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Fraud Awareness Week Casts Spotlight on White Collar Crime

Georgia Southern University’s Center for Forensic Studies in Accounting and Business Joins Ranks of Supporters for Nov. 3 – 9 Awareness Movement

Statesboro, GA– The Center for Forensic Studies in Accounting and Business at Georgia Southern University announced that it will be participating in International Fraud Awareness Week, Nov. 3 – 9, 2013 as an official supporter to promote anti-fraud awareness and education. Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).

As an official supporter of the movement (also known as “Fraud Week”), The Center for Forensic Studies in Accounting and Business (the Center) 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, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.

During Fraud Week, the Center will engage in various activities, including: distribution of fraud awareness pamphlets, posting articles on the Center’s website, www.fraudforensicacct.com, and teaming with local media to highlight the problem of fraud.

“We hope to bring awareness of the threat of fraud to consumers during the week.  Fraud and white collar crime comes in all shapes and sizes.  It is very broad, not only in its scope and victims, but also in its methods,” stated Charles Williamson, Director of the Center.  “This year we are focusing on making consumers aware of the potential for identity theft and investment fraud.”

In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:

  • Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
  • Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
  • Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
  • Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
  • Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.

About the Center for Forensic Studies in Accounting and Business

The Center for Forensic Studies in Accounting and Business operates within the School of Accountancy at Georgia Southern University.  The Center is a nationally recognized leader in forensic accounting and fraud investigation research, education, and consulting/litigation support services.

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