ACFE in the News
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
December 20, 2011
2012 Fraud-Fighting Agenda
"Fraud threats have changed little in the past decade. But their global scale has, and James Ratley, president of the ACFE, details how fraud examiners must change their approach to fighting these crimes in 2012. 'For so many years, law enforcement and fraud examiners have been reactive,' says Ratley, who heads the Texas-based Association of Certified Fraud Examiners. 'We've got to turn the corner and work on the prevention of fraud. We've got to set up the controls to detect it much earlier.'" - BankInfo Security
December 19, 2011
How Small Business Owners Can Curb Employee Fraud
"The most recent Global Fraud Study by the Association of Certified Fraud Examiners found that the median loss in companies caused by fraud cases was $160,000 in 2010, with small businesses being disproportionately victimized." - Fox Business
December 14, 2011
Don't Fall Victim to an Inside Job
"The Association of Certified Fraud Examiners in Austin, Tex., says organizations lose about 5 per cent of their revenue each year to fraud, translating to total losses worldwide of more than $2.9-trillion (U.S.). Small businesses are more vulnerable to fraud than medium and large companies, notes the association." - The Globe and Mail
December 8, 2011
Check 'em Twice: Expense Accounts Get Some Travelers in Trouble
"Despite technological advances in expense reporting, companies are still having a hard time detecting fraud. On average, it takes a company 24 months to discover expense account fraud, according to a 2010 report by the Association of Certified Fraud Examiners. And this kind of fraud is more than four times as likely to occur within a business as corruption or financial statement fraud." - CNN
December 4, 2011
Behind the Financial Crisis: A Fraud Investigator Talks
"Despite that, Tom Borgers' personal contributions have been recognized. In 2010, he was awarded the Examiner of the Year Award by the Association of Certified Fraud Examiners, DC. It noted his "selfless and tireless service to the United States people" through his work at the FCIC. That same year, he was also honored with a Special Act of Service Award by the FCIC. In February of 2011, he became a managing director of a financial consulting firm in New York City." - CBS 60 Minutes
November 26, 2011
In Tough Economy, Employee Theft Climbs to 'Epidemic Proportions,' Experts Say
"'This woman did everything but come to work with a sign on her back saying, 'I'm stealing your money,' said James Ratley, president and CEO of the Association of Certified Fraud Examiners, an Austin-based organization with more than 50,000 members worldwide." - Austin American-Statesman
November 18, 2011
Harsha Agadi, Friendly's CEO, Billed Chain $243,000 In Expenses Before It Went Bankrupt
"Agadi's expense reports may seem outlandish, particularly given the company's tenuous financial state but it's not uncommon for employees to expense employers for large sums or for things that aren't actually a company expense. The Austin, Texas-based Association of Certified Fraud Examiners said that fabricated expense reports accounted for 13 percent of all employee thefts in the U.S., according to ABC News." - Huffington Post
October 25, 2011
Mad as Hell and Stealing from Employers
"The Occupy movement, with protest signs reading “One day the poor will have nothing to eat but the rich” and “Bite the hand that feeds you” expose the anger and frustration many Americans feel about the current economic climate. The Association of Certified Fraud Examiners announced, in its Annual Report to the Nations, a dramatic rise in workplace fraud: A typical organization loses 5 percent of its annual revenue to fraud." - Forbes
October 12, 2011
How to Prevent Rogue Employees
"According to a report last year by the Association of Certified Fraud Examiners, organizations worldwide lose 5% of annual revenue to fraud. Based on the 2009 gross world product, fraud losses totaled $2.9 trillion, with the median loss in an occupational fraud case hitting $160,000 and nearly 25% of fraud cases involving losses of at least $1 million." - TheStreet.com
September 22, 2011
A Rogue Employee May be on Your Payroll, Too
"In the story, I noted employee frauds at businesses with fewer than 100 employees cause a median loss of $200,000 — $57,000 more than the median losses that larger organizations suffer, according to the Association of Certified Fraud Examiners estimates. James D. Ratley, president of the Austin trade group, says those figures stand firm today." - The Wall Street Journal
August 22, 2011
Accounting Gimmicks Resurface as Growth Flounders
Financial statement fraud like the kind that took place at Enron are rare. The Association of Certified Fraud Examiners estimates that such manipulation accounts for only 4.8% of total fraud cases, although it causes the most financial damage, with the median loss being more than $4 million." - TheStreet.com
August 19, 2011
How to Dodge Small Business Fraud
"No one wants to think that an employee of his or her small business could be a crook. But the fact is that employee fraud is a particularly big problem for U.S. companies with a head count smaller than 100. The median loss from personnel fraud occurring in such businesses last year was about $150,000, compared with $84,000 in firms with more than 10,000 employees, according to the Association of Certified Fraud Examiners. Billing and check-tampering schemes were most common, but skimming and expense reimbursement fraud was also prevalent." - Crain's New York Business
August 10, 2011
Careers for Fraud Investigators
