International Fraud Awareness Week, a week dedicated to fraud awareness, detection, and prevention, will be celebrated this year from November 3rd to November 9th. Implementing an ethics hotline has long been recognized as one of the most impactful ways to prevent and detect fraud.
James Ratley, President and CEO of The Association of Certified Fraud Examiners (ACFE), a major sponsor of Fraud Awareness Week for the past six years, says “Organizations of all sizes and types are susceptible to fraud, and it can have a measurable impact on their bottom line. While prevention and detection is a year-round endeavor, International Fraud Awareness Week shines a spotlight on fraud – and supporters of the campaign demonstrate their understanding that spreading awareness is key in combating the global fraud threat.”
Participating organizations use “Fraud Week” to engage in various activities designed to raise awareness about the need to fight fraud proactively and help safeguard business and investments from the growing fraud problem. The Fraud Awareness Week website suggests a number of externally-oriented activities:
- Send a press release or “Fraud Facts” message to local media;
- Speak to local university students enrolled in business, management and accounting courses about the importance of being trained in the detection and prevention of fraud;
- Send an email to clients outlining the risks and costs of fraud;
- Encourage colleagues to become involved; and
- Host an anti-fraud seminar.
Examples of some actual awareness-raising efforts include — the Nebraska state governor declaring the week to be “International Fraud Awareness Week in Nebraska”, multiple organizations collaborating on a two-day training conference on the topic of targeting fraud, and firms in the U.S. and abroad conducting fraud awareness sessions during Fraud Awareness Week.
The website also suggests basic internally-oriented steps that organizations can take:
- Establish and communicate a fraud policy;
- Take the fraud prevention checkup;
- Establish a fraud hotline;
- Utilize anti-fraud resources; and
- Become an official supporter for fraud awareness week.
To discuss how a fraud hotline and overall ethics program can help your organization reduce losses, please contact Ethical Advocate.
ACFE. 2013 International Fraud Awareness Week press release template. http://www.fraudweek.com/FraudWeek-PR-%202013-custom.doc
International Fraud Awareness Week website. http://www.fraudweek.com/