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). Occupational Fraud 2022: A Report to the Nations analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion.
The seriousness of the global fraud problem is why the Securities Division of the Tennessee Department of Commerce & Insurance (TDCI) announced that it will be participating in International Fraud Awareness Week, Nov. 13-19, 2022, 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 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.
“The Securities Division is dedicated to equipping Tennesseans with the knowledge and resources needed to not only spot fraudulent schemes but avoid them altogether,” said TDCI Assistant Commissioner Elizabeth Bowling. “Our teams are serious about helping Tennesseans protect their personal information and hard-earned financial assets.”
ACFE president and CEO 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.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.