Sept. 14, 2009

Occupational Fraud a Genuine Risk to Your Business

"The Association of Certified Fraud Examiners estimates that U.S. businesses lose up to 7 percent of their annual revenue to fraud, often in the form of misappropriation of assets and corrupt activity, such as kickbacks. Applied to the 2008 U.S. Gross Domestic Product, that translates into approximately $994 billion that was siphoned away from businesses last year alone, by the very people who are supposed to be helping bottom lines, not hurting them."

- Hartford Business Journal

September 2009

What's Your Fraud IQ?

"How well do you know the signs and symptoms of employee embezzlement? Do you know what to do when you suspect an employee is stealing? Take this quiz to gauge your knowledge of the red flags and investigative methods for internal fraud."

- Journal of Accountancy

August 25, 2009

Downturn "Likely to Increase" Company Fraud

"There was 'most definitely' a likelihood of an increase in internal company fraud in the economic downturn, Deloitte’s Graham Dawes said yesterday. Dawes, speaking at a conference of the Association of Certified Fraud Examiners, drew on a number of statistical “key indicators” to support his view, saying there had been a 'radical upturn' in household debt recently, with households spending 80% of their disposable income to service their debt, leaving only 20% of income to live on."

- Business Day (Johannesburg)

August 8, 2009

For Group of Skeptics, the Truth is Out There

"Last month, more than 2,000 accountants, auditors and attorneys who run their own investigative firms met in Sin City to compare tips for rooting out wrongdoing and to identify fertile ground for future scandals... The group, the Association of Certified Fraud Examiners, said it has 47,000 members, up more than 25% in the past few years. They feted Harry Markopolos, a Boston investigator who for years tried in vain to persuade regulators that Mr. Madoff was a scam artist."

- The Wall Street Journal

July 23, 2009

Fraud Risk Increases in Difficult Economy

"Based on Occupational Fraud: A Study of the Impact of an Economic Recession, published in 2009 by the Association of Certified Fraud Examiners, the level of fraud has increased, both in frequency and dollar amount, since the beginning of the economic crisis.... The study found that 55.4 percent of respondents had found either a "slight" or "significant" increase in the instances of fraud since early 2008..."

- Business Lexington

July 17, 2009

Surge in Fraud, Recession Thrust Forensic Accounting into Spotlight

""There are plenty of bad guys for them to chase. Across the country, organizations lose an estimated 7 percent of annual revenue to fraud, according to a survey by the Association of Certified Fraud Examiners, based in Austin, Texas."

- Columbus Business First

July 13, 2009

Tips on Curbing Corporate Fraud

"In 2008, U.S. corporations lost an estimated $994 billion due to occupational fraud, according to the Association of Certified Fraud Examiners. To help curb such fraudulent activities, which often become more prevalent during hard economic times, Crowe Horwath professionals recommend companies assess their risk and put measures in place to minimize losses."

- WebCPA

July 13, 2009

Despite Slowdown, Accounting Salaries Rising

"Amid economic uncertainty, experts anticipate a rise in fraud. Occupational fraud cases in U.S. organizations are already estimated at $994 billion annually. Compounding the problem, the intense financial pressure of the economic crisis has led to an increase of fraud, according to a survey of fraud experts conducted by the Association of Certified Fraud Examiners (ACFE). As a result, forensic accountants are in growing demand to look behind the numbers and see what they really are."

- A.E. Feldman

July 7, 2009

$65 Billion Stolen by Madoff? Hardly

By Joseph T. Wells, CFE, CPA

"What has been lost in the hysteria of the largest fraud in history is that the lion’s share of that money doubtlessly went to investors who did not show up in court to demand Madoff’s maximum punishment. Why would they? They’re laughing all the way to the bank because these investors were paid off early in the Ponzi scheme."

- WebCPA

July 6, 2009

How to Stop Fraud

"These days, when employers are cutting salaries, staff and bonuses—and staff is uncertain about the next round of layoffs—more employees are committing fraud, according to a study by the Association of Certified Fraud Examiners. More than half of fraud examiners surveyed said that the level of fraud has slightly or significantly increased in the previous 12 months compared to the level of fraud they investigated or observed in years prior."

- CSO

July 1, 2009

Cloudy Forecast for Ethics

"For proof, the couple point to the 2008 Report to the Nation on Occupational Fraud and Abuse, by the Association of Certified Fraud Examiners. The Austin, Texas-based group compiled data from 959 cases of occupational fraud between January 2006 and February 2008, and estimated that affected companies lost nearly $1 trillion to fraud."

- Human Resource Executive Online

June 29, 2009

Fraud High on Corporate Agenda, Opportunities Growing

"As these massive instances of fraud took place right under the noses of experienced investors and regulators, the Association of Certified Fraud Examiners (ACFE) argues corporate executives and management should now be tackling the issue of fraud in their own companies."

- A.E. Feldman

June 29, 2009

Banks Target Economic Crime

"The seminar, by the Association of Certified Fraud Examiners aimed to train and inform fraud investigators of new development and trends in relation to commercial crime."