"Interested job seekers should look into the Certified Fraud Examiner certification offered by the Association of Certified Fraud Examiners [ACFE]. 'It covers ... bodies of knowledge which are not necessarily technical but will give them the business side, the legal side and the investigative mindset that they need to transition their information security skill set into a fraud investigation skill set,' Legault says." - GovInfo Security
July 31, 2011
Hub Journalist Finally Honored for Ponzi Expose After 91 Years
"The 55,000-member Association of Certified Fraud Examiners recently gave its annual Sentinel Award — honoring 'the selfless act of coming forward for the sole purpose of righting a wrong' — to Hub writer William H. McMasters, who died in 1968 at 94." - The Boston Herald
July 14, 2011
Risk Management
"The Ponzi schemes of Madoff and Jones, revealed during the recession when consumers were at their most vulnerable, highlighted that people from any walk of life, including athletes, entertainers and fund managers, can be taken for a ride. So can the most trustworthy businesses, universities and institutions. In fact, one study by the Association of Certified Fraud Examiners estimates that the average company loses 5% of its annual revenue to scams, which last a median of 18 months before detection." - Canadian Business
July 13, 2011
Making the Jump from Public to Private
"Quilter recommends that public-sector individuals looking to make the jump begin preparing two years before they plan to leave their government career. They should begin reading about business process and concepts, and they should begin networking with business people. "Get involved with ASIS and ACFE and get certified," he says. "That process is not just about getting the CPP or CFE, it’s about learning to deal with people who are in business. It helps you begin to build a network outside of your normal military, law enforcement and intelligence communities.'" - SecurityInfo Watch
July 13, 2011
5 Must-Have Skills for Fraud Examiners
"'When I first started working, most fraud cases were in the hundreds of thousands of dollars, and if you got anything close to a million dollars, you had a massive fraud,' says James Ratley, president for the Association of Certified Fraud Examiners (ACFE), an anti-fraud training and education organization. 'In today's market, nobody really pays much attention to anything that's not in the millions or even the billions. Plus with computers and identity fraud, it's so much easier to steal.'" - GovInfo Security
July 13, 2011
The Whistleblower From the Madoff Scandal Tells How to Reform the SEC
"Whistleblowers are the single largest source for fraud detection according to the Association of Certified Fraud Examiner's (ACFE) 2008 Report to the Nation. According to the ACFE, whistleblower tips were responsible for detecting 54.1% of fraud schemes at public companies whereas external audits account for a meager 4.1% of fraud cases detected (note: the SEC would be considered an external auditor)." - Truthout
July 11, 2011
Boom Time for Fraud Examiners
"Fraud today is global. The same problems happening in the U.S. are simultaneously occurring in other parts of the world. For interested job seekers, there's never been a better time to enter the fraud examiner profession. 'The field is exploding,' says James Ratley, head of the Association of Certified Fraud Examiners. 'There are some tremendous opportunities available, both in the government and private sector.'" - GovInfo Security
July 7, 2011
Act Early to Fight Fraud
"Corporate fraud costs firms billions each year, mostly in losses from employee theft, according to the Association of Certified Fraud Examiners. The impact goes beyond that. 'It's not just the monetary loss; it's reputational, too,' Tim Hedley, who leads the Fraud Risk Management Services unit of accounting firm KPMG, told IBD." - Investor's Business Daily
July 5, 2011
Fraud Fighters Wanted (AUDIO)
"Today's top fraud threats recognize no global boundaries, says James Ratley, head of the Association of Certified Fraud Examiners. And they require a stronger global workforce than ever before. 'In Hong Kong (for instance), they have the same fraud problems there that we have in the United States,' Ratley says." - GovInfo Security
July 1, 2011
How Financial Statement Fraud Can Impact Your Business
"The Association of Certified Fraud Examiners reports on fraud trends every other year. In the 2010 report, only 5 percent of fraud cases they studied were financial statement fraud. However, financial statement fraud was responsible for the largest losses, representing 68 percent of the dollars studied. When financial statement fraud does occur, it generally has a significant impact on a business." - Smart Business
June 28, 2011
Gary Foster and How to Predict the Next Financial Scheme
"The Association of Certified Fraud Examiners (ACFE) released its 2010 'Report to the Nations' which said that, according to their research, perpetrators of fraud have common behaviors that are warning signs of the wrongdoing such as living beyond means and experiencing financial difficulties. We know this to be true not only because the ACFE told us but also because we, as investors and business-minded people, have lived it." - Forbes
June 20, 2011
If Buying Insurance Via Agent, Keep Eyes Open
"At the the first Annual Fraud Conference held by the Bangalore Chapter of the Association of Certified Fraud Examiners on Friday, private insurance companies revealed this new form of fraud that they have been noticing in the last one year. It is especially rampant in the general insurance sector, which includes property, home, motor and health insurance." - Bangalore Mirror
June 18, 2011
Graft and Bribe: India Lost $462 Billion Post-Independence
