Tuesday, November 14, 2017 | 4:01pm
NASHVILLE – Fraud costs organizations 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 2016 Report to the Nations on Occupational Fraud and Abuse analyzed 2,410 occupational fraud cases that caused a total loss of more than $6.3 billion.
The seriousness of the global fraud problem is why the Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division announced that it will be participating in International Fraud Awareness Week (Nov. 12-18, 2017), as an official supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.
The TDCI Securities Division joins hundreds of organizations who have partnered with the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.
During Fraud Week, official supporters will engage in various activities, including: hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters and teaming up with local media to highlight the problem of fraud.
“Our Department is dedicated to equipping Tennesseans with the knowledge and resources needed to help protect their personal information and hard-earned financial assets,” said TDCI Commissioner Julie Mix McPeak. “Our teams travel throughout the Volunteer State to raise awareness of common fraudulent schemes and how they can be avoided.”
ACFE President James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“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,” Ratley said. “That’s why it is reassuring to me to see so many businesses, agencies, universities and other organizations involved in the Fraud Week movement. The first step in combating fraud is raising awareness worldwide that it is a serious problem that requires a proactive approach toward preventing it.”
“Since our first Fraud Week more than 10 years ago, the movement continues to grow,” Ratley said. “I heartily thank all of the supporters of Fraud Week for making it what it is today.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.
The 2016 Report to the Nations is available for download online at the ACFE’s website: ACFE.com/RTTN. The Report is in PDF format.