• ACFE in the News 




    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 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 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  


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