"The document on the 'Survey on Bribery and Corruption' was released at the first annual fraud conference organized by the Association of Certified Fraud Examiners here on Friday. The report stated that 68% of India's aggregate illicit capital loss occurred after India's economic reforms in 1991, indicating that deregulation and trade liberalization actually contributed to or accelerated the transfer of illicit money abroad." - The Economic Times
June 17, 2011
Bahamas 'Long Way Behind' Over Expert Witness Rules
"The head of the Bahamas' Association of Certified Fraud Examiners (ACFE) chapter yesterday said he hopes the introduction of updated rules of evidence for civil litigation in the Bahamas will lead to 'more business and activity' for fraud examiners. Edmund Rahming said the organisation, which was formed in January 2011 to serve the interests of fraud examiners and the wider community through the promotion of fraud awareness and protection, expects the updated rules will also "improve the recognition of the role" of fraud examiners as expert witnesses in matters before the courts." - The Bahamas Tribune
June 17, 2011
Bahamas Lacks 'Proper Reaction' to Fraud Crimes
"There is a "lack of proper reaction" to fraud activity in the Bahamas, a fraud examiner asserted yesterday, adding that with this crime having spiked in the US over the past two years, this nation is likely to have seen similar activity increases. Edmund Rahming, president of the Bahamas' chapter of the Association of Certified Fraud Examiners, said the organisation, formed in January 2011, intends to be proactive in enhancing public knowledge of fraud and how to respond to and prevent it." - The Bahamas Tribune
June 13, 2011
Fraudbusters Get a Lesson in Internet Stalking
"What does all this mean? Opportunity my friends. If you fancy yourself social media and Internet savvy, you probably have a leg up on many of the vets in the fraud and forensics business when it comes to poking around the Web and finding information on people of interest to you." - Going Concern
June 10, 2011
Going Concern at the ACFE Fraud Conference
"Next week I’ll be attending the ACFE Fraud and Conference Exhibit in San Diego where many forensic and fraud sleuths will be enjoying each other's company and one-upping each other with stories on how many criminals they've busted over the years. It looks like you can still register so if my presence is the dealmaker for you, then I suggest you get on this." - Going Concern
June 8, 2011
ACFE Ghana Chapter Launched
"The Ghana Chapter of the Association of Certified Fraud Examiners (ACFE) has been launched in Accra with a call on heads of institutions to ensure high ethical standards of professionalism. Dr. Kwesi Akyem Apea-Kubi, Deputy Minister of the Interior, who inaugurated the Association, said the move would help curb the high incidents of corruption and fraud in the country." - Ghana Business News
May 27, 2011
With This Week's Cover, A Look at Fraud and Investment in Dallas After the Financial Crisis
"Along the way to writing the story, I spoke with Jeff Matthews, president of the Dallas chapter of the Association of Certified Fraud Examiners, to hear more about common warning signs for bogus investments and why it seems like so many have popped up in Dallas in the last few years. Matthews told me that's in part because Dallas weathered the financial crisis relatively well, and partly because people are finally starting to get smart about high-profile frauds." - Dallas Observer
May 24, 2011
Property Deed Scams Nearly Epidemic in Harris County
"Slow and uncertain punishment likely encourages similar scammers blamed for a rash of interrelated deed thefts in Harris and Dallas counties, said James D. Ratley, a former Dallas police officer and fraud expert who serves as president and CEO of the Austin-based Association of Certified Fraud Examiners. Ratley said various investigators first began to report signs of massive and repeated deed frauds in Texas several years ago." - Houston Chronicle
May 19, 2011
Are Your Controls Working? Two Fraud Studies Cast Doubt
"According to a report released by the Association of Certified Fraud Examiners (ACFE), that doesn't mean controls aren't working but rather companies must keep up controls despite a down economy. For example, if two employees sign checks in accounts payable and one of them is laid off, company officers would do well to name a back-up immediately." - Business Insider
May 17, 2011
Repercussions of Raj
"In 2010, the Association of Certified Fraud Examiners released its '2010 Report to the Nations' which states, among other things, that fraud in the workplace is 'much more likely to be detected by tip than by any other means.' So it seems we have two choices: wait for the regulators to come knocking (no stats on whether praying they don't show up really works) OR use the hotline to ferret out the tips and keep your name and reputation out of the courtroom." - Forbes
May 11, 2011
Q&A: The 'Numbers Guy' Who Sussed Out Wall Street's Biggest Fraud Artist
"If you read a mystery novel, the protagonist figures out the case in the back pages. But with Madoff, nothing was ever destined to make sense. So I solved it in the first five minutes. There were no straight lines here. It was always a crooked line. And it was always surreal." - CBC News
April 27, 2011
Fraudsters Mostly Males
"Association of Certified Fraud Examiners (Malaysian Chapter) president Datuk Akhbar Ali said according to statistics, 87 percent of those who commit fraud were males, aged between 31 and 45 with most of them 'married and have pretty wives.' 'Those who commit fraud do so as they are under stress due to personal crisis such as financial problems.'" - The Malaysia Star Online
April 19, 2011
What is the Classic EU Fraud?
