December 11, 2015
5
Quick Steps to Immediately Upgrade Your Current Business Controls
“One statistic that we quoted in our recent book, ‘Scale:
7 Proven Principles to Grow Your Business and Get Your Life Back,’ was from the
Association of Certified Fraud Examiners. In 2010, they reported that 42
percent of fraud cases happened in privately held companies with fewer than 100
employees, with the average fraud continuing for 18 months before it was even
discovered. In case you’re wondering, the median loss in these fraud cases was
$231,000.”- Huffington Post
December 11, 2015
Deloitte
Tip-offs Anonymous hotline curbs fraud
“ACFE statistics further revealed that organisations with
hotlines were more likely to catch fraud. In addition, organisations with
whistle blowing hotlines not only detected fraud 50% more quickly than those
without such hotlines, but resulted in fraud being 41% less costly to the
organisation.”- BizCommunity
December 5, 2015
The
age of the whistleblower
“Surveys by the Association of Certified Fraud Examiners,
a global group for financial sleuths, consistently find tips to be the leading
mechanism for unearthing wrongdoing, well ahead of audits or regulatory reviews
(see chart 1). Despite this, companies have often punished rather than praised
whistleblowers.”- The Economist
November 16, 2015
How Secure is Your
Payroll Data?
“The Association of Certified Fraud Examiners of Austin,
Texas, the world's largest anti-fraud organization, said in a 2012 report that
employers should try to look for behavioral red flags, including gambling and
other addictions. The report found that living a lifestyle beyond one’s means was
identified as an indicator in 35.6 percent of those caught. Additionally, 27.1
percent had financial difficulties.”- Bloomberg
BNA
November 16, 2015
The
Importance of International Fraud Awareness Week
“Here’s the good news: there is an abundance of help and
resources available to prevent fraud and recover from it. The Association of
Certified Fraud Examiners (ACFE) is hosting International Fraud Awareness Week
to spread the word about identity theft and fraud and ways to address it.”- Watchdog.org
November 6, 2015
Companies
still bending finance rules, Enron boss warns
“’It is easy to find examples of companies causing
misrepresentations while following the rules, and they're using those tools to
do it,’ he told the BBC after speaking at a conference organised by the
Association of Certified Fraud Examiners (ACFE) in Singapore this week.”- BBC
October 26, 2015
Look
out for these 3 things when starting a new business
“According to the Association of Certified Fraud
Examiners (ACFE), small businesses with 100 or fewer employees have lost on
average $147,000 due to fraud, making the issue pervasive. Small businesses are
much more susceptible to fraud than large corporations. ACFE warns of five
types of fraud commonly found in small business: billing fraud, check meddling,
corruption — which includes bribery and legal freebies — and
expense-compensation fraud.”- Business
Insider
October 14, 2015
Op-Ed:
Getting to the Facts About Employer Credit Checks
“A 2014 study by the Association of Certified
Fraud Examiners showed the importance of managing risks via the use of a credit
report. It notes that global occupational fraud accounts for nearly $3.7
trillion annually. The average theft totals more than $145,000, but that number
increases to $154,000 for organizations with less than 100 employees.”- Yahoo Finance
October 1, 2015
Everything
You Need to Know About EMV Cards
“According to a recent study by the Association of
Certified Fraud Examiners (ACFE), fraud losses continue to wound privately held
organizations with 5% of all revenues lost annually.”- The Street
September 23, 2015
Fuel
fraud: Government employees steal millions from taxpayers at the pump
“’It’s difficult to prove,’ Allan Bachman, education
manager at the Association of Certified Fraud Examiners, told Watchdog.org. ‘Unless
you look at every little charge and do mileage estimates on every vehicle and
how many miles per gallon they get and how many miles per gallon were actually
expended, then you’re in deep weeds.’”- Watchdog.org
September 10, 2015
Expense
Report Fraud is Big and Avoidable
“Thanks to the Association of Certified Fraud Examiners
(ACFE), we know there are four broadly defined categories of expense fraud: Mischaracterized expenses … Overstated
expenses … Fictitious expenses …
Multiple reimbursements.”- Accounting Web
September 1, 2015
They’re
Robbing You Blind
“Whether it involves convoluted schemes with fake vendors
and international wire transfers, the classic theft from petty cash or forging
checks, duplicitous employees will always find a way to take what isn't theirs.
