March is Fraud Prevention Month in Canada, and we are proud to support the Competition Bureau of Canada in raising awareness. Education about fraud helps us all to recognize it when we see it, reject it, and report it.
At The Benefits Trust, we advocate for scam awareness and prevention so that business owners and consumers alike can protect themselves from fraud. Educating advisors about how they can help combat benefits fraud is just one of the ways we aim to raise awareness. Benefits fraud costs the industry between $1.2 and $6 billion every year, raising premiums for employers and employees alike.
Most Canadians have been or will be fraud targets – which is why it’s vital for all Canadians to be informed about fraud so they can stop it when they see it. Just think of all those untrustworthy emails and phone calls you receive regularly asking for your banking or personal information. Those are only the tip of the iceberg when it comes to fraud and scams.
2018 is the 14th anniversary of Canada’s annual fraud awareness month. This year, the Association of Certified Fraud Examiners (ACFE) has provided some great questions you can ask yourself to help prevent fraud within your company.
5 Questions to Help Prevent Fraud in 2018
- Is ongoing anti-fraud training provided to all employees of your organization?
- Is an effective fraud reporting mechanism in place?
- To increase employees’ perception of detection, are proactive measures taken and publicized to employees?
- Is the management climate one of honesty and integrity?
- Are strong anti-fraud controls in place and operating effectively?
Fraud Prevention Resources
Here are some additional resources that can help you identify and prevent fraud:
- Competition Bureau of Canada – Fraud Prevention Resources:Here you can find great information for Canadians about how to recognize and report fraud. They also offer a Fraud Quiz to test your awareness.
- The Little Black Book of Scams:This resource is provided by The Competition Bureau of Canada and provides essential information about the most common fraud schemes.
- The Association of Certified Fraud Examiners – Fraud Resources:As the world’s largest anti-fraud organization, ACFE offers a vast amount of anti-fraud information on their website.
To join in on the Twitter conversation during the month of March, use the hashtag #FPM2018.
More about Fraud from The Benefits Trust:
- Battling Benefits Fraud: How Advisors Can Help
- The Little Black Book Of Scams
- How to Eradicate Benefits Fraud and Add to Your Bottom Line
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