Together, Reducing Fraud Worldwide

  • ACFE in the News 

     

    2012 

     

    December 30, 2012

    A Snitch in Time Can Save Employers a Lot of Money 

    "As noted in the ACFE Report to the Nations, implementation of one or more of these controls can significantly reduce exposure to losses from insiders." - Forbes 

     

    December 21, 2012

    How Do You Spot the Thief Inside Your Company? 

    "Their many schemes are identified as occupational fraud in the Report to the Nations, produced every two years since 1996 by the Association of Certified Fraud Examiners, or ACFE. The current report is based upon an analysis of 1388 cases that were investigated and documented by Certified Fraud Examiners in more than 100 countries on six continents." - Forbes 

     

    December 19, 2012

    Fraud Losses Expected to Spike During Holiday Season 

    "Losses due to fraud are estimated to increase 20 percent during the U.S. holiday season, according to a new survey by the Association of Certified Fraud Examiners. A majority of Certified Fraud Examiners believe employee embezzlement is the type of fraud most likely to increase during this period." - Accounting Today 

     

    December 19, 2012

    'Tis the Season to Commit Fraud... ACFE Says 

    "Fraud is estimated to increase by 20 percent during the holiday season and top experts say employee embezzlement is the most common during this period. The Association of Certified Fraud Examiners (ACFE) asked experts whether seasonal pressures brought on during the busiest shopping period of the year lead to an increase in crime." - San Antonio Business Journal 

     

    December 15, 2012

    Sacramento Whistle-Blower Hotline Had 19 Complaints 

    "The Sacramento City Council directed the city auditor to establish the whistle-blower hotline program in February. City officials cited an Association of Certified Fraud Examiners study of occupational fraud and abuse, which found that a typical organization loses an estimated 5 percent of its annual revenue to fraud." - Sacramento Bee 

     

    December 14, 2012

    Business Owners Must Watch for Workplace Fraud 

    "'It’s for real. Fraud is going to be with you,' said Les Cochren, a former auditor and investigator who is current president of the Sacramento chapter of the Association of Certified Fraud Examiners." - Sacramento Business Journal 

     

    December 5, 2012

    Making the World Flat Out Against Corruption 

    "Within private organizations, about 5 percent of revenues are lost to fraud each year, according to the Association of Certified Fraud Examiners. Worldwide, that amounts to a loss of more than $3.5 trillion." - Christian Science Monitor 

     

    November 28, 2012

    Banking Exec Sentenced for Fraud Scheme 

    "John Warren, vice president and general counsel of the Association of Certified Fraud Examiners, says St. Paul's fate should serve as a reminder that financial institutions must ramp up anti-fraud as well as corporate ethics training." - BankInfo Security 

     

    November 17, 2012

    A Week-Long Fight Against the Crooks 

    "Wouldn't it be useful if Malaysia had a 'week dedicated to fraud awareness, detection and prevention', something similar to the one driven by Texas-based Association of Certified Fraud Examiners (ACFE)?" - The Star (Malaysia) 

     

    November 11, 2012

    How to Spot a Liar  

    "It's estimated that a typical organization loses 5 percent of annual revenue to fraud. This figure translates to a potential projected annual fraud loss of more than 3.5 trillion, according to a recent study by the Association of Certified Fraud Examiners." - Huffington Post 

     

    November 9, 2012

    International Fraud Awareness Week 

    "Hundreds of organizations worldwide have partnered with the Association of Certified Fraud Examiners (ACFE) to participate in International Fraud Awareness Week, November 11-17, 2012, to promote antifraud awareness and education." - Accountingweb 

     

    October 7, 2012

    Q&A: Fraud Examiner Talks About Preventing the Problem 

    "Fraud eats up an estimated 5 percent to 6 percent of a company's revenue each year and hits small businesses the hardest. The Houston Chapter of the Association of Certified Fraud Examiners is working to highlight the problem." - The Houston Chronicle 

     

