Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft, and many others. According to ACFE (Association of Certified Fraud Examiners), organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, costing the world $3.7 trillion each year.
International Fraud Awareness Week is a global movement to minimize the impact of fraud through awareness and education.
A single instance of fraud can be devastating, but with some basic steps, organizations can lessen their vulnerability.
The most cost-effective way to limit fraud losses is to prevent fraud from happening in the first place. The ACFE created this checklist to help organizations test the effectiveness of your fraud prevention measures:
For more information about Fraud Awareness Week, as well as helpful resources, visit fraudweek.com.
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An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.