Fraud costs organisations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). The ACFE’s 2020 Report to the Nations on Occupational Fraud and Abuse analysed 2,690 occupational fraud cases that caused a total loss of more than $7.1 billion.
ACFE CEO and President Bruce Dorris, J.D., CFE, CPA, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said Dorris. “Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together in order to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”