    September 21, 2012 

    Get the Edge on New Jobs: Tips to Distinguish Yourself in an Anti-Fraud Career 

    By James Ratley

    I can't help but notice that one of the biggest newsmakers lately is the government's monthly jobs report. It's greeted eagerly by journalists and economists who look to analyze it, politicians who position or spin it, and the rest of us who try to determine what it means for our own future." - GovInfo Security 

     

    August 24, 2012

    Three Ways to Protect a Small Business From Fraud 

    "In fact, small firms can suffer more than their giant counterparts. A 2012 study by the American Association of Certified Fraud Examiners (AACFE) found that businesses with fewer than 100 employees that were affected by fraud suffered a median loss of $147,000, compared with $100,000 for companies with 1,000 to 9,999 employees." - Crain's New York Business 

     

    August 15, 2012

    The Con Game 

    "In the United States, the typical fraudster is a college-educated male, according to the Association of Certified Fraud Examiners' Report to the Nations in 2012. The report indicates that males tend to account for roughly two-thirds of all fraud cases, a ratio that has been fairly consistent in its last three studies." - CNBC 

     

    August 14, 2012

    Why Fraudsters Get Away with IT Job Rackets 

    "Saket Bhartia, president of the Bangalore chapter of the Association of Certified Fraud Examiners, says that from an IT/ITeS perspective, recruitment would be the top-most frauds reported today. This has to do with the rapid growth this sector has seen." - The Hindu 

     

    July 16, 2012 

    Building Your Own Brand 

    By James Ratley

    "A successful organization in today's business world has most likely cultivated a "brand." This brand is an identity - an image that generates positive associations and promotes awareness of the organization's product or service. Have you ever thought about creating your own brand - a professional brand for yourself, if you will - to enhance your career?" - BankInfo Security 

     

    July 13, 2012

    The Harsh Consequences of Faking Expenses 

    "Fabricating travel and entertainment expenses is common among employees who spend long hours away from home, said Allan Bachman, education manager for the Association of Certified Fraud Examiners (ACFE) in Austin, Texas. For brokers, that often includes frequent late night dinners and weekend outings. It can instill a "feeling like they're giving way more than normal," Bachman said." - Reuters

     

    June 26, 2012

    Three Steps to Mitigate Occupational Fraud 

    "Occupational fraud is quite possibly the largest form of fraud, says John Warren of the Association of Certified Fraud Examiners. So, how can organizations spot the potential fraudsters and prevent their crimes? Warren, VP and general counsel of the ACFE, co-authored the new study, Report to the Nations on Occupational Fraud and Abuse, and says the trends in occupational fraud highlight some important lessons for organizations." - BankInfo Security

     

    June 26, 2012

    ACFE's Fraud Museum 

    "The Association of Certified Fraud Examiners has built up a choice collection of fraud souvenirs under founder and chairman Dr. Joseph T. Wells. Here are some of the most notable pieces." - Accounting Today 

     

    June 22, 2012

    Ferreting Out Fraud: Don't Give Away the Store 

    "The Association of Certified Fraud Examiners has released its biannual report, analyzing reported frauds in nearly 100 countries. The report says that in 2011 the typical organization lost 5% of its revenue to fraud, which was consistent with 2010 results." - CFO Magazine 

     

    June 20, 2012

    Mark Whitacre (aka The Informant) Delivers Keynote Address at ACFE Conference 

    "With a career at ADM and prison term behind him, I caught up with Whitacre prior to his speech at the annual Association of Certified Fraud Examiners conference in Orlando, FL.  A celebrity of sorts with this group of crime fighters, Whitacre gained more notoriety when the book about his experience (The Informant by Kurt Eichenwald) was turned into a Steven Soderbergh movie which cast Matt Damon as the young Mark Whitacre." - Forbes 

     

