Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter Joins Ranks of Supporters for Nov. 11-17 Fraud Awareness Movement week.
Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter announced that it will be participating in International Fraud Awareness Week, Nov. 11-17, 2012 as an official supporter to promote anti-fraud awareness and education. Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).
As an official supporter of the movement (also known as “Fraud Week”), Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.
During Fraud Week, official supporters will engage in various activities, including: hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud.
On 14th November, 2012 will host fraud and corruption awareness for media and invited professional bodies which will base on promoting anti-fraud/corruption awareness, training and education. The main objectives of this fraud awareness week are to open eyes to the public and to the government officials through media in combating fraud and corruption in Tanzania
Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter
President, Mr. Philip Urio, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Mr.Philip Urio said. “Businesses and organizations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud and Corruption threat.
“This marks the fifth year since Fraud Week became an international movement, and once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters for making it a reality,” he stressed.
In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
The government of Tanzania has dedicated to counter fraud community, working within the context of National Anti- Corruption Strategy and Action Plan (NACSAP), promote awareness of fraud and its impact on the society.
Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.
About Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter
We, the Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter, an organization established and registered under the companies Act (CAP 212, R.E. 2002) and member of International of Association of Certified Fraud Examiners (ACFE) endeavor to contribute towards the national efforts in combating fraud, corruption and Financial Crimes.
About the Association of Certified Fraud Examiners
The ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 65,000 members in over 150 countries, the ACFE is reducing the incidence of fraud and providing the training and resources to fight fraud more effectively. For more information about the ACFE, visit www.ACFE.com.
So far, there are 17 Certified Fraud Examiners in Tanzania and about 60 Associate Members vying to be certified.
Association of Certified Fraud Examiners (ACFE) – Tanzania Chapter, No. 166
For more information, contact Mandy Moody, Media Manager, at (512) 478-9000 ext. 167 or