INTERNATIONAL FRAUD AWARENESS WEEK

INTERNATIONAL FRAUD AWARENESS WEEK

International Fraud Awareness Week shines a spotlight on fraud. The day also explores opportunities for education, support, and prevention.

According to a 2018 ACFE Report to the Nations on Occupational Fraud and Abuse, organizations lose approximately 5 percent of the annual revenues due to fraud.

Throughout the week, organizations are encouraged to take anti-fraud training and offer it to their employees. Since fraud affects large and small businesses alike, it’s essential to know your company’s fraud risk.

Fraud can come in various forms. At its basic level, fraud is an intentional act that uses false or misleading information. The deception aims to deprive a person or entity of something of value illegally. It may be money, property, or rights.

Fraud can be found in business, government, and in the medical sectors. The crime is also committed against individuals. In business, the perpetrator is often someone known to the company.

The attempt at fraud may come in the form of a phone call, in writing by email, mail, an advertisement, or through the internet. No matter the type of fraud, it’s a crime. When we understand more about fraud, we protect ourselves, business, and taxpayers.

HOW TO OBSERVE #FraudAwarenessWeek

Guard your organization from fraud. Incorporate fraud training into your policies for employees regularly. Take a fraud risk assessment. The assessment will help pinpoint areas of concern. Develop a protocol and require employees to follow it.

Find out how technology can help you protect your business. While securing your organization, know how to identify fraud and how to report it. Many perpetrators show signs of their fraudulent activity. Learn about the red-flags.

Offer a fraud training course as part of a community business resource. Develop a list of resources for local businesses and organizations to utilize for training, identifying and reporting fraud. Speak with local and state officials to encourage them to take part in #FraudAwarenessWeek. Share your best practices.

Learn more at fraudweek.com. Be sure to share the knowledge. Use #FraudAwarenessWeek to post to social media.

INTERNATIONAL FRAUD AWARENESS WEEK HISTORY

The Association of Certified Fraud Examiners (ACFE) promotes International Fraud Awareness Week. They launched the observance in 2000 as a way to help increase awareness about fraud.