• ACFE in the News  

     

    2015 


    December 11, 2015

    5 Quick Steps to Immediately Upgrade Your Current Business Controls

    “One statistic that we quoted in our recent book, ‘Scale: 7 Proven Principles to Grow Your Business and Get Your Life Back,’ was from the Association of Certified Fraud Examiners. In 2010, they reported that 42 percent of fraud cases happened in privately held companies with fewer than 100 employees, with the average fraud continuing for 18 months before it was even discovered. In case you’re wondering, the median loss in these fraud cases was $231,000.”- Huffington Post


    December 11, 2015

    Deloitte Tip-offs Anonymous hotline curbs fraud

    “ACFE statistics further revealed that organisations with hotlines were more likely to catch fraud. In addition, organisations with whistle blowing hotlines not only detected fraud 50% more quickly than those without such hotlines, but resulted in fraud being 41% less costly to the organisation.”- BizCommunity


    December 5, 2015

    The age of the whistleblower

    “Surveys by the Association of Certified Fraud Examiners, a global group for financial sleuths, consistently find tips to be the leading mechanism for unearthing wrongdoing, well ahead of audits or regulatory reviews (see chart 1). Despite this, companies have often punished rather than praised whistleblowers.”- The Economist


    November 16, 2015

    How Secure is Your Payroll Data?

    “The Association of Certified Fraud Examiners of Austin, Texas, the world's largest anti-fraud organization, said in a 2012 report that employers should try to look for behavioral red flags, including gambling and other addictions. The report found that living a lifestyle beyond one’s means was identified as an indicator in 35.6 percent of those caught. Additionally, 27.1 percent had financial difficulties.”- Bloomberg BNA


    November 16, 2015

    The Importance of International Fraud Awareness Week

    “Here’s the good news: there is an abundance of help and resources available to prevent fraud and recover from it. The Association of Certified Fraud Examiners (ACFE) is hosting International Fraud Awareness Week to spread the word about identity theft and fraud and ways to address it.”- Watchdog.org


    November 6, 2015

    Companies still bending finance rules, Enron boss warns

    “’It is easy to find examples of companies causing misrepresentations while following the rules, and they're using those tools to do it,’ he told the BBC after speaking at a conference organised by the Association of Certified Fraud Examiners (ACFE) in Singapore this week.”- BBC


    October 26, 2015

    Look out for these 3 things when starting a new business

    “According to the Association of Certified Fraud Examiners (ACFE), small businesses with 100 or fewer employees have lost on average $147,000 due to fraud, making the issue pervasive. Small businesses are much more susceptible to fraud than large corporations. ACFE warns of five types of fraud commonly found in small business: billing fraud, check meddling, corruption — which includes bribery and legal freebies — and expense-compensation fraud.”- Business Insider


    October 14, 2015

    Op-Ed: Getting to the Facts About Employer Credit Checks

    “A 2014 study by the Association of Certified Fraud Examiners showed the importance of managing risks via the use of a credit report. It notes that global occupational fraud accounts for nearly $3.7 trillion annually. The average theft totals more than $145,000, but that number increases to $154,000 for organizations with less than 100 employees.”- Yahoo Finance


    October 1, 2015

    Everything You Need to Know About EMV Cards

    “According to a recent study by the Association of Certified Fraud Examiners (ACFE), fraud losses continue to wound privately held organizations with 5% of all revenues lost annually.”- The Street


    September 23, 2015

    Fuel fraud: Government employees steal millions from taxpayers at the pump

    “’It’s difficult to prove,’ Allan Bachman, education manager at the Association of Certified Fraud Examiners, told Watchdog.org. ‘Unless you look at every little charge and do mileage estimates on every vehicle and how many miles per gallon they get and how many miles per gallon were actually expended, then you’re in deep weeds.’”- Watchdog.org


    September 10, 2015

    Expense Report Fraud is Big and Avoidable

    “Thanks to the Association of Certified Fraud Examiners (ACFE), we know there are four broadly defined categories of expense fraud:  Mischaracterized expenses … Overstated expenses … Fictitious expenses …

    Multiple reimbursements.”- Accounting Web


    September 1, 2015

    They’re Robbing You Blind

    “Whether it involves convoluted schemes with fake vendors and international wire transfers, the classic theft from petty cash or forging checks, duplicitous employees will always find a way to take what isn't theirs. The costs of employee theft are huge. The typical organization loses 5 percent of its revenue to fraud each year. That's a projected global loss of $3.7 trillion annually. (See the Association of Certified Fraud Examiners’ Report to the Nations on Occupational Fraud and Abuse for more details.)”- Property Casualty 360


