• ACFE in the News


    November 28, 2014

    Finance Scams Tick up During the Holidays; Here's How to Avoid Them

    "Much like depression and weight, financial scams tend to tick up during the holiday season. The most recent survey from the Association of Certified Fraud Examiners says that fraud ticks up 20% in the holidays, likely due to increased financial pressure. But not all of these scams are the credit card schemes you see on the news." — Yahoo! Finance

    November 16, 2014

    What Your Business Can Do to Minimize Fraud

    "Identity theft. Credit card scams. Phony accident claims. Medicare swindles. Florida led the nation in identity theft in 2013 with a rate of about 193 complaints per 100,000 residents, according to the Federal Trade Commission ... In fact, fraud cost Americans an estimated $1.6 billion in 2013. It’s so widespread that Nov. 16-22 has been designated International Fraud Awareness Week ..." — Miami Herald

    November 7, 2014

    Experts Urge Caution When Hiring Seasonal Staff

    "As record numbers of seasonal hires are expected this year in the U.S., fraud experts warn that the need to quickly add staff should not get in the way of properly screening employees. The Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organization, stresses that employee background screening, proper training, and an ethical code of conduct are imperative for reducing the risk of fraud during the holidays." — Accounting Today

    October 27, 2014

    Old Lady Convicted of $190,000 Fraud and Doesn't Even Have to Miss Christmas

    "The ACFE says 7 percent of frauds are detected by accident and only 3 percent are discovered by the external auditor, proving that fraudsters are 4 percentage points dumber than auditors are smart. That’s pretty much what happened with poor, dumb Alice Riley, the 61-year-old former clerk for the City of Auburn, Kansas, who was convicted earlier this month of embezzling $189,594 from the city." — Property Casualty 360

    October 9, 2014

    Think Fraud Prevention is Expensive? Wait'll You See the Cost of Complacency

    "Fraud mitigation is well worth the investment compared with the cost of a fraud event for the average business, according to a new study compiled by the Assn. of Certified Fraud Examiners (ACFE), "Report to the Nations on Occupational Fraud and Abuse." The report includes data compiled from 1,483 cases of fraud submitted by CFEs globally." — Going Concern

    October 3, 2014

    10 Things Scam Artists Won't Tell You

    "The typical organization loses an estimated 5% of annual revenue to its own employees -- a global total of $3.5 trillion. Not because of wages, but because of fraud, according to a 2012 report by the Association of Certified Fraud Examiners." — Marketwatch

    September 22, 2014

    How To Use Big Data To Fight Financial Fraud

    "It’s impossible to measure the precise cost, but we know it’s not trivial. Consider: Businesses lose an estimated $3.5 billion annually to fraud and financial crime, according to the Association of Certified Fraud Examiners." — Forbes

    August 20, 2014

    Business Wise: Prevent Fraud by Thinking Like a Thief

    "According to the Association of Certified Fraud Examiners’ 2014 Report to the Nations on Occupational Fraud and Abuse, it is estimated that a typical organization loses 5 percent of revenues each year to fraud. This is why businesses need anti-fraud controls." — Cincinnati Enquirer

    August 13, 2014

    Employee Theft and Fraud on the Rise, But Solutions Exist to Prevent Losses

    "According to a 2014 survey conducted by the Association of Certified Fraud Examiners (ACFE) among investigated cases between 2012 and December 2013 , organizations around the world lose an estimated five percent of their annual revenue to occupational fraud totaling more than $3.5 trillion." — Chicago Tribune

    August 11, 2014

    A Highly Effective, Very Low-Tech Way to Stop Fraud

    "Employee fraud is expensive—it’s estimated to cost $3.7 trillion per year, globally—but at least there’s a relatively cheap, low-tech way to limit it: fraud hotlines, it turns out, are remarkably effective. Some 42 percent of fraud cases in 2012 and 2013 originated with tips, most often from employees, according to a recent study by the Association of Certified Fraud Examiners." — Bloomberg Businessweek

    July 27, 2014

    Meet the SEC's 6,500 Whistleblowers

    "Retirees, including one who added "washed up" to the job description, have more free time than full-time workers, plus the ability to drop a dime on former employers without fear of retribution. The elderly are also disproportionately victims of fraud, said James Ratley, chief executive of the Association of Certified Fraud Examiners, an antifraud organization based in Austin, Texas." — Wall Street Journal

    July 7, 2014

    What Corporate Climbers Can Teach Us

    "Manipulators are also skilled at forming political alliances. "One of the reasons these people climb so high in the company is that they're very forceful," says James D. Ratley, president of the Association of Certified Fraud Examiners." — Wall Street Journal

    June 17, 2014

    Former FBI Director Louis Freeh Lauds Fraud Examiners

    "Former FBI director Louis Freeh addressed the ever-growing problem of financial fraud in a speech before the Association of Certified Fraud Examiners at the ACFE's annual conference in San Antonio, Texas, on Monday, pointing out that some of the original FBI members were accountants." — Accounting Today

    June 12, 2014

    Six Steps to Protect Against Fraud

    "According to the Association of Certified Fraud Examiners (ACFE), small, privately held companies are more likely to become victims of fraud than public companies, governmental and nonprofits, with a hefty median loss of $200,000." — CNBC

    June 5, 2014

    Hotlines, Not Audits, Catch Crooked Employees

    "In the recent past, the Association of Certified Fraud Examiners has described where companies should concentrate their monitoring for employee fraud. In finance departments, for example, a majority of instances of misappropriation of funds or assets occur in the procurement, payment and expense areas." — CFO

    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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