The Association of Certified Fraud Examiners (ACFE) recently released a report Occupational Fraud 2024: A Report to the Nations, where they estimated that most organizations lose about 5% of their revenue each year due to fraud.
We have joined in our support of International Fraud Awareness Week and applaud the ACFE and their efforts to help raise awareness and reduce fraud that hurts all of us, whether we work for these organizations or are consumers of the goods and services they provide.
Fraud can have devastating consequences for organizations and individuals. While systems and controls are important, one of the most powerful tools to help prevent fraud is an alert and informed workforce.
Effectively raising employee awareness about fraud should include implementing a comprehensive fraud awareness training program. Having a targeted education plan for Fraud Awareness Week is great, and we are excited to see that many of our customers keep this topic on their radar all year through quarterly and even monthly training plans. We have many content options to help with this, including our very popular scam of the week.
One of the things we include in our training that really resonates with learners is real-world examples. While some organizations might shy away from sharing fraud attempts from within their organization, they are often great opportunities to highlight how these frauds were detected and red flags to look out for. This helps employees understand that these scams are real and reinforces the importance of vigilance.
Fraud prevention relies on employees recognizing the signs of fraud and promptly reporting it. We have many training modules that address this, including courses like “Combating Fraud” and “How to Avoid Online Scams.” In addition, we have some great targeted training in “Business Email Compromise” and “Executive Series: CEO Fraud Attacks” and even some on new AI-related threats in “The Next Step: Scams Using AI”.
Remember, raising awareness about fraud is an ongoing process. By consistently implementing a comprehensive fraud awareness program, you can help create a strong security culture where every employee understands their role in protecting the organization and themselves against fraud. This approach will help prevent financial losses and foster a sense of shared responsibility and ethical behavior throughout the organization.
CEO fraud has ruined the careers of many executives and loyal employees, causing over $26 billion in losses. Don’t be the next victim. This manual provides a thorough overview of how executives are compromised, how to prevent such an attack and what to do if you become a victim.
.jpg)