"The median fraud loss in the EU is €420,780, higher than in any other region, according to the Association of Certified Fraud Examiners, an Austin, TX-based group which put on a special European conference in Brussels this week." - The Wall Street Journal
April 1, 2011
How to Minimize Your Risk of Becoming a Victim of Occupational Fraud
"Occupational fraud occurs when an employee or vendor finds a way to divert assets from a company by means of deception. The ACFE’s 2010 Report to the Nations estimates that 5 percent of the annual revenues of companies worldwide is lost to fraud, approximately $2.9 trillion! And that estimate cannot factor in the frauds that are never uncovered." - Smart Business
March 26, 2011
Workplace Fraud Costs More Than You Realize
"According to a recent study commissioned by the Association of Certified Fraud Examiners, approximately 39 percent of fraud occurs in privately owned companies, while the public sector experiences 26 percent of fraud. Smaller organizations with fewer than 100 employees accounted for almost 43 per cent of those experiencing fraud losses of $150,000. This translates into a five-per-cent loss for every $100 of sales." - Winnipeg Free Press
March 26, 2011
Protect Yourtself Against Credit and Debit Fraud
"Although we are more proactive in preventing fraud, it isn't going away anytime soon. Fraud is a lucrative business for criminals.Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a survey of fraud experts conducted by the Association of Certified Fraud Examiners." - The National Post
March 22, 2011
Tax Fraud Growing in Georgia
"David Sawyer, an accountant and member of the Georgia chapter of the Association of Certified Fraud Examiners, said finding a reputable tax preparer can help prevent this kind of fraud. He suggests conferring with the Better Business Bureau.'It's not necessarily privileged information like you would have with an attorney, but the key is to go to a reputable CPA firm, because there is a heightened level of professional integrity,' Sawyer said." - Atlanta Journal-Constitution
March 20, 2011
Dollars & Sense: Preventing Credit Card Fraud (VIDEO)
ACFE President and CEO James D. Ratley, CFE, discusses the red flags of credit card fraud on MSNBC's "Your Business." - MSNBC
February 12, 2011
Hackers Reveal Offers to Spy on Corporate Rivals
"Jonathan E. Turner, who runs a Tennessee-based business that gathers intelligence for corporate clients, said that companies nationwide relied on investigators to gather potentially damaging information on possible business partners or rivals. 'Information is power,' said Mr. Turner, former chairman of the Association of Certified Fraud Examiners."
- The New York Times
January 17, 2011
Beware the Facebook Felons
"Over-excited online social network users who reveal personal information and accept 'friendship' requests from complete strangers have made the site an increasingly popular target for cybercriminals. Many users, especially beginners, experience culture shock when they suddenly become 'popular' and receive many friendship requests, said criminologist and Malaysian Association of Certified Fraud Examiners president Datuk Akhbar Satar."
- The Malaysia Star
January 17, 2011
Don’t Ask/Don’t Tell About Corporate Fraud: The Effect of Confrontation On Intentions to Report Fraud
"Based on the ACFE 2010 Report to the Nation on Occupational Fraud and Abuse to identify the most common types of fraudulent acts, the researchers used misappropriation of assets and fraudulent financial reporting as case examples to solicit feedback from 96 evening MBA students. Participants in the study were offered the choice of reporting the fraud to two internal recipients-either their supervisor’s supervisor or an internal auditor."
- Forbes
January 15, 2011
Austin Fraud Museum Houses Memorabilia from Cons, Scams
"It’s a hall of fame for the infamous -- a collection of artifacts from con men, large and small, who swindled, stole and cheated to get everything from bread money to billions. The Fraud Museum, an exhibit in an Austin office building, contains a Bernard Madoff engraved cigar box, given to clients as tokens of his appreciation; now-worthless stock certificates from Enron, WorldCom and Adelphia; and a canceled 1975 check from inside-trader Ivan Boesky."
