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It’s International Fraud Awareness Week

Fraud Prevention WeekThe Association of Certified Fraud Examiners runs International Fraud Awareness Week every year on November 16 through the 22nd. The purpose of this event is to encourage businesses to take steps to address fraud within their organizations.

For example, the ACFE teaches businesses that they should create a fraud policy and establish a fraud hotline. Both tools help employees recognize and report fraud.

All businesses carry some risk of internal fraud, just as all businesses are at risk from burglars. That’s why we wanted to take a few moments to join in this awareness-raising effort. You can learn more about the event right here.

How often does fraud really occur? More than you might think.

“Economic crime remains a fundamental fact of life for every segment of the global business community — and is a persistent threat to business,” according to PricewaterhouseCoopers’ 2014 Global Economic Crime Survey.

During the past 14 years, nearly one in three business owners surveyed told PwC they’d suffered a “significant economic crime event.”

Not only that, but executives or others in upper management commit 11.9 percent of reported fraud, according to the Association of Certified Fraud Examiners’ 2012 Report to the Nations on Occupational Fraud and Abuse, and 22 percent of corporate fraud is perpetrated by someone in an internal accounting department.

…Corruption, bribes, kickback schemes, illegal gratuities — all of it happens daily in the corporate grind, and such things are difficult to trace, even through internal audits.

Afterward, the effects remain broad in time and scope.

Although economic losses can be substantial — especially as the full amount of monetary loss may not be discovered until months later — PwC survey respondents selected “damage to employee morale, corporate and brand reputation, and business relations as some of the most severe non-financial impacts of economic crime.”

The Colorado Springs Business Journal

We hope that this information helps you protect your business from internal loss, just as we hope to become your trusted providers in the fight to protect your business from external loss.

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