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 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.
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.
The Indian pharmaceutical sector is increasingly facing a formidable challenge — the diversion of institutional drugs to retail markets.
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.
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.
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, 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.
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 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.
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.
On the darkest night of 1945, a 20-year-old B-24 navigator assists in the liberation of a German concentration camp. His haunting trauma is prologue to destiny. Flash for...
Financial fraud can be devastating to a company on so many levels. This book provides a step-by-step guide exploring how to prevent and detect financial fraud with...
Corruption, bribery, insider trading, securities fraud, stock manipulations and illegal business practices have long been an ongoing problem in big business. While...
ACFE Regent Emeritus and forensic accountant Tiffany Couch has seen theft in many forms, but what sticks with her the most is not the fraud schemes or the dollar losses...
Fraud continues to be one of the fastest growing and most costly crimes in the United States and around the world. The more an organization can learn about fraud in...
"Nest of Spies" is an account of international operators conducting surveillance and carrying out costly and often deadly missions right under the noses of Canadian...
The global marketplace can be risky business. Get the knowledge and tools you need to gain competitive advantage in the global markets with "The Anti-Corruption Handbook...
The public sector provides some of the most basic services that are critical to a functioning society. Lacking a profit motive, these agencies nonetheless show patterns...
As long as there is human deception there will be fraud. Beyond the financial devastation to the balance sheet is fraud's enduring impact to a disgraced...
Fraud exists everywhere, and as technology grows more sophisticated, so do the crimes. Business operations routinely reach across borders, and though countries around the...
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...
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...
Small businesses fall victim to fraud more than major corporations, and depending on their type and size, some small businesses are more vulnerable than...
Does your organization have an established contractual right-to-audit in your purchasing and vendor contracts?...
Time constraints and the pressure to get deals “done” in mergers and acquisitions (M&A) can lead to a failure to identify false information...
Elder financial exploitation is an escalating crisis, with victims losing more than $28 billion annually, as reported by AARP. . .
This insightful on-demand webinar explores how to harness the power of analytics to effectively detect and combat fraud...
Tax fraud is ever evolving, but fraud fighters are at the forefront of innovation...
Corruption thrives amongst collusive and homogeneous networks. Diversity disrupts such networks that would otherwise facilitate and hide fraudulent and corrupt practices...
Bad actors are constantly changing tactics, so your teams need to work hard to keep up. This Thomson Reuters-led webinar looked at the state of anti-money laundering in 2023, discussed new vectors for attacks and determined best practices to identify and stop money laundering in your financial institution...
Consumers lose billions of dollars each year to scams such as business email compromise (BEC) and elder financial abuse because of criminals outpacing detection...
In this webinar, we discussed the ideation and design process of a proper KYC framework based on stated business requirements, and how to implement and measure its effectiveness.
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...
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...
Learn about internal controls and preventative measures that you can implement to help mitigate fraud at your organization.
Leverage fraud risk tools for better fraud risk management, featuring scorecards, analytics tests and risk documentation templates.
The ACFE's Fraud Risk Assessment tool is an invaluable resource for fraud examiners to use in identifying and addressing their clients' or employers' vulnerabilities to internal fraud.
Resources and reporting tools to use if you or someone you know has been affected by fraud.
Boost fraud awareness in your organization with training featuring educational materials to help employees identify and address fraud.
Test your company’s fraud health with this free training resource featuring a checklist.
The Fraud Awareness Training Benchmarking Report highlights training's role in enhancing anti-fraud controls and policy compliance.
Fraud Talk is the ACFE's monthly podcast where we break down case studies, talk with the industry's leading experts and give you tools to spot, fight and prevent fraud.
Strengthen fraud risk management with COSO and the ACFE's guidelines, featuring essential tools and strategies for developing effective anti-fraud programs.
This seminar addresses traditional internal control limitations in fraud prevention and offers cost-effective techniques for managing fraud risk.