Led by the Association of Certified Fraud Examiners (ACFE), this annual occasion serves to draw attention to the many different types of fraud. The event focuses on awareness, detection, and prevention of fraud.
All around the world, businesses and organization will participate in Fraud Awareness Week. The Benefits Trust regularly observes this event, as we are members of the Canadian Health Care Anti-fraud Association (CHCAA) and know the damage fraud can do to an organization, whether it’s healthcare and benefits fraud, embezzlement, or another type of fraud.
Did you know that organizations worldwide are losing about 5% of revenue annual due to fraud? This, according to a study by the ACFE, translates into about $3.7 trillion in 2013 alone!
“The latest statistics tell us that fraud isn’t going away, and companies that don’t have protective measures in place stand to lose the most,” says James Ratley, President and CEO of ACFE. “The first step in combating fraud is raising awareness worldwide that it is a serious problem that requires a proactive approach toward preventing it.”
It’s important to put procedures in place in your organization to prevent and detect fraud, such as through hiring procedures, training employees, and implementing oversight processes.
The best way to detect fraud is to ensure you and your employees are always alert! Remember – tips are the most common way that occupational fraud schemes are uncovered. Educate your employees and encourage them to let you know if they notice anything suspicious.
Here is a breakdown of the consistent patterns found in occupational fraud schemes:
Fraud Prevention Resources
The ACFE provides some great free resources and worksheets for educating yourself about preventing fraud and assessing your company’s current fraud prevention processes:
You can find these materials, and many more, on the fraud week website!
Occupational fraud, healthcare fraud, and every other kind of fraud is a serious, international issue. Join us in participating in International Fraud Awareness Week by educating yourself, your employees, and even your clients.
If you would like to follow International Fraud Awareness as it goes on this coming week, you can get real-time updates using the Twitter hashtag #fraudweek and following @TheACFE and @NHCAA (CHCAA’s Twitter feed).
More on fraud from The Benefits Trust:
- How to Eradicate Benefits Fraud and Add to Your Bottom Line
- The Little Black Book Of Scams
- Can Benefits Plan Design Reduce Fraud?
- Upcoming System Upgrade - June 23, 2021
- Mitigating Risk in Your Client’s Benefits Plan Design – Part 1 - September 24, 2020
- Case Study: Freeing Yourself From the Commodity Mindset - August 27, 2020