- The Dallas Morning News
December 13, 2010
Employee Theft Raises Demand for Fraud Experts
"Companies and government agencies are beefing up their anti-fraud departments to counter a rising wave of thefts at the workplace, a majority of which are executed by employees. The Association of Certified Fraud Examiners, an organisation that trains forensic auditors, says it has recorded an upsurge in the number of inquiries from institutions seeking to put their employees on anti-fraud training programmes."
- Africa Business Daily
December 10, 2010
The Lonely Life of a Whistleblower
"He’s part of a minority within a minority. Most people who think about blowing the whistle change their mind very quickly because they’re afraid of the consequences. A big contributor to this fear is a lack of anonymity. An analysis by the Association of Certified Fraud Examiners earlier this year found that only about a quarter of companies in Australasia had hotlines where employees could voice their concerns confidentially. This is despite hotlines being regarded by the researchers as the most effective means of controlling fraud."
- Sydney Morning Herald
December 2010
Inside Jobs
"This trend is expected to become even more prevalentas bank fraud continues to rise. For internal fraud alone, the number of investigations at banks and other financial services firms conducted by certified fraud examiners more than doubled during 2008 and 2009 from the prior two-year period, to 298, with a median dollar loss of $175,000 to the institutions, according to the Association of Certified Fraud Examiners. Banking companies report more cases of fraud to the association than companies in any other industry, accounting for more than 16 percent of the total this year."
- US Banker
November 29, 2010
The Cheating Game
"Given this current spate of alleged corporate frauds, it was with interest that I opened an e-mail I received on Wednesday with the subject: 'Asia-Pacific Fraud Report Examines Occupational Theft'. The e-mail was from the Association of Certified Fraud Examiners (ACFE). The association recently published the Asia-Pacific edition of its global survey in the 2010 Report to the Nations on Occupational Fraud & Abuse. The original report was based on a global survey of 1,843 cases of occupational fraud that occurred in more than 100 countries between January 2008 and December 2009. All the information on the cases was supplied by the Certified Fraud Examiners who investigated them."
- Asia One
November 25, 2010
The Surprising Plague Killing Retailer Profits
"PETALING JAYA: The median fraud loss for organisations in Asia is about US$300,000 and significantly higher than the global median loss of US $160,000, said a survey of The Association of Certified Fraud Examiners (ACFEs). The ACFE is the world's largest anti-fraud organisation and premier provider of anti-fraud training and education. In a note yesterday, it said investigation of cases between January 2008 and December 2009 showed that corruption was the most commonly reported scheme, appearing in more than half of the Asia-Pacific fraud cases."
- The Malaysia Star
November 24, 2010
The Surprising Plague Killing Retailer Profits
"Supermarkets are not the only victims, though. Employees can steal through fraud and embezzlement from all kinds of businesses. The Association of Certified Fraud Examiners has estimated that American businesses lose 7% of their revenue to employee fraud. That amounts to hundreds of billions of dollars.Interestingly, not all employee theft is intentional. When a software package called StopLift that analyzes check-out activity was used at one store, it found that most losses were because of cashier error. After reassigning or retraining the employees in question, losses dropped by 86%."
- The Motley Fool
November 17, 2010
Combating Surgery Center Fraud With Effective Risk Assessment
"In a 2010 study of occupational fraud and abuse, the Association of Certified Fraud Examiners (ACFE) looked at 1,843 fraud cases investigated around the world, including 1,021 cases in the United States, over the past two years. The study notes that of the 22 industries affected by these cases, healthcare was fifth-highest on the list."
- Becker's ASC Review
November 12, 2010
Fraud Prevention Key for Business Health
"ACFE president James D. Ratley said the support of organisations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness. 'Regardless of the size of an organisation or its business model, fraud is a serious concern - and if undetected, it can have a measurable impact on the bottom line,' Mr Ratley said. 'Once again, we want to say 'thank you' to all of the Fraud Awareness Week supporters for helping to shine a spotlight on the urgent need for fraud prevention and detection.'"
- Bahamas Tribune
November 8, 2010
How Small Businesses Can Prevent Employee Fraud
"According to the Association of Certified Fraud Examiners Report to the Nation (2008), small businesses are especially vulnerable to occupational fraud. In 2008, the median loss suffered by organizations with fewer than 100 employees was $200,000. This was higher than the median loss in any other category, including large organizations. Small businesses also suffered huge losses. Check-tampering and fraudulent billing were the most common small business fraud."
- Miami Herald
November 2, 2010
How Much Do You Trust Your Employees? How Much Should You?