    August 26, 2015

    White collar crime thrusts corporates and SA’s economy into turbulent waters

    “The Association of Certified Fraud Examiners' 2014 Report to the Nations on Occupational Fraud and Abuse estimates that the typical organization loses 5% of revenues each year to fraud. If applied to the 2013 estimated gross world product, this would translate to a potential projected global fraud loss of nearly US$3.7tn.”- Cape Business News


    August 14, 2015

    Why Hong Kong Needs A Whistleblowing Policy

    “Over 43% of detected fraud within organisations is discovered by a tip, according to a global survey by the Association of Certified Fraud Examiners, and the majority of tips come from employees of the organisation. Another study by the University of Chicago showed that almost half of the fraud cases included in its survey were spotted by employees, media or non-financial market regulators.”- Forbes


    August 5, 2015

    How to crack down on employee fraud

    “According to the Association of Certified Fraud Examiners’ (ACFE) 2014 Report to the Nations, about 5 percent of an organization’s gross annual sales are lost to fraud. The median loss suffered by organizations with fewer than 100 employees was $200,000, and approximately 25 percent of occupational fraud cases cost more than $1 million.”- Cincinatti.com


    July 21, 2015

    Is it Time to Require a Fraud Risk Assessment?

    “In the most recent 2014 Association of Certified Fraud Examiners annual “Report to the Nation on Occupational Fraud and Abuse,” losses due to fraud for all businesses were estimated to be 5% of gross revenue. Carried to the bottom line, this would cause most credit unions to operate at a loss.”- Credit Union Times


    July 10, 2015

    Fraud takes 5 percent bite out of business revenue

    “The Association of Certified Fraud Examiners designed a study with 87 strain theory attributes, examining more than 2,900 cases of occupational fraud or white collar crimes. The study found strain significantly contributes to asset misappropriation and financial statement frauds.”- Grand Rapids Business Journal


    July 9, 2015

    White-Collar Crime Costs Between $300 To $600 Billion A Year

    “The FBI and the American Association of Certified Fraud Examiners estimate financial losses from white-collar crimes to be between $300 and $600 billion per year. But the issue is often overshadowed in the media by more attention-grabbing offenses and scandals. And it is complex for investigators to take on as well.”- ValueWalk


    June 19, 2015

    Catching Them Red-Handed: Preventing Employee Theft

    “The typical organization loses 5 percent of its revenue to fraud each year. That’s a projected global loss of $3.7 trillion annually. See the Association of Certified Fraud Examiners' Report to the Nations On Occupational Fraud And Abuse here for more details.”- Law360


    June 15, 2015

    Sepp Blatter could still perform a U-turn and stand again

    “The U.S. Justice Department "has worked closely with the lead FIFA prosecutors to obtain evidence from numerous countries across the globe," Caldwell said at the Association of Certified Fraud Examiners conference in Baltimore.”- Reuters


    June 3, 2015

    Whistleblowing: why employers must create a “speak-up” culture

    “Most organisations may have been, or will be, the victim of a fraud or theft at the hands of their own employees; but a mechanism for employees to speak up could help prevent such misconduct. Furthermore, the value of whistleblowing is recognised, with the Association of Certified Fraud Examiners reporting that it is one of the most effective ways to uncover fraud.”- Personnel Today


    May 19, 2015

    UW fraud hotline goes live; UW-Madison to lay off 70

    “Fraud hotlines have become more common at universities and can be an effective tool in identifying not just financial shenanigans but also ethics abuses and wasteful spending, said Allan Bachman, education manager for the Association of Certified Fraud Examiners and formerly internal audit director at a private college in Boston.” – Madison.com


    May 14, 2015

    The typical office embezzler often isn't who you might suspect

    “Embezzlement costs American businesses billions of dollars each year. According to the Association of Certified Fraud Examiners, the typical organization loses about five percent of its annual revenue to fraud.”- CBS News


    May 12, 2015

    Report slams Louisiana charter school oversight

    “The two groups' report said Louisiana charters could suffer from "tens of millions of fraud in the 2013-14 school year alone," based on the methodology of the Association of Certified Fraud Examiners. In that time, employees of three New Orleans charter schools stole about $110,000, and two charter operators were accused of meddling with retirement payments.” - Times-Picayune


