And did you also know that employees pose the biggest fraud threat in the current economy? This week, more than 200 organizations worldwide are partnering with the Association of Certified Fraud Examiners to shine a light on how white collar crime spreads during time of economic crisis.
Official supporters of Fraud Awareness Week such as Blue Cross Blue Shield, Coca-Cola, Best Buy and JC Penney will engage in a variety of activities in support of the anti-fraud movement. Theyll be hosting fraud awareness trainings for employees and the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on their respective Web sites and teaming with local media to spread the word.
Fraud continues to be a serious problem, and the state of our economy requires all organizations to be even more vigilant, said James D. Ratley, CFE and ACFE president.
According to the ACFEs report, Occupational Fraud: A Study of the Impact of an Economic Recession it was revealed that:
When asked which, if any, of several categories of fraud increased during the previous 12 months among employees, the largest number of survey respondents (48 percent) indicated that embezzlement was on the rise.
Layoffs are affecting organizations internal control systems. Nearly 60 percent of Certified Fraud Examiners who work as in-house fraud examiners reported that their companies had experienced layoffs during the past year. Among those who had experienced layoffs, almost 35 percent said their company had eliminated some anti-fraud controls.
Fraud levels are expected to continue rising. Almost 90 percent of respondents said they expect fraud to continue to increase during the next 12 months.
For more information visit www.FraudWeek.com. You can also download the ACFE study at www.ACFE.com/Occupational-Fraud.