    June 20, 2012

    Probing the Body Language of a Fraudster 

    "There are some sure giveaway signs for fraud examiners to watch for when they’re interviewing a possible perpetrator. Pamela Meyer, CFE, author of the book Liespotting, described some of those unconscious signals during a speech Tuesday at the Association of Certified Fraud Examiners annual conference in Orlando, Fla. Among the signs are a slumped posture, frequent lip smacking and licking, grooming gestures, avoidance of eye contact, and a false-looking smile." - Accounting Today 

     

    June 20, 2012

    Dodd Defends Financial Reform Law and Whistleblowers 

    "During a speech Tuesday in Orlando, Fla., at the ACFE’s annual conference, he commended the group for coming out publicly in favor of the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, noting that it was one of the few organizations that did." - Accounting Today 

     

    June 19, 2012

    Senator Chris Dodd Talks Dodd-Frank at ACFE Conference 

    "For 36 years, Senator Chris Dodd (D-Connecticut) served in both the House (6 years) and Senate (30 years).  Today, he addressed the annual conference of the Association of Certified Fraud Examiners in Orlando, FL.  On more than one occasion during his talk he thanked the ACFE for its support of the Dodd-Frank legislation, and particularly the provision for corporate whistleblowers to report wrongdoing to the government. 

     

    June 19, 2012

    Former Olympus CEO, Michael Woodford, Speaks on Experience at ACFE Conference 

    "Speaking at the Association of Certified Fraud Examiners conference in Orlando, FL, Woodford was presented with the Cliff Robertson Sentinel Award for his handling of the disclosure of the Olympus scandal.  The award is given to the person who, without regard to personal or professional consequences, has publicly disclosed wrongdoing in business or government.  In the case of Woodford, the consequences could not have been higher nor the business more public." - Forbes 

     

    June 19, 2012

    Olympus Whistleblower Woodford Receives ACFE Award  

    "Michael Woodford, the former president and CEO of Olympus who was fired after he launched an investigation of the Japanese company’s suspicious overpayments for acquisitions, received an award Monday from the Association of Certified Fraud Examiners." - Accounting Today 

     

    June 15, 2012

    Book Review: Fraud Fighter: My Fables and Foibles 

    "Joseph Wells is known today as the innovative world leader of the modern concept of investigating fraud and founder of the Association of Certified Fraud Examiners. He pioneered the philosophy that, through the combination of teaching auditors investigative techniques and teaching investigators auditing methods, business organizations and governmental agencies would be better prepared and more able to effectively reduce internal fraud." - Security Management 

     

    June 11, 2012

    Olympus Whistleblower Gets $15M Settlement 

    "Woodford is scheduled to receive an award from the Association of Certified Fraud Examiners at its annual conference next week (see Olympus Whistleblower to be Honored)." - Accounting Today 

     

    June 7, 2012

    Investing in China Just Grew Murkier 

    "Difficulties getting access to information on companies 'began at the beginning of this year, and it became a lot worse after the Bo Xilai scandal,' said Humphrey, who is founding president of the Association of Certified Fraud Examiners in Mainland China." - CNN 

     

    June 5, 2012

    Five Fraud Fighting Tips for Businesses 

    "So it's not surprising that fraud in the workplace increased during the economic crisis and recession. The median loss tied to occupational fraud is $160,000, according to the Association of Certified Fraud Examiners' 2010 report, so the issue is something about which many companies are rightfully concerned. Small businesses are especially vulnerable, the ACFE says." - The Huffington Post 

     

    May 24, 2012

    Insider Case Exposes Security Lapses 

    "The case also exposes common security flaws that allow such schemes to flourish. 'In this case, it looks like there was a breakdown of controls,' says John Warren, vice president and general counsel of the Association of Certified Fraud Examiners. 'Banks need to really focus on implementing controls and understanding other warning signs.'"- BankInfo Security 

     

    May 22, 2012

    The Facts on Occupational Fraud 

    By James Ratley 

    "Some people are startled to read that the typical fraud lasts 18 months before it's discovered. Others are more disturbed to learn the median loss of a fraud case is $140,000. Still others are most concerned by the behavioral red flags of fraud - the signs and symptoms most likely exhibited by someone who is perpetuating such a crime against their employer." - GovInfo Security 