    April 16, 2015

    Kenanga partners global anti-fraud group to raise awareness

    “ACFE president and chief executive officer James D. Ratley said Kenanga’s decision to team up with ACFE would also the provision of training and resources as well as giving the group an advantage to stay ahead of financial crimes. The corporate alliance programme supports the implementation of anti-fraud best practices in organisations by providing access to exclusive training opportunities and resources.”- The Star Online


    April 16, 2015

    Reducing the risk employee identity theft

    “Frequently, theft comes from an otherwise trusted employee. According to the Association of Certified Fraud Examiners, the more senior an employee is in a company, the greater organizational losses tend to be. There’s some logic to this since these are professionals with access to information. When you add the pressures of high-level positions with the typical bumps and bruises of life—divorce, mounting bills, and the like—the temptation to pilfer personal information can become too great for some people to resist.” – Property Casualty 360


    April 14, 2015

    Is legislation the key to effective international whistleblowing regimes?

    “However, the current statistics show that something more than just legislative change is required to create an effective international whistleblowing regime, especially at a time when estimates of fraud and malpractice clearly represent a significant threat to businesses across the globe. The Association of Certified Fraud Examiners (ACFE), in their 2014 Global Fraud Study (reported in CCI), estimated that a typical organisation loses 5% of its revenues each year to fraud. If these figures were applied to the 2013 estimated Gross World Product, this would translate to a projected global loss of nearly $3.7 trillion. The same study demonstrated that the most effective method of identifying fraud in an organisation is through disclosures by employees.”- Scottish Legal News


    March 30, 2015

    Train Your Employees to Be Fraud Fighters

    "The most recent Global Fraud Study by the Association of Certified Fraud Examiners shows one fraud red flag was identified in 92 percent of the occupational fraud cases they studied, and two or more behavior red flags were identified in 64 percent of cases. If these red flags can be identified early in the fraud scheme, the damages can be reduced." — Las Vegas Business Press

     

    March 16, 2015

    Keeping Canada's Financial Sector Honest 

    "By the end of the program, students have the knowledge to write industry exams to obtain an Ontario private investigator’s license or become a certified fraud examiner through the Association of Certified Fraud Examiners (CFE)." — Toronto Star 

     

    March 2, 2015

    Most Internal Fraud Still Swept Under the Rug

    "So why do many organizations not report? The fear of bad publicity and that their share price will take a hit if investors and customers learn that the organization’s poor controls left it vulnerable to internal fraud, said Allan Bachman, education manager at the Association of Certified Fraud Examiners." — CFO Magazine 

     

    February 27, 2015

    5 Tips to Avoid ID Theft and Refund Fraud During Tax Season 

    "Bruce Dorris, J.D., CFE, CPA, CVA, is vice president and program director for the Austin, Texas-based Association of Certified Fraud Examiners (ACFE). With nearly 75,000 members, the ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education." — CPA Practice Advisor 

     

    February 22, 2015

    Internal Theft Saps Life From Companies: How to Keep it From Killing Yours

    " The Association of Certified Fraud Examiners’ “Report to the Nations on Occupational Fraud and Abuse: 2014 Global Fraud Survey” indicates that the typical organization loses 5 percent of revenues each year to fraud. The smallest organizations tend to suffer disproportionately large losses — and those same organizations are the most notably under-protected by anti-fraud controls, making them significantly vulnerable." — Miami Herald

     

    February 13, 2015

    Who Really Blew It? Jackie Robinson West Coaches or Chris Janes?

    "Research reported in the 2014 Report to the Nations published by the Association of Certified Fraud Examiners, states nearly 40% of all fraud cases were discovered by a tip which is more than twice the rate of any other detection method." — Forbes

     

    January 20, 2015

    6 Tips to Thwart Identity Theft and Fraud

    "A paper shredder is a worthy investment, said Bruce Dorris, program director at the Association of Certified Fraud Examiners. "Everyone should have at least a small one in their house," he said. "People will leave paper checks on their desk, but somebody can take one off the bottom and it's not readily identifiable. Be vigilant about your surroundings." — CBC News


    January 12, 2015

    Occupational Fraud: The Threat From Within

    "Occupational fraud can cause serious financial harm. That’s especially true for small companies, which are the most vulnerable, according to a 2014 study by the Association of Certified Fraud Examiners. The report reviewed about 1,400 fraud cases from more than 100 countries. At the time of the survey, 58 percent of defrauded organizations had not recovered any of their losses. Only 14 percent had fully recovered." — The Tennessean

     


     

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