The costs of employee theft are huge. The typical organization loses 5 percent
of its revenue to fraud each year. That's a projected global loss of $3.7
trillion annually. (See the Association of Certified Fraud Examiners’ Report to
the Nations on Occupational Fraud and Abuse for more details.)”- Property Casualty 360
August 26, 2015
White
collar crime thrusts corporates and SA’s economy into turbulent waters
“The Association of Certified Fraud Examiners' 2014
Report to the Nations on Occupational Fraud and Abuse estimates that the
typical organization loses 5% of revenues each year to fraud. If applied to the
2013 estimated gross world product, this would translate to a potential
projected global fraud loss of nearly US$3.7tn.”- Cape Business News
August 14, 2015
Why
Hong Kong Needs A Whistleblowing Policy
“Over 43% of detected fraud within organisations is
discovered by a tip, according to a global survey by the Association of
Certified Fraud Examiners, and the majority of tips come from employees of the
organisation. Another study by the University of Chicago showed that almost
half of the fraud cases included in its survey were spotted by employees, media
or non-financial market regulators.”- Forbes
August 5, 2015
How
to crack down on employee fraud
“According to the Association of Certified Fraud
Examiners’ (ACFE) 2014 Report to the Nations, about 5 percent of an
organization’s gross annual sales are lost to fraud. The median loss suffered
by organizations with fewer than 100 employees was $200,000, and approximately
25 percent of occupational fraud cases cost more than $1 million.”- Cincinatti.com
July 21, 2015
Is
it Time to Require a Fraud Risk Assessment?
“In the most recent 2014 Association of Certified Fraud
Examiners annual “Report to the Nation on Occupational Fraud and Abuse,” losses
due to fraud for all businesses were estimated to be 5% of gross revenue.
Carried to the bottom line, this would cause most credit unions to operate at a
loss.”- Credit Union Times
July 10, 2015
Fraud
takes 5 percent bite out of business revenue
“The Association of Certified Fraud Examiners designed a
study with 87 strain theory attributes, examining more than 2,900 cases of
occupational fraud or white collar crimes. The study found strain significantly
contributes to asset misappropriation and financial statement frauds.”- Grand Rapids Business Journal
July 9, 2015
White-Collar
Crime Costs Between $300 To $600 Billion A Year
“The FBI and the American Association of Certified Fraud
Examiners estimate financial losses from white-collar crimes to be between $300
and $600 billion per year. But the issue is often overshadowed in the media by
more attention-grabbing offenses and scandals. And it is complex for
investigators to take on as well.”- ValueWalk
June 19, 2015
Catching
Them Red-Handed: Preventing Employee Theft
“The typical organization loses 5 percent of its revenue
to fraud each year. That’s a projected global loss of $3.7 trillion annually.
See the Association of Certified Fraud Examiners' Report to the Nations On
Occupational Fraud And Abuse here for more details.”- Law360
June 15, 2015
Sepp
Blatter could still perform a U-turn and stand again
“The U.S. Justice Department "has worked closely
with the lead FIFA prosecutors to obtain evidence from numerous countries
across the globe," Caldwell said at the Association of Certified Fraud
Examiners conference in Baltimore.”- Reuters
June 3, 2015
Whistleblowing:
why employers must create a “speak-up” culture
“Most organisations may have been, or will be, the victim
of a fraud or theft at the hands of their own employees; but a mechanism for
employees to speak up could help prevent such misconduct. Furthermore, the
value of whistleblowing is recognised, with the Association of Certified Fraud
Examiners reporting that it is one of the most effective ways to uncover fraud.”-
Personnel Today
May 19, 2015
UW
fraud hotline goes live; UW-Madison to lay off 70
“Fraud hotlines have become more common at universities
and can be an effective tool in identifying not just financial shenanigans but
also ethics abuses and wasteful spending, said Allan Bachman, education manager
for the Association of Certified Fraud Examiners and formerly internal audit
director at a private college in Boston.” – Madison.com
May 14, 2015
The
typical office embezzler often isn't who you might suspect
“Embezzlement costs American businesses billions of
dollars each year. According to the Association of Certified Fraud Examiners,
the typical organization loses about five percent of its annual revenue to
fraud.”- CBS News
May 12, 2015
Report
slams Louisiana charter school oversight
“The two groups' report said Louisiana charters could
suffer from "tens of millions of fraud in the 2013-14 school year
alone," based on the methodology of the Association of Certified Fraud
Examiners. In that time, employees of three New Orleans charter schools stole
about $110,000, and two charter operators were accused of meddling with
retirement payments.” - Times-Picayune
April 16, 2015
Kenanga
partners global anti-fraud group to raise awareness
“ACFE president and chief executive officer James D.