"Insider fraud cost businesses 5% of their revenue in 2009, a new study reports. So ho how much should you trust -- or distrust -- your employees? The 2010 Association of Certified Fraud Examiners (ACFE) report on the state of insider fraud and theft points out that while stealing company resources (asset fraud) accounted for 90% of last year's cases, financial fraud -- 5% of incidents -- was responsible for far greater losses."
- Information Week
November 1, 2010
Tackling Insider Fraud from the Outside-In
"In 2009, the average company lost nearly 5 percent of its revenue to fraud perpetrated by employees, according to the 2010 Report to the Nations on Occupational Fraud and Abuse (PDF). Asset fraud -- stealing company resources -- represented 90 percent of the incidents, but only averaged $135,000 in losses per company. On the other hand, financial fraud makes up only 5 percent of all cases of corporate fraud, but it is the most damaging, with a median loss of more than $4 million, according to the report, which is published every two years by the Association of Certified Fraud Examiners (ACFE)."
- Dark Reading
November 1, 2010
Catching Crooks All in a Day's Work
"Employee education on what constitutes fraud, its impact on the company and how to report suspicious activity can go further in preventing and detecting occupational frauds, particularly those that involve embezzlement, according to the Association of Certified Fraud Examiners. A company culture that emphasizes open communication also can serve as a deterrent by encouraging employees to come forward with information."
- Chicago Tribune
October 18, 2010
Inside an Insider Crime
"We're all aware that insider fraud is at an all-time high, with the Association of Certified Fraud Examiners (ACFE) saying total fraud losses are at $2.9 trillion. Financial institutions are especially vulnerable to damage caused by employee fraud, when monetary loss, reputation and customer confidence are all considered."
- BankInfoSecurity
October 14, 2010
Do CFEs Earn More?
"According to a new study, yes. The study, published in the Association of Certified Fraud Examiners new Compensation Guide for Anti-Fraud professionals, find that CPEs earn nearly 22 percent more than their non-certified colleagues in the anti-fraud profession." (Liz Gold)
- WebCPA
September 9, 2010
How To Spot A White-Collar Criminal
"Each year more research is done to try to flush out the next white-collar criminal with hopes of catching them early in the act, and not 20 years into the crime (a la Bernard Madoff). The Association of Certified Fraud Examiners (ACFE) has done significant research and has been at the forefront of studying white-collar crime. When I took a look at ACFE’s 2010 information on the profile of an offender, I was shocked that the description was…of me… and many of you reading this. They are young, well-educated, aggressive, go-getters who get tripped up along the way."
- Forbes Online
September 6, 2010
Money and Company
"Who’s most likely to steal from you? A fraud suspect is not easy to stereotype. That’s the word from the Assn. of Certified Fraud Examiners, which issued a recent report about the traits of people who steal from their employers. The average perpetrator has no criminal record, is more likely to be male than female, and is 31 to 45 years old, the group said in a report released Thursday."
- Los Angeles Times
September 6, 2010
Profile of a Fraudster: Does Your Company Have One?
"A fraud suspect might not be easy to pick out of a crowd -- or from a rap sheet. The average fraud perpetrator has no prior fraud charges or convictions, according to new research by the Association of Certified Fraud Examiners (ACFE), provider of anti-fraud training and education. The offender is commonly between the age of 31-45, and somewhat more likely to be male than female."
- AccountingWeb
July 26, 2010
Tight Times Keep Accounting Fraud Sleuths Busy
"The Association of Certified Fraud Examiners’ 2010 “Report to the Nations on Occupational Fraud and Abuse,” which studied 1,843 cases of occupational fraud worldwide from January 2008 to December 2009, found that the median loss caused by occupational fraud cases was $160,000. Close to one-quarter of the frauds had losses of at least $1 million, according to the study."
- San Francisco Business Times
July 13, 2010
Occupational Fraud in Canada on the Rise
"The median fraud loss for organisations in Canada is about $127,000 (CAD), according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2008 and December 2009. The study found corruption, billing and expense reimbursement schemes were the leading types of fraud reported in these cases."
- Security Matters
June 25, 2010
Europe Fraud Cases ‘Most Costly’
"A typical fraud loss costs European organisations around €485,000, according to a new survey of Certified Fraud Examiners (CFEs). The US-based Association of Certified Fraud Examiners (ACFE) says its study shows corruption and billing schemes were the leading types of fraud reported in European cases and others throughout the world."
- Risk Management Professional
June 24, 2010
Fraud Costs Companies Average of $105,000
"The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported. The study, by the Association of Certified Fraud Examiners, surveyed CFEs who investigated cases between January 2008 and December 2009. The report includes global data on 1,843 cases of fraud in 106 nations."