     

    May 22, 2012

    Study: Fraud at Work Costs $3.5 Trillion 

    "In fact, fraud can lie undetected for as long as two years if it’s perpetuated by managers or executives, according to the Association of Certified Fraud Examiners (ACFE). In a recent report on workplace fraud, the organization suggests companies require all employees to take regular vacations." - The Orange County Register 

     

    May 16, 2012

    How to Prevent Workplace Fraud 

    "In fact, fraud can lie undetected for as long as two years if it’s perpetuated by managers or executives, according to the Association of Certified Fraud Examiners (ACFE). In a recent report on workplace fraud, the organization suggests companies require all employees to take regular vacations." - CFO Magazine 

     

    May 10, 2012

    Report: Fraud Loss at $3.5 Trillion Globally 

    "Not sure whistleblower hotlines are an essential tool for detection of fraud? You may want to check out the latest data from the Association of Certified Fraud Examiners." - Compliance Week 

     

    May 9, 2012

    Certified Fraud Examiners Release 2012 Report 

    "Today, The Association of Certified Fraud Examiners (ACFE), released its 2012 Report to the Nations based on data complied from a comprehensive study of over 1,300 cases of fraud over the past two year.  The report, in its sixth edition, is available on the website and has become one of the most referenced reports on fraud in the world." - Forbes 

     

     May 9, 2012

    Organizations Lose 5 Percent of Revenues to Fraud 

    "Based on the estimated 2011 gross world product, that figure translates to a potential total fraud loss of more than $3.5 trillion. The survey by the Association of Certified Fraud Examines, polled CFEs who investigated cases between January 2010 and December 2011." - Accounting Today 

      

    May 9, 2012

    To Prevent Fraud, Offer a Hotline, Train Employees on Fraud Prevention, Report Says  

    "Fraud is most commonly detected through employee tips, and organizations that have anti-fraud training programs for employees, managers, and executives experience less costly losses and shorter occurrences of fraud, according to the 2012 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE)." - Journal of Accountancy 

     

    May 9, 2012

    Latest Report Shows Global Fraud Totals $3.5 Trillion 

    "The latest Report to the Nations On Occupational Fraud and Abuse, the biennial study of global fraud by the Association of Certified Fraud Examiners, finds that organizations lose an average of 5 percent of revenues to fraud each year, with a median loss of $140,000. However, just over one-fifth of fraud schemes results in losses topping $1 million." - Business Finance Magazine  

     

    May 9, 2012

    How to Spot a Fraudster  

    "Who is more likely to commit fraud in your organization - the newly-hired youngster or the long-tenured veteran? The ACFE's new 2012 Global Fraud Study profiles the top fraudsters and their schemes." - BankInfo Security 

      

    May 4, 2012

    Round Up: Combating Public Sector Fraud 

    "According to the Association of Certified Fraud Examiners, the most effective fraud control is a hotline: However, if one looks further at the data, one finds that most finance directors prefer to invest in systems, processes and audit. So few organisations invest in the most effective ways to combat fraud, even when they are by far the cheapest. My reading of that is that educating senior managers is a priority." - The Guardian 

     

    April 8, 2012

    Internet Thieves Piggyback on Legitimate Users 

    "Though thousands of cases exist, only a small percentage of IP theft crimes are investigated each year. That's because of a lack of resources and privacy laws under the Electronic Communications Privacy Act, according to Jim Butterworth, a security expert who provides training for the Association of Certified Fraud Examiners." - USA Today 

     

    April 5, 2012

    Medicaid Whistleblower Could Lose Coverage 

    "Meanwhile, West is still receiving accolades. He tells CNBC the New Jersey Council on Developmental Disabilities plans to give him a Lifetime Achievement Advocacy award, and the Maryland Chapter of the Association of Certified Fraud Examiners has notified him it plans to name him 'fraud fighter of the year.'" - CNBC 

     

