SYSTEM MAINTENANCE NOTIFICATION Starting at 4:00 a.m. PST / 7:00 a.m EST / 12:00 p.m. UTC on December 21st, 2024, our browser-based PDF hosting platform will undergo scheduled maintenance, expected to last approximately four hours. During this time, access to the online PDF formats of the Fraud Examiners Manual, CFE Exam Study Guide, CFE Exam Review Course Workbook, CFE Exam Review Course Slide Book and the Fraud Risk Management Guide, Second Edition will be unavailable.
Combating fraud before it occurs is vital to the survival of any business. Organizations should consider, enact and improve measures to detect, deter and prevent fraud before it occurs. A combined effort must be made by the board of directors, the audit committee, internal and external auditors, risk management personnel, investigators, operations personnel and others to manage the risk of fraud.
According to the Wiley Online Library, “Financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." Sounds pretty useful, right? But how do we learn financial literacy? And when should we start?
This exclusive resource marks a consolidation of our three existing newsletters into a unified, comprehensive source of knowledge and insights aimed at empowering you in the fight against fraud.
Fraud is a pervasive issue that affects businesses, organizations and individuals across various industries. Often, an organization is surprised to find itself a victim of fraud, especially when the perpetrator is a trusted employee. According to the Association of Certified Fraud Examiners Occupational Fraud 2022: A Report to the Nations, organizations lose approximately five percent of revenue to fraud each year with the average loss per case totaling more than $1.78 million.
To counter fraud's growing threat, information sharing mechanisms related to fraud detection and prevention have advanced significantly. Notably, an increasing number of fraudulent information-sharing initiatives are now adopting a public-private partnership approach, involving cooperation between government agencies, law enforcement and private sector entities.
As anti-fraud professionals, we are trained to find and fix the opportunities for fraudulent activity within our organizations. But there are usually only a few of us and many employees. How is a small team, or single fraud professional, supposed to deter and detect all fraud?
According to the ACFE’s Report to the Nations, organizations with less than 100 employees suffered larger median losses than those of larger companies. In other words, fraud can happen at any organization, no matter the size, so it’s important to understand the warning signs. So, what are the warning signs to look out for?
The ACFE’s 2020 Report to the Nations not only identifies the top anti-fraud controls that can help protect organizations, but also illustrates what can happen when controls are weak or altogether missing.
Supreme Audit Institutions (SAIs) play an important role in national and global economy by ensuring that public resources are managed properly and in accordance with established rules.
Pride Month may be over, but, for scammers, the calendar doesn’t matter: There’s fraud to be had every month of the year.
The suspected borrower company was dealing in garments, while the suppliers were traders of animal husbandry products, revealing even more inconsistencies in the trade activities and additional evidence of round-tipping of transactions.
We are thrilled to announce that Fraud Magazine will relaunch an updated version of our website in the spring of 2025!
By examining some of the most notorious historical frauds and integrating insights from the ACFE’s Occupational Fraud 2024: A Report to the Nations, businesses can better protect themselves from similar pitfalls today.
Occupational Fraud 2024: A Report to the Nations not only identifies the top anti-fraud controls that can help protect organizations, but it also illustrates what can happen when controls are weak or altogether missing.
In the continued pursuit of reducing fraud worldwide, the Association of Certified Fraud Examiners (ACFE) has joined the Anti-Fraud Collaboration (AFC) as its newest member.
February is Black History Month, a time when we celebrate the contributions and achievements of Black Americans throughout history. As we reflect on the past and present struggles of the Black community, it's important to highlight and support organizations that are actively working to make a difference.
Whether it is hosting a training session, sharing educational materials on social media or joining a community initiative, there are many ways to contribute to the fight against fraud.
The 13th edition of the ACFE’s biennial research report continues its pivotal role in shedding light on the pervasive issue of occupational fraud, offering unparalleled insights into the mechanics of fraud within organizations worldwide.
Take a look at the current fraud prevention plan you have in place and evaluate its effectiveness.
E-payment through third-party channels or platforms — like Venmo, Cash App, Alipay or WeChat Pay — is widely used in our daily life, especially as COVID-19 spread and stay-at-home restrictions fueled precipitous growth of third-party payments. To understand these risks, let’s take a look at the third-party payment flow and bring out the iterated anti-money laundering (AML) measures as well as the major difficulties to implement them.
In this episode of Fraud Talk, Mason Wilder sits down with Marta Cadavid, founder of NoFraudLatin, to explore the unique challenges of detecting and preventing fraud in Latin America. Cadavid shares her journey, including the creation of a Latin American-specific fraud tree, and how cultural nuances shape the approach to fraud communication. They discuss the vital role of artificial intelligence in analyzing human behavior and predicting fraudulent actions.
