November 15-21 marks International Fraud Awareness Week 2020. International Fraud Awareness Week has been an annual campaign led by the Association of Certified Fraud Examiners (ACFE) since the first Fraud Week in 2000. While International Fraud Awareness Week is entirely digital this year, the ACFE still provides valuable resources for businesses to identify and prevent fraud.
In their 2020 Report to the Nations, the ACFE determined the typical fraud case lasts 14 months and costs more than $8,000.00 per month before being detected. They also estimate approximately 5% of organizations’ annual revenue is lost to fraud. While the costs associated with fraud can be staggering, Fraud Week is dedicated to providing free resources to help minimize losses to fraud.
This form provides a guide to help businesses start to assess their handling of fraud in terms of detection, prevention, and identification.
Fraud Week’s quiz can help business-owners assess their personal knowledge level about matters relating to fraud. A low score on this test might indicate a need for professional consulting or suggest a need to learn more about the many facets of fraud.
The ACFE’s annual report offers key insights including effectiveness of fraud deterrence measures, profiling the modern fraudster, and the prevalence of fraud. With its infographics and easy readability, this report can be a great starting point for learning about fraud.
Fraud in business may be inevitable, but Fraud Week reminds us that the best time to start protecting yourself and your business is now.