- WebCPA
June 8, 2010
Survey Puts Fraud Loss at $2.9 Trillion Globally in 2009
"Occupational fraud costs organizations about 5 percent of their revenue annually, according to the latest data from the Association of Certified Fraud Examiners. In its 2010 Report to the Nations, ACFE says the 5 percent figure applied to the gross world product suggests fraud cost the global economy more than $2.9 trillion in 2009. ACFE surveyed fraud examiners in 106 countries examining 1,843 cases of fraud to reach its conclusions."
- Compliance Week
June 2, 2010
Fraud Skims 5 Percent Off Revenue Worldwide
"Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, potentially amounting to over $2.9 trillion, according to a new study. The study by the Association of Certified Fraud Examiners surveyed CFEs globally as part of a new report on occupational fraud. "Fraud knows no boundaries, and anti-fraud professionals worldwide face more challenges than ever in detecting and combating it," said ACFE president James D. Ratley in a statement."
- WebCPA
June 1, 2010
Something Wicked This Way Comes
"Odds are good that your company is losing money in the worst possible way -- through theft. According to a new biannual study from the Association of Certified Fraud Examiners (ACFE), companies that fell victim to fraud suffered a median loss of $160,000, and 25% of the nearly 2,000 cases examined involved a loss of $1 million or more. Those figures are based on 1,843 global respondents (60% from the United States) who detailed the single biggest fraud they investigated between January 2008 and December 2009."
- CFO Magazine
June 2010
Keeping Fraud in the Crosshairs
"Five percent of annual revenue—that's the estimate of how much money the typical organization loses to fraud, according to participants in the 2010 Report to the Nations on Occupational Fraud and Abuse. The report, prepared by the Association of Certified Fraud Examiners, an international organization of more than 50,000 fraud examiners, CPAs, law enforcement professionals, government officials and others, examines a wide swath of business-related fraud in an effort to pinpoint problems and highlight solutions."
- Journal of Accountancy
March 5, 2010
Three Best Ways to Catch an Employee Thief
"Employee fraud can take place right under a business owner's nose. According to the Association of Certified Fraud Examiners, an anti-fraud trade group in Austin, Texas, such activities occur on average for as long as two years before the victim organization catches on."
- The Wall Street Journal
March 4, 2010
Business Owners Get Burned by Sticky Fingers
"'More times than not, it's the most trusted person in the office who's perpetrating the fraud,' says James D. Ratley, president of the Association of Certified Fraud Examiners. The Austin, Texas, trade group estimates that employee frauds at businesses with fewer than 100 employees cause a median loss of $200,000 -- $57,000 more than the median losses that larger organizations suffer."
- The Wall Street Journal
March 1, 2010
States May Ban Credit Checks on Job Applicants
"Aitken pointed to a 2008 survey by the Association of Certified Fraud Examiners that found the two most common red flags for employees who commit workplace fraud are living beyond their means and having difficulty meeting financial obligations. The same survey estimated American companies lost $994 billion to workplace fraud in 2008."
- Seattle Post-Intelligencer
Feb. 27, 2010
Thefts by Employees a Big Problem Made Bigger in Hard Times
"Allan Bachman, the education manager for the Association of Certified Fraud Examiners, last week called the situation 'almost a perfect storm' as companies that are trying to weather the recession eliminate protective measures."
- Kansas City Star
Feb. 14, 2010
Norwalk Detective on a Mission to Stop Fraud
"Norwalk's elderly residents are falling prey to scams that bilk them out of thousands of dollars, but Norwalk Police Detective William Maloney recently gained a few new tools to fight financial fraud. Maloney strengthened his knowledge of financial scams and became a Certified Fraud Examiner on Feb. 5 after finishing a yearlong correspondence course with the Association of Certified Fraud Examiners, a well-regarded anti-fraud law enforcement training program.'The amount I learned was phenomenal,' he said."
- The Hour (Connecticut)
Feb. 7, 2010
How to Avoid Hiring a Bad Egg
"Small businesses, unfortunately, are particularly vulnerable to embezzlement and other kinds of employee theft because they lack the checks and balances of big corporations. One report by the Association of Certified Fraud Examiners found that the median loss for small firms with fewer than one hundred employees was $190,000. The most common schemes? Employees fraudulently writing company checks, skimming revenues and processing phony invoices."
- The Wall Street Journal
Jan. 31, 2010
'Be More of a Business and Less Like a Family': Fraud the Penalty for Youth Sports Groups' Trust
"A 2008 study done by four University of Dayton professors estimated nonprofit fraud at about $40 billion in 2006, based on estimates from the Association of Certified Fraud Examiners that all organizations - nonprofit, for-profit and governmental - lose on average between 5 percent and 6 percent of their revenue to fraud each year."
