International Fraud Awareness Week is coming up soon. It takes place this year on Nov. 3-9. Each year in early November, the Association of Certified Fraud Examiners (ACFE) holds this event to promote the awareness, detection, and prevention of fraud.
Businesses and organizations from around the world participate in fraud awareness week, including The Benefits Trust. The Fraud Week website offers an abundance of free resources to be shared with clients and the public to help increase awareness. Fraud can affect anyone, and these great materials cover many of the different types of fraud you or your business may encounter.
According to a study of the impact of economic recession on occupational fraud, fraud increases during times of economic unrest. Notably, embezzlement by employees is expected to rise. Unfortunately, small businesses are more vulnerable to occupational fraud than larger organizations, as they do not have the resources to implement the same levels of anti-fraud control.
One thing that all businesses, large and small, can do is inform their employees about fraud. Informed employees are more likely to notice when something is amiss and report it.
We believe anti-fraud education and awareness is essential, particularly when it concerns healthcare fraud. Healthcare fraud hurts everyone, including the fraudster’s colleagues and employers; as fraud increases, benefits plans are affected. The costs of benefits plans rise, and they become more controlled and restricted. Furthermore, some benefits claims are more highly scrutinized, which may delay the reimbursement of valid claims.
Occupational fraud, healthcare fraud, and every other kind of fraud is a serious, international issue. Join us in observing 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.
>> A well-designed benefits plan can help reduce the risk of healthcare fraud. Contact us to discuss how we can customize a plan for your organization to limit the potential for fraud.
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