In this episode of Fraud Talk, Andi McNeal, ACFE Chief Training Officer, and ACFE Research Director, Mason Wilder, delve into the critical insights of Occupational Fraud 2024: A Report to the Nations, discussing its evolution, consistent themes and groundbreaking findings. They explore the significance of tips and internal controls in detecting fraud, the increased median losses attributed to the COVID-19 pandemic and the shift towards web-based reporting mechanisms. Concluding with actionable advice, the episode underscores the value of the report in enhancing anti-fraud programs and heightening fraud awareness within organizations.
Join ACFE Public Information Specialist Stefanie Hallgren in this episode of Fraud Talk, as she dives in with Brandi Pritchard, Assistant Director of Special Investigations at the Washington State Auditor's Office. With International Fraud Awareness Week on the horizon, Pritchard shares the story behind the Auditor’s Office’s dedication to fraud prevention and the unique challenges they face, especially within smaller government entities. From engaging tactics that bring fraud awareness to the community to the “trust but verify” approach that underscores their work, Pritchard reveals how Fraud Week creates a ripple effect inspiring both vigilance and accountability.
In this episode, the ACFE's Chief Training Officer John Gill sat down with Charles Antonucci, the former president of The Park Avenue Bank, who was convicted in 2015 of trying to defraud the Troubled Asset Relief Program (TARP). Antonucci also pleaded guilty to other charges including self-dealing, bribery, embezzlement of bank funds, and a multi-million fraud scheme involving an insurance company.
*The ACFE does not compensate convicted fraudsters.
“Waste, fraud and abuse” has become a pervasive soundbite in the 2016 U.S. presidential election, but just how much fraud is actually occurring in the government?
If you have lived long enough, you have been affected by some unforeseen calamity.
The latest insights from the Occupational Fraud 2024: A Report to the Nations spotlight a significant shift towards web-based reporting mechanisms, signaling an opportunity to involve Generation Z (Gen Z) in the fight against fraud.
What does it mean to have an organization that has a culture that ensures a massive theft does not occur—or if someone does attempt a fraud, it is caught early?
The Indian pharmaceutical sector is increasingly facing a formidable challenge — the diversion of institutional drugs to retail markets.
Fraud exists everywhere, and as technology grows more sophisticated, so do the crimes. Business operations routinely reach across borders, and though countries around the...
A wealth of anti-fraud information exists today, but until now the material was scattered in thousands of sources and locales. Written for practitioners, academics...
It is much more cost-effective to prevent fraud than to punish it. Providing an insider's look into the most prevalent fraud schemes used by employees, owners, managers...
Small businesses fall victim to fraud more than major corporations, and depending on their type and size, some small businesses are more vulnerable than...
Corruption thrives amongst collusive and homogeneous networks. Diversity disrupts such networks that would otherwise facilitate and hide fraudulent and corrupt practices...
Consumers lose billions of dollars each year to scams such as business email compromise (BEC) and elder financial abuse because of criminals outpacing detection...
Elder financial exploitation is an escalating crisis, with victims losing more than $28 billion annually, as reported by AARP. This highlights the urgent need...
According to Donald Cressey's Fraud Triangle, opportunity is one of the three critical factors (along with rationalization and pressure) in every fraud. Just as criminals case a home or business before...
Hackers and fraudsters are tricking buyers, sellers, real estate agents and loan officers in real estate transactions into wire transfer fraud. This presentation will cover...
Too often, companies wait for disaster to occur before conducting an honest appraisal of their corporate ethical culture and only take step steps to improve it reactively…
Insider threat programs are designed to reduce the risks of embezzlement, espionage, loss of strategic assets, sabotage and physical violence by current employees...
Even with a solid foundation, organizations must tailor their fraud risk assessments to their specific circumstances to generate effective results...
Understanding the components necessary for successfully prosecuting a fraud case is crucial in both state and federal courts. This session explores the complexities...
The fight against human crimes, like human trafficking, is not unlike the fight against fraud. In this on-demand webinar, Ian Mitchell, founder...
Gary Foster grew up in Jamaica before moving to New Jersey, where he landed his dream job at a Big Four U.S. bank on Wall Street. However, company loyalty...
Learn about internal controls and preventative measures that you can implement to help mitigate fraud at your organization.
Boost fraud awareness in your organization with training featuring educational materials to help employees identify and address fraud.
This seminar addresses traditional internal control limitations in fraud prevention and offers cost-effective techniques for managing fraud risk.
