• ACFE in the News  




    September 29, 2016

    AUSTRAC's Paul Jevtovic warns Australians at increasing risk of financial crimes

    "The chief executive of AUSTRAC, the federal agency responsible for tracing financial crimes, Paul Jevtovic, told a conference of Certified Fraud Examiners on Thursday that Australia's relative prosperity had made us an increasing target for financial crime."

    September 16, 2016

    How Does Corporate Culture Fuel Fraud? Start With Volkswagen And Wells Fargo

    "The ACFE’s 2016 “Report to the Nations on Occupational Fraud and Abuse,” based on a survey of its members, is fascinating and should be required reading for the CEO’s, direct reports, department heads and investors of VW, Wells Fargo and pretty much every organization large and small." 

    September 12, 2016

    Know the financial risks of occupational fraud

    "According to research by the fraud examiners association, small companies are more vulnerable to fraud because they don’t have the resources larger companies do, which means they usually don’t have processes and controls to mitigate fraud risk. Eighty-seven percent of the cases in the study involved asset misappropriation (theft of cash, inventory or other assets) with a median loss of $120,000 per organization."

    August 31, 2016

    The Ever-Rising Cost Of Fraud

    "Fraud attempts can be time-consuming, forcing businesses to spend hours dealing with the effects of a security breach instead of serving customers and building new revenue streams. They can also be embarrassing, particularly if the incident damages customer confidence. More than anything, though, fraud can be very costly. According to the Association of Certified Fraud Examiners, the money lost by businesses to fraudsters amounts to over $3.5 trillion each year." 

    August 25, 2016

    Let’s encourage people to blow the whistle on rule-benders in Hong Kong companies

    "The Association of Certified Fraud Examiners recently reported that the most common detection method for fraud was tip-offs (39 per cent), and that organisations with reporting hotlines were much more likely to detect fraud this way."

    August 2, 2016

    Is it fraud? 10 signs that you need to check your 'checks and balances'

    "While every employee might not be stealing, a report from ACFE reveals that fraudulent behavior might be more common than expected."

    July 29, 2016

    'Trust But Verify' Is How to Fight Back Against Employee Theft and Fraud

    “A 2016 global fraud study found that businesses with fewer than 100 employees suffered the same median level of theft – $150,000 – as much larger companies. What’s more, they are much more likely than the largest organizations to be victimized. The study, by the Association of Certified Fraud Examiners, revealed that the smallest companies accounted for 30 percent of the fraud cases it studied, compared to just 20 percent for organizations with more than 10,000 employees.”- Entrepreneur


    July 8, 2016

    Credit paranoia or credit smart? Which precautions are worth it

    “The problem is that the vast majority of credit cards in the U.S. do not even use radio frequencies, rather they have magnetic stripes or EMV chips, says Liseli Pennings, deputy training director for the Association of Certified Fraud Examiners. ‘For the skilled thief, RFID scanners are not the most valuable use of their time or the most valuable method,’ she says. ‘These products prey on people’s fears. In all actuality, there are much easier ways for people to get your card information.’”- Yahoo Finance


    July 6, 2016

    How To Limit Fraudulent Payments In Your Online Business

    “Plus, recent statistics revealing fraud as a global problem, especially for online businesses despite advancements in technology, wasn’t comforting. A 2014 ACFE global fraud survey found that a typical business loses five percent of its revenues each year to fraud. The Nelson Report shared more statistics about fraud with debit and credit cards, including the fact that losses from fraud totaled $16.31 billion in 2014.”- Huffington Post


    June 23, 2016

    Bamboozled: The job that could get you arrested

    “Businesses will use many tactics to see what's happening in their stores, said Robert Bugai, who has worked as a mystery shopper for 37 years and is currently the director of public relations for the New Jersey chapter of the Association of Certified Fraud Examiners. He's never seen anything this extreme, he said.”- New Jersey Star-Ledger


    June 16, 2016

    After Insider Trading Conviction, a New Life as a Speaker

    “A few years ago, it would have been hard to imagine Judge Jed S. Rakoff and Roomy Khan, a government informant, as speakers at the same conference. But that’s exactly what happened this week, when Judge Rakoff kicked off the Association of Certified Fraud Examiners 27th annual global fraud conference in Las Vegas on Monday and Ms. Khan closed it with her talk on Wednesday.”- The New York Times


    June 12, 2016

    Fraud expert: Your ID costs scammers just $50 to steal

    “Liseli Pennings is just one of 3,000 experts in the field of fraud protection in Las Vegas this week for the Association of Certified Fraud Examiners 27th Annual Global Fraud Conference. The former special agent now dedicates her work to protecting consumers from identity theft and fraud and is a presenter this week at the conference, held at Aria Hotel and Casino.”- News3LV


    May 25, 2016

    How to stop your company expenses policy being abused

    “According to the Association of Certified Fraud Examiners, a typical company loses five percent of annual revenue due to fraud, 15 percent of which is attributable to fraudulent expense reporting. Common areas abused are bumping up mileage expenses, falsifying taxi receipts, inviting friends to meals instead of clients and claiming tips are not paid.”- European Business Review


    May 23, 2016

    How CIOs explain blockchain to their CFO

    “The Association of Certified Fraud Examiners (ACFE) estimates that fraud costs organizations worldwide $3.7 trillion a year or 5 percent of the Gross World Product (GWP). Extending this application we can apply these principles to tackle fraud. In the case of MediCaid, MediCare, and Social Security fraud could be impacted by conducting transactions to beneficiaries and providers serviced from the blockchain.”- CIO


    May 1, 2016

    Is a trusted employee stealing from your company?