    March 21, 2012

    Woodford Named Boldest Business Person of Year 

    "The Association of Certified Fraud Examiners (ACFE), the international anti-fraud organisation, has also awarded him its 2012 Cliff Robertson Sentinel Award for whistleblowing." - Reuters India 

     

    March 6, 2012

    Fraud Examination: How to Get Started  

    By James Ratley 

    "Fraud examiners are in demand today - not due to any uptick in fraud (it has always been a serious problem and remains so), but because of the way it has moved to the front of the public consciousness. The publicity from cases like Enron, Worldcom and Bernie Madoff helped push fraud into the spotlight, and companies no longer find it permissible to 'hush away' fraud cases and try to quietly sweep them under the rug."- GovInfo Security 

     

    March 2, 2012

    Social Hackers: You Can Only Hope To Contain Them 

    "According to the Association of Certified Fraud Examiners, 5 percent of company revenue is lost to fraud — with 80 percent of the loss coming from accounting, operations, sales, executive management, customer service or purchasing. Does that mean that we can’t trust our own staff, especially those closest to our most sensitive data? Of course not." - Forbes 

     

    February 28, 2012

    Good Workers Gone Bad: How to Spot Employee Theft 

    "A 2009 survey conducted by the Association of Certified Fraud Examiners, found that U.S. organizations lose 7 percent of their annual revenue to fraud. Based on the 2008 GDP, this is approximately $994 billion in fraud losses. And employees accounted for 48 percent of those cases." - CNBC 

     

    February 17, 2012

    Steps to Stop Being Scammed 

    "Organizations lose about 5 percent of annual revenue to fraud, according to a report published by the Association of Certified Fraud Examiners, which represents 60,000 members in 140 countries. The Austin, Texas-based association, which includes law enforcement, private investigators, forensic accountants and risk managers, provides anti-fraud education and certification." - Orlando Business Journal 

     

    February 17, 2012 

    Whistle-Blowing Doesn't Work in Thailand? 

    "International bodies, such as the Association of Certified Fraud Examiners, regularly publish statistics showing how fraud and corruption is detected in organisations all over the world. The ACFE surveys suggest that three times as many acts of fraud were detected by whistle-blowing as any other method." - The Nation 

     

    February 9, 2012 

    Book Review: Money Well Spent? The Truth Behind the Trillion Dollar Stimulus, The Biggest Economic Recovery Plan in History 

    "According to the Association of Certified Fraud Examiners, public and private organizations in the United States, on average, lose about seven percent of their annual revenues to fraud. For the stimulus package that meant about $55 billion." - Huffington Post 

     

    February 7, 2012 

    Inside the Mind of a Fraudster: Tips for Leaders to Help Put a Stop to Fraud 

    By James Ratley 

    "What makes a fraudster tick? As anti-fraud experts, we are often asked questions such as: What makes some people commit fraud while others would never conceive of crossing that ethical line? And what causes one person facing financial hardships to steal from his employer and another to find a more honest way to pay his bills?" - CareersInfo Security.com 

     

    January 25, 2012 

    How to Avoid Being Scammed 

    "Organizations lose an estimated 5 percent of their annual revenue to fraud, according to a report published by the Association of Certified Fraud Examiners, a group comprising about 60,000 members in 140 countries. The Austin, Texas-based ACFE, which includes federal, state and local law enforcement personnel, private investigators, forensic accountants and risk managers, provides anti-fraud education and certification." - Bizjournals.com 

     

    January 14, 2012

    Michael Woodford: Whistleblower of the Year 

    "The ACFE gives its annual Cliff Robertson Sentinel Award –- as it’s officially called –- to people who expose corporate or governmental wrongdoing. Or, as the Association itself describes in a blurb, to 'the unselfish heroes whom society has tarred as being ‘whistleblowers,’' who are 'our frontline of defense against wrongdoing.'" - The Wall Street Journal 

     

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    Contact the ACFE
    For more information, contact Scott Patterson, Media Relations Specialist
    Phone: (512) 478-9000 ext. 156; email: SPatterson@ACFE.com