ACFE in the 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
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 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 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, 2010Fraud 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
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."
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
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
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ACFE in the News