFE will once again host International Fraud Awareness Week from November 11-17, 2018.
The 2018 report included information obtained from 125 countries and 2,690 cases of occupational fraud. The ACFE has created a number of resources based on the information obtained from the Report to the Nations to promote the discussion of fraud topics throughout the week, including:
- Infographics on the costs of fraud and red flags of fraud to share or display in your business.
- The ACFE Fraud Prevention Checkup, which scores your company’s fraud health based on seven questions related to policies and controls in place within your organization.
- A worksheet to help you design an effective anti-fraud training program for your organization.
- Several videos, podcasts, reports and guides.
Links to these resources from the ACFE can be found at: http://www.fraudweek.com/resources.aspx
At Schneider Downs, we are happy to participate in International Fraud Awareness Week by sharing the information created by the ACFE with our clients. However, as experts within the Business Advisory Services Group, we focus on fraud year-round by keeping up to date on the latest tools, technology and schemes that perpetrators may use to harm our clients.
If you require further information regarding how to mitigate or respond to fraud, please contact Joel Rosenthal at 412.697.5387 or [email protected] or Bernard Rafferty at 412.697.5477 or [email protected]. For similar articles, visit the Our Thoughts On blog.