- Crain's Detroit Business
January 2010
What's Your Fraud IQ?
"Cooking the books. Fudging the numbers. Taking a big bath. Thanks to myriad high-profile cases of financial statement fraud, phrases like these have become familiar jargon for the investing public. Likewise, most CPAs are acutely aware of the fine line separating aggressive earnings management from earnings manipulation. But how well-versed are you in the red flags of falsified financial statements?"
- Journal of Accountancy
Dec. 10, 2009
Businesses Can Protect Themselves Against Fraud
"More businesses have been and will be affected by fraud during the past and coming year due to the economic environment, according to an Association of Certified Fraud Examiners June 2009 study. Why? In a recession, businesses may be more vulnerable in all areas of the "fraud triangle": incentive, opportunity and rationalization."
- Kansas.com
Dec. 3, 2009
India's Forensic Auditors Join the War on Fraud
"The 50,000-member ACFE, headquartered in Austin, Texas, calls itself the world's largest anti-fraud organization and a leader in anti-fraud training. In the US alone, fraud cost companies an estimated $994 billion last year, according to the industry body."
- Asia Times
Nov. 11, 2009
ACFE Warns Not to Change SOX Rules
"A measure approved last week by the House Financial Services Committee to change Sarbanes-Oxley audit rules would lead to a higher incidence of fraud and an increase in the amount of fraud losses, said the Association of Certified Fraud Examiners."
- WebCPA
Nov. 11, 2009
Internal Fraud Investigations: The Risk and Reward of Third-Party Involvement
"According to the Association of Certified Fraud Examiners (ACFE) 2008 Report to the Nation, the typical length of fraud incidents reported lasted two years from inception to detection. So any fraud uncovered may just be the tip of the iceberg and merely dismissing the employee would leave several unanswered questions."
- Corporate Compliance Insights
Nov. 9, 2009
Hey! Did You Know, It's International Fraud Awareness Week?
"And did you also know that employees pose the biggest fraud threat in the current economy? This week, more than 200 organizations worldwide are partnering with the Association of Certified Fraud Examiners to shine a light on how white collar crime spreads during time of economic crisis."
- WebCPA
Nov. 8, 2009
Fraud Awareness Week Casts Spotlight on White Collar Crime
"More than 200 organizations worldwide have partnered with the Association of Certified Fraud Examiners (ACFE) to support International Fraud Awareness Week, Nov. 8-15, 2009 and host anti-fraud training events, distribute information and help cast a spotlight on the threat of occupational fraud and white collar crime."
- SmartPros
Nov. 6, 2009
As Economy Falters, Employee Theft on the Rise
"Nationally, the Association of Certified Fraud Examiners estimates that American businesses lose 7 percent of their annual revenue to internal fraud, a percentage that pencils out to hundreds of billions of dollars a year. Small businesses are especially vulnerable, as fewer employees mean fewer eyes on the books tracking how money comes in and goes out. And business owners have indicated in recent national surveys that they expect fraud will increase."
- Las Vegas Sun
Nov. 6, 2009
JP Morgan Said to Detect Kiener Scam That Stung Banks
"'When the economy is flourishing, money is easy' for hedge funds, said James Ratley, president of the Association of Certified Fraud Examiners in Austin, Texas. A scheme can be 'hidden just beneath the paperwork. It’s the skin of truth stuffed with a lie.'"
- Bloomberg
Oct. 28, 2009
Accounting Irregularities May be on the Rise in U.S.
"'Statistically you can show any time you have a recession or some type of tremendous decline in an economy you're going to see financial pressures on companies,' said Bruce Dorris, program director at the Association of Certified Fraud Examiners, noting that corporate employees can sometimes be motivated to be overly aggressive with accounting or commit outright fraud to meet targets, particularly in difficult economic times."
- Reuters
Oct. 13, 2009
The Destructive Force of Private Sector Corruption
"The incidence of private sector corruption has become a major issue facing many advanced economies as corporate crimes have in recent times rocked economies across the western hemisphere... As at 2005, it was estimated that the total cost of employee fraud or white collar crimes to public companies in the United Kingdom was up to 2 billion British Pounds. In the case of the United States, a 2006 report of the Association of Certified Fraud Examiners estimated that more than $600 billion is lost through white collar crimes."
- Business Day
Oct. 9, 2009
Financial Fraud - Accounting for Criminals
"While there are no international statistics charting white-collar crime arrests, the number of people being trained to detect accounting shenanigans has exploded since the financial crisis. The U.S.-based Association of Certified Fraud Examiners, which trains accountants in fraud investigation, has 47,000 members worldwide -- adding 10,000 new members last year alone."
- CNN
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
"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