Together, Reducing Fraud Worldwide

  • ACFE in the News  

     

    2014 

     

    May 27, 2014

    Employee Fraud Losses Often Aren't Recovered

    "A growing percentage of companies can’t get their money back when employees steal. Among companies polled late last year, 58% said they failed to recover any money lost through employee fraud in 2012 and 2013, according to a survey by the Association of Certified Fraud Examiners. That’s up nine percentage points from the previous study released in 2012." - Wall Street Journal


    May 22, 2014

    Sleeping Companies Lose Big From Employee, Executive Fraud

    "Companies that fail to continually watch for employee and executive fraud typically lose 5 percent of revenues each year to insider cunning, which amounts to nearly $3.7 trillion globally... The 2014 Global Fraud Study released this week by the Association of Certified Fraud Examiners (ACFE) pegged the median loss from fraud at $145,000. More than 1 in 5 of the almost 1,500 cases analyzed in more than 100 countries had employees walking away with at least $1 million." - CSO 


    May 21, 2014

    Association Of Certified Fraud Examiners Release 2014 Report On Fraud 

    "If you are looking for the latest trends in fraud, and there are those of us who just cannot wait to read this stuff, then I have good news for you; the Association of Certified Fraud Examiners (ACFE) has released the 2014 Global Fraud Study.  From the looks of it, fraud is alive and well even after banks have been caught misbehaving, insider traders nabbed getting hot tips and good employees busted for going rogue." - Forbes 

     

    May 20, 2014

    Biennial Report Details Fraud’s Impact Worldwide

    "The Association of Certified Fraud Examiners (ACFE) on Tuesday released its biennial Report to the Nations on Occupational Fraud and Abuse. The more than 1,400 antifraud experts surveyed for the report were asked to estimate what percentage of annual revenues organizations lose to all types of fraud. They produced a median estimate of 5%, which, when applied to the 2013 estimated gross world product of $73.87 trillion, produces a projection of nearly $3.7 trillion lost to fraud worldwide." - Journal of Accountancy 

     

    May 20, 2014

    Study: External Audits a Poor Tool for Fighting Fraud 

    "Investors, analysts and corporate directors rely on external audits to keep companies honest. But a new study says audits are woefully ineffective at uncovering fraud. In fact, the study says more than twice as many frauds are uncovered by accident. That is among the findings in the "Report to the Nations on Occupational Fraud and Abuse" study released Tuesday by the Association of Certified Fraud Examiners, which bills itself as the world's largest anti-fraud organization." - CNBC 

     

    April 29, 2014

    MACC Tie-Up to Boost Training of IOs 

    "KUALA LUMPUR: The Malaysian Anti-Cor­ruption Commission (MACC) will collaborate with the Association of Certified Fraud Examiners (ACFE) in drawing up an accreditation programme for its investigation officers, starting in the third quarter of this year. MACC chief commissioner, Tan Sri Abu Kassim Mohamed said the programme would run in line with the transformation plan that was launched three years ago." - The Star (Malaysia) 

     

    April 25, 2014

    Can Code Catch Corruption 

    "Chris Mathers is a crime fighter and has also worked undercover for law enforcement agencies in Canada and the U.S. Today, he spoke at the Association of Certified Fraud Examiners conference in Las Vegas and gave these words of wisdom to the audience, 'People don’t steal money to save it.'  He has a point." - Forbes 

     

    April 25, 2014

    The Most Common Reason Employees Steal — and How You Can Lower Your Risk for Workplace Fraud

    "Understanding past workplace fraud cases is crucial to making critical business decisions. By looking at past facts and trends, your business can become better informed, lowering the risk of occupational fraud. Here are a few facts from the Association of Certified Fraud Examiners." - San Antonio Business Journal 

     

    March 14, 2014

    Deterrence Is Necessary, But Breaches Just a Matter of Time 

    "According to a 2012 report by the Association of Certified Fraud Examiners, a Texas-based group that is the world's largest anti-fraud organization, the most likely people to commit workplace fraud are nonmanagement employees, followed by those in management and executives and business owners, Gorrell said." - Bloomberg BNA 

     

    March 8, 2014

    A Hiring Boom for Fraud Fighters 

    "The Association of Certified Fraud Examiners topped 70,000 members this year, a 40% increase since 2008, when the financial crisis unraveled. The association credentials individuals who pass its fraud detection and prevention exam. Its members span law enforcement, accounting and medicine, and even include ministers who have taken it upon themselves to prevent stealing at their churches, said James Ratley, its president and CEO." - Market Watch 

     

    March 4, 2014

    Understanding Why Employees Steal … and How to Stop it 

    "Finally, the Association of Certified Fraud Examiners (2013) has found that employee frauds cost small businesses (businesses with 100 employees or fewer) $26,000, on average, more than larger businesses." - Fox Business Network

     

    March 2014

    The Enemy Within: Fraud Within Companies is a Risk That Can Never Be Eliminated, Just Managed  

    "The most powerful weapon against fraud is not an algorithm or a checklist but a whistleblower. The Association of Certified Fraud Examiners calculates that three times as many frauds are discovered by tip-offs than by any other method. It also notes that firms with fraud hotlines, which staff can call anonymously, suffer smaller losses from fraud, and cut by seven months the “exposure gap” between the start of an illicit scheme and its discovery." - The Economist 

     

    February 10, 2014

    Building an Ethical Culture 

    "In a healthy organizational culture, there is a natural, not forced, focus on business ethics, and ethical practices are integrated into the fabric of doing business. Coupled with a strong anti-fraud program, foundational ethics policies result in a decreased risk of fraud. For example, organizations with a published and publicized code of conduct had a 27 percent lower median loss, and a 53 percent reduction in fraud duration, according to a study by the Association of Certified Fraud Examiners." - Security Management Online

     

    February 7, 2014

    When It Comes to the Insider Threat, Hope Is Not a Strategy  

    "Any company can experience fraud. According to the 2012 Report to the Nation from the Association of Certified Fraud Examiners, the median loss to fraud is $140,000, and 87 percent of those committing corporate fraud have no prior record of fraudulent activity." - Security Week

     

    January 21, 2014

    Credit Checks Help Employers Make Responsible Decisions 

    "The importance of this becomes evident in the context of another study released by the Association of Certified Fraud Examiners. It notes that employee thefts account for nearly $1 trillion annually. The top two red-flag warnings present in these crimes were instances where the individual was living beyond his or her financial means or experiencing financial difficulties." - USA Today 

     

    January 1, 2014

    10 New Year's Resolutions for Businesses 

    "Adopt a code of ethics for employees. Set a "tone at the top" that fraud will not be tolerated at any level of your organization. Draft and approve a code of ethics that includes concise compliance standards that are consistent with promoting ethical behavior across the organization." - Fox Business Network 

     


     

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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