Ratley said Kenanga’s decision to team up with ACFE would also the provision of
training and resources as well as giving the group an advantage to stay ahead
of financial crimes. The corporate alliance programme supports the
implementation of anti-fraud best practices in organisations by providing
access to exclusive training opportunities and resources.”- The Star Online
April 16, 2015
Reducing
the risk employee identity theft
“Frequently, theft comes from an otherwise trusted
employee. According to the Association of Certified Fraud Examiners, the more
senior an employee is in a company, the greater organizational losses tend to
be. There’s some logic to this since these are professionals with access to
information. When you add the pressures of high-level positions with the
typical bumps and bruises of life—divorce, mounting bills, and the like—the
temptation to pilfer personal information can become too great for some people
to resist.” – Property Casualty 360
April 14, 2015
Is
legislation the key to effective international whistleblowing regimes?
“However, the current statistics show that something more
than just legislative change is required to create an effective international
whistleblowing regime, especially at a time when estimates of fraud and
malpractice clearly represent a significant threat to businesses across the
globe. The Association of Certified Fraud Examiners (ACFE), in their 2014
Global Fraud Study (reported in CCI), estimated that a typical organisation
loses 5% of its revenues each year to fraud. If these figures were applied to
the 2013 estimated Gross World Product, this would translate to a projected
global loss of nearly $3.7 trillion. The same study demonstrated that the most
effective method of identifying fraud in an organisation is through disclosures
by employees.”- Scottish Legal News
March 30, 2015
Train Your Employees to Be Fraud Fighters
"The most recent Global Fraud Study by the Association of Certified Fraud Examiners shows one fraud red flag was identified in 92 percent of the occupational fraud cases they studied, and two or more behavior red flags were identified in 64 percent of cases. If these red flags can be identified early in the fraud scheme, the damages can be reduced." — Las Vegas Business Press
March 16, 2015
Keeping Canada's Financial Sector Honest
"By the end of the program, students have the knowledge to write industry exams to obtain an Ontario private investigator’s license or become a certified fraud examiner through the Association of Certified Fraud Examiners (CFE)." — Toronto Star
March 2, 2015
Most Internal Fraud Still Swept Under the Rug
"So why do many organizations not report? The fear of bad publicity and that their share price will take a hit if investors and customers learn that the organization’s poor controls left it vulnerable to internal fraud, said Allan Bachman, education manager at the Association of Certified Fraud Examiners." — CFO Magazine
February 27, 2015
5 Tips to Avoid ID Theft and Refund Fraud During Tax Season
"Bruce Dorris, J.D., CFE, CPA, CVA, is vice president and program director for the Austin, Texas-based Association of Certified Fraud Examiners (ACFE). With nearly 75,000 members, the ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education." — CPA Practice Advisor
February 22, 2015
Internal Theft Saps Life From Companies: How to Keep it From Killing Yours
" The Association of Certified Fraud Examiners’ “Report to the Nations on Occupational Fraud and Abuse: 2014 Global Fraud Survey” indicates that the typical organization loses 5 percent of revenues each year to fraud. The smallest organizations tend to suffer disproportionately large losses — and those same organizations are the most notably under-protected by anti-fraud controls, making them significantly vulnerable." — Miami Herald
February 13, 2015
Who Really Blew It? Jackie Robinson West Coaches or Chris Janes?
"Research reported in the 2014 Report to the Nations published by the Association of Certified Fraud Examiners, states nearly 40% of all fraud cases were discovered by a tip which is more than twice the rate of any other detection method." — Forbes
January 20, 2015
6 Tips to Thwart Identity Theft and Fraud
"A paper shredder is a worthy investment, said Bruce Dorris, program director at the Association of Certified Fraud Examiners. "Everyone should have at least a small one in their house," he said. "People will leave paper checks on their desk, but somebody can take one off the bottom and it's not readily identifiable. Be vigilant about your surroundings." — CBC News
January 12, 2015
Occupational Fraud: The Threat From Within
"Occupational fraud can cause serious financial harm. That’s especially true for small companies, which are the most vulnerable, according to a 2014 study by the Association of Certified Fraud Examiners. The report reviewed about 1,400 fraud cases from more than 100 countries. At the time of the survey, 58 percent of defrauded organizations had not recovered any of their losses. Only 14 percent had fully recovered." — The Tennessean
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