- Independent Online, South Africa

June 7, 2009

Trapped: It's Hard to Get a Job if Your Credit is Bad

"Small companies often have one person doing multiple jobs and don't have the same internal controls required by large, publicly held companies, says Scott Grossfeld, chief executive of the Association of Certified Fraud Examiners (ACFE) in Austin, Texas. An ACFE study covering 959 cases of "occupational fraud" (meaning the kind that transpires at work) between January 2006 and February 2008 suggests that U.S. businesses lose, on average, 7% of their annual revenue to fraud."

- Los Angeles Times

June 10, 2009

Companies Brace for Onslaught of White Collar Crime

"Mounting evidence shows that white-collar crime increases during a recession. The 2009 Report to the Nation on Occupational Fraud & Abuse study conducted by the Association of Certified Fraud Examiners (ACFE) reveals that more than half of the 959 fraud experts polled performed more fraud-related investigations in 2008 than in 2007..."

- A.E. Feldman

June 10, 2009

How to Foil a Corporate Fraudster

"Small companies often have one person doing multiple jobs and don't have the same internal controls required by large, publicly held companies, says Scott Grossfeld, chief executive of the Association of Certified Fraud Examiners (ACFE) in Austin, Texas. An ACFE study covering 959 cases of "occupational fraud" (meaning the kind that transpires at work) between January 2006 and February 2008 suggests that U.S. businesses lose, on average, 7% of their annual revenue to fraud."

- Forbes

May 20, 2009

The Reasons Fraud Spikes in a Recession

"A majority of members of the U.S. Association of Certified Fraud Examiners who were polled in February and March said they had seen the number of company fraud cases climb in the previous 12 months; the bulk of those experts attributed the rise to heavier financial pressure."

- Time

Association of Certified Fraud Examiners: Fraud is on the Rise

"Applications to become a certified fraud examiner are on the rise as companies, government regulatory bodies, and accounting firms aim to have better safeguards in place to prevent financial fraud, and have been hiring."

- The Wall Street Journal

April 20, 2009

Cos. Not Covering Increased Fraud Risks Among Crisis

"More than half (55 percent) of Certified Fraud Examiners say the number of frauds increased during the past year when compared to the level of fraud they’ve investigated or observed in years prior. In addition, 49 percent observed an increase in the dollar amount lost to fraud during the same period."

- Compliance Week

April 14, 2009

Economic Hard Times Produce a Rise in Fraud

"As the economy turns down, fraud is going up. In a survey of more than 500 certified fraud examiners, more than half of respondents said they had seen an increase in schemes and scams in the past year."

- The Wall Street Journal

April 2009

Awkward! 10 Potentially Sticky Work Situations and How to Manage Them

"Unfortunately, every employer will have employees who secretly take from the company. In fact, hidden employee fraud filches 7 percent of a company's revenue every year, according to the Association of Certified Fraud Examiners."

- Entrepreneur

April 1, 2009

The Gauge of Innocence

"As outlined by the ACFE, fraud can be classified into three broad categories: asset misappropriation (such as false invoicing, payroll fraud, or skimming), corruption (bribes, extortion, conflicts of interest), and financial-statement fraud, which aims to make companies look healthier than they actually are."

- CFO Magazine

March 29, 2009

Fraud Fighters: Forensic Accountants on the Front Lines in the Fight Against Fraud

"In the last five years, the number of fraud examiners certified by the Association of Certified Fraud Examiners has jumped 64 percent, from 15,148 to 24,797."

- Pittsburgh Post-Gazette

March 21, 2009

A Help-Wanted Sign for Fraud Investigators

"People who speak a foreign language and those who are certified fraud examiners also have an advantage. Certification is a credential offered by the Association of Certified Fraud Examiners that notes proficiency and experience in fraud prevention, detection and deterrence."

- The New York Times

March 19, 2009

Ponzi Scheme Victims All Missed an Easy Clue: Bogus Auditors

"To avoid becoming victims of such Ponzi schemes, investors should 'at the very least drive by the auditors' buildings and see what kind of facilities they have, or hire someone to do it,' said James Ratley, president of the Association of Certified Fraud Examiners in Austin, Texas."

- Bloomberg

March 17, 2009

Where Fantasy Meets Reality in the Stimulus

"The stimulus package allocates $350 million for oversight, with plans to hire dozens of new auditors and investigators. The Association of Certified Fraud Examiners has estimated that U.S. organizations lose 7 percent of annual revenues to fraud. Should it hold true for the stimulus plan, that's $55 billion -- roughly the state budget of Ohio."

- ProPublica

Feb. 19, 2009

Small Businesses Face More Fraud in Downturn

"'A lot of times a small business will close its doors, and may never know they were defrauded -- that the problem wasn't a declining economy, that employees were stealing,' says James D. Ratley, president of the Association of Certified Fraud Examiners, an antifraud trade group based in Austin, Texas."

- The Wall Street Journal

Jan. 9, 2009

MNCs Queue up to Certified Fraud Examiners After Satyam Scam

"NEW DELHI: In a bid to safeguard their firms against fraud, many multinational companies are contacting Certified Fraud Examiners for checking their accounts and financial transactions."

- The Economic Times