Fraud Week 2016 Brings Fraud Issues to Light Around the World

According to the 2016 ACFE Report to the Nations on Occupational Fraud and Abuse, organizations across the globe lose an average of $150,000 each time they fall victim to fraud and an estimated 5% of their revenues annually. 

According to the 2016 ACFE Report to the Nations on Occupational Fraud and Abuse, organizations across the globe lose an average of $150,000 each time they fall victim to fraud and an estimated 5% of their revenues annually. With fraud being such a costly issue to organizations worldwide, the Association of Certified Fraud Examiners (ACFE) created International Fraud Awareness Week to spread information about how businesses and individuals can protect themselves from fraud. 

Fraud Week takes place November 13-19, 2016, and offers anti-fraud professionals the opportunity to share fraud prevention knowledge and best practices with members of their communities. Nearly 350 organizations from around the world have pledged their support to spread fraud awareness and education this year. Representing six continents, supporting organizations have planned activities ranging from awareness fairs and lunch seminars to movie screenings and 1-day conferences. 

Some organizations have chosen themes for specific types of fraud to focus on. Oxfam Great Britain is highlighting the dangers of nepotism, while Hollard Insurance is shining a spotlight on business ethics. Many organizations are educating seniors and their caregivers on common fraud schemes that target the elderly, while other groups are providing training to their employees on how to spot phishing attempts. 

“The unfortunate reality is that fraud isn’t going away, and organizations and individuals that aren’t aware of its prevalence stand to lose the most,” said ACFE President James D. Ratley, CFE. “That’s why it is reassuring to me to see so many businesses, government entities, universities and other organizations involved in the Fraud Week movement. The first step in combating fraud is spreading education worldwide that it is a serious problem that requires a proactive approach toward preventing it.” 

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com. 

Contact the ACFE 
For more information, email PR@ACFE.com.