    “According to data from the Austin, Texas - headquartered Association of Certified Fraud Examiners, ‘The typical organization loses five percent of revenues each year to fraud.’ That may seem manageable, but the executive summary of the ACFE's 2016 Report to the Nations, released in April, says the median loss was $150,000. Worse, the money can be difficult to recover. ‘It takes time and effort to recover money stolen by perpetrators, and many organizations are never fully able to do so,’ the previous report (2014) said. ‘Fifty-eight percent of victim organizations had not recovered any of their losses.’”- Daily Herald


    April 27, 2016

    8 things I'm doing to spot fake LinkedIn profiles (especially my own)

    “’The dark side to LinkedIn, and other professional social media sites, is that it is becoming a scammer’s playground where fake personas, fake opportunities, and identity theft and phishing scams are becoming more prevalent and more creative,’ said Ryan Hubbs, president of the Houston chapter of the Austin-based Association of Certified Fraud Examiners (ACFE) and one of the people who contacted me to let me know my photo was being used in fake profiles.”- Denver Business Journal


    April 25, 2016

    Timing made $81-M heist ‘a perfect crime’

    “Dante T. Fuentes, president of the Association of Certified Fraud Examiners-Philippines Chapter, said the heist was likely the fruit of meticulous planning of a “closely knit” group of less than 20 people, who likely set the scheme in motion more than three years ago but started doing their homework as early as 2008.”- MSN Philippines


    April 15, 2016

    What is Financial Statement Fraud?

    “Financial statement fraud is expensive and common in private companies. According to the Association of Certified Fraud Examiners, the average loss due to financial statement fraud is over $1 million. Due to its nature, financial statement fraud is committed by one or more persons in top management. Frequently, collusion between a number of persons is found behind such schemes. This type of fraud can be devastating to an organization and the morale of the employees who have committed much of their lives to an organization.”- Houston Chronicle


    March 31, 2016

    Making the Case for Anti-Fraud Controls

    “A report from the Association of Certified Fraud Examiners found that while the average organization loses about 5% of revenue to fraud every year, the losses are less severe at those that employ anti-fraud controls. At organizations that use proactive data monitoring and analysis, fraud schemes resulted in a median loss of $92,000, compared with $200,000 at organizations that didn’t monitor and analyze data.”- Wall Street Journal


    March 30, 2016

    Organizations Lose 5% of Revenue to Fraud

    “The typical organization loses 5 percent of its revenue to fraud each year, according to a new report from the Association of Certified Fraud Examiners.”- Accounting Today


    March 1, 2016

    How banks can protect their customers from fraud

    “The Association of Certified Fraud Examiners estimates that a typical organization loses 5 percent of revenues to fraud each year with a median loss of $140,000. Smaller businesses are at even greater risk due to lack of expertise and resources available to larger companies.”- Baltimore Business Journal


    February 20, 2016

    The Future of Fraud-Busting

    “Each year, the Association of Certified Fraud Examiners conducts a study of known scammers. It looks at demographic information, distinguishing characteristics, and patterns of approach in order to gain insights on the types of people most likely to commit fraud in the future. In 50 years, Bruce Dorris, the organization’s vice president and program director, told me, ‘I wouldn’t be surprised if you could isolate precisely who those individuals are.’”- The Atlantic


    February 5, 2016

    Fraud protection should be a priority for businesses

    “According to an estimate from the Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organisation with more than 75,000 members, internal fraud alone costs organisations worldwide an estimated 5 per cent of their annual revenues.”- The Irish Times


    February 1, 2016

    The anatomy of a fraudster

    “In a recent survey by the Association of Certified Fraud Examiners, it was estimated that companies lose about five percent of their revenues to fraud. When you apply that to the U.S. gross domestic product (GDP), you’re talking approximately $900 billion annually. This can be as small as employees taking pens, pencils, and paper home, but could also result from multi-billion dollar irregularities on financial statements.”- Detroit Free Press


    January 28, 2016

    Best Practices for Organizational Well-Being: Employee Hotlines

    “The Association of Certified Fraud Examiners (ACFE) has favored hotlines for many years, boldly stating in their 2012 Report to the Nations that, ‘Managers and owners…should focus their anti-fraud efforts on the most cost-effective control mechanisms, such as hotlines…’”- Inside Counsel


    January 14, 2016

    Your Biggest Cyber Risk Could Come From Within

    “Employee fraud is another malignant problem that hits companies’ financial health more directly. The Association of Certified Fraud Examiners’ 2014 survey estimated that companies lose a median of 5% of revenues annually due to fraud—translating globally to a $3.7 trillion economic loss. This criminal activity can seriously impact a business’ revenue and reputation.”-Fortune


    January 2, 2016

    Ghana: White Collar Crimes Rampant At Our Workplaces

    “The Association of Certified Fraud Examiners (ACFE) estimates that the average business loses approximately five percent of its annual revenue to internal fraud, waste and abuse. The ACFE believes that the global cost of white collar crime exceeds $3.5 trillion annually, which easily surpasses the annual budget of several countries.”- AllAfrica



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