Fraud Awareness Week Casts Spotlight on White Collar Crime
Overture, Inc. Joins Ranks of Supporters for
Nov. 6-12 Awareness Movement
Overture, Inc. will be participating in International Fraud Awareness Week, Nov. 6-12, 2011 as an Official Supporter to promote anti-fraud awareness and education. Fraud Awareness Week comes during a time when organizations around the world lose an estimated five percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).
Overture, Inc. 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, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.
In its 2010 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
- Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $160,000. Nearly one-quarter of the frauds involved losses of at least $1 million.
- Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
- Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
- Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
- Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.
The 2010 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.
Find more information about preventing and detecting fraud at the following web sites:
- The Association of Certified Fraud Examiners (www.ACFE.com)
- The Federal Bureau of Investigation (www.FBI.gov)
- The National White Collar Crime Center (www.nwc3.org)
- U.S. Government Accountability Office (www.GAO.gov)
- Internal Revenue Service (www.IRS.gov)
