As International Fraud Week comes to a close, it is only right that we celebrate the wonderful work done by the Association of Certified Fraud Examiners (ACFE), the world’s largest anti- fraud organization and leading provider of anti-fraud training and education. The ACFE has played a fundamental role in improving fraud detection and preventing fraud worldwide through its dedicated education efforts.
The ACFE first established Fraud Week in 2000 as a means to fight fraud. This annual devotion of time every third week in November to improve fraud awareness and provide anti-fraud education has not only united organizations globally against fraud—but it has also helped countless business leaders, employees, and citizens to proactively prevent fraud in the workplace and in their everyday lives. Join us in commending the ACFE for their tireless commitment to fraud detection and prevention!
Though it may be the end of this year’s International Fraud Week, it is not the end of the fight against fraud. As a proud supporter of Fraud Week, we encourage you to take a look at our compilation of fraud awareness materials highlighted this week to combat fraud.
Elder Financial Exploitation
Financial elder abuse is a fast-growing, underreported crime against older adults. It is the theft or embezzlement of money or any property from a senior. This is a serious form of abuse as it can leave elderly persons unable to take care of themselves and provide for their needs.
Here are key signs that a senior loved one is being financially exploited:
Unexplainable or significant withdrawals from financial accounts
The addition of names to a senior’s card
Sudden changes to their financial condition
Missing cash, checkbooks, debit cards, or credit cards
Unpaid bills despite having enough money
Variation in signatures on documents and checks
Unusual changes to wills, power of attorney, or other legal documents
Assets mysteriously transferred
Payments for goods or services they do not use
A secretive relationship with someone online
Appearance of a stranger who forms a new, close relationship and offers to manage finances or assets
A caregiver, relative, or another person seems to restrict their communications and isolate them from contact with others
Remember: fraudsters aren’t always strangers. Caregivers, friends, and even other family members can take advantage of an older adult’s trust. Find more resources for financial elder abuse at https://www.justice.gov/archives/stopfraud-archive/elder-fraud-and-financial-exploitation.
Real Estate Fraud
Where there are large sums of money being transferred, scammers will appear in droves. Unfortunately, fraud is only increasing in real estate transactions, especially with remote deals becoming more common. The top real estate scams include:
Foreclosure Relief Scams
Home Inspection Scams
Deed or Title Fraud
Commercial Real Estate Fraud (advance fee schemes, misappropriation of funds, falsified documents, etc.)
Read the full article at https://www.linkedin.com/pulse/fraud-awareness-real-estate-fact-
Recognizing and Reporting Fraud in the Workplace
No matter your role, industry, or level of seniority—you can help the fight against fraud by knowing the common types of workplace fraud, recognizing the signs, and reporting it. The most common types of workplace fraud include: payroll fraud, asset misappropriation, financial statement fraud, and corruption. Business owners and employees are the first line of defense against fraud. Every person protect their workplace by recognizing the signs. Here are some classic red flags seen in workplace fraud:
Complain constantly, take shortcuts, and try to beat the system
Irritable, secretive, suspicious
Hoard information and won’t relinquish a duty
Living beyond means
Working longs hours without taking leave or holiday
Experiencing financial difficulties, gambling debt, or substance abuse
Whistleblower Process and Resources
Whistleblowers are champions in the fight against fraud and they are imperative to safeguarding businesses from the growing fraud problem. Many employees will observe fraud, wrongdoing, or misconduct at their workplace. Individuals should never feel pressured to cover up illegal acts, stay quiet, and not report misconduct out of fear.
According to the ACFE’s Occupational Fraud 2022 Report to the Nations, tips are the most common way frauds are detected. Having an anonymous email or phone hotline has been found to foster even more tips. In fact, 47% of frauds at companies were detected through an anonymous fraud reporting mechanism like a hotline. If a hotline isn’t available to you, try:
Writing an anonymous letter to your organization’s internal audit team or anti-fraud team, if applicable.
Anonymously reporting it to the board of directors or the board’s audit committee, if applicable.
Or directly submitting a tip at the whistleblower program that is relevant to your information (False Claims Act, SEC Whistleblower Program, IRS Whistleblower Program)
Every employee, regardless of position, can help prevent fraud. While a majority of employees and employers are honest, if you observe something that isn’t right, it may be necessary to take action.
Read the full article at https://factfinderforensics.com/2022/11/17/fraud-awareness- whistleblower-process-resources/
Money Laundering Through Video Games
Technology has long offered multiple channels for fraudulent activity, but what may come as a surprise is the rapid expansion of money laundering through online video games. Since it is incredibly popular to acquire in-demand merchandise and sell them to other players for profit, in-game items suddenly have real-life monetary value and cybercriminals are taking full advantage of this virtual marketplace.
Read more about the full process of how criminals launder money through online video games at…
Spread Fraud Awareness
A little awareness can go a long way. Being aware of the signs of fraud and recognizing fraudulent schemes is critical to prevention. Share educational resources with family, friends, and co-workers to remain vigilant and help the fight against fraud.