Nashville, Tennessee – Fraud costs organizations around the world an estimated 5% of annual revenue, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). Occupational Fraud 2022: Reporting to Countries analyzed 2,110 occupational fraud cases that resulted in losses totaling more than $3.6 billion.
The seriousness of the global fraud problem Securities Department of Tennessee Department of Commerce and Insurance (TDCI) announced that it will participate in the International Fraud Awareness Week from November 13-19, 2022 as an official supporter to promote anti-fraud awareness and education. Commonly known as Fraud Week, the movement advocates for the need to actively fight fraud and helps protect businesses and investments from the growing problem of fraud.
The Securities Division joins hundreds of organizations affiliated with ACFE, the world’s largest anti-fraud organization and a leading provider of anti-fraud training and education, to participate in the annual Fraud Week campaign.
Official supporters participate in various activities during Fraud Week. Conduct employee surveys to assess the perceived level of misconduct within the organization. Post articles on company websites and newsletters. We work with local media to highlight fraud issues.
TDCI Assistant Commissioner Elizabeth Bowling said: “Our team is serious about helping Tennessees protect their personal information and hard-earned financial assets.”
ACFE President and CEO Bruce Doris (JD, CFE, CPA) said that with the support of organizations around the world, Fraud Week will be an effective tool to raise anti-fraud awareness.
“Fraud is a problem that unfortunately affects people of all walks of life around the world, and it takes many forms,” says Doris. “Most people know their victims of fraud, whether it’s a trusted employee stealing from a small business or an organized ring of scammers targeting seniors in our community. It is very important that organizations join together in this fight to raise awareness this week, this is a serious problem and we need a proactive approach to prevent it and encourage people to Education is the first step.”
For more information on raising awareness and reducing the risk of fraud during International Fraud Awareness Week, please visit: FraudWeek.com.
About the Tennessee Department of Commerce and Insurance: We promote fair markets, public safety, and consumer education that foster individual and business success while serving as an innovative leader. Our divisions include the State Fire Department, Insurance, Securities and Regulatory Commission, Tennessee Academy of Law Enforcement Training, Tennessee Emergency Communications Commission, and TennCare Oversight. For more information, please visit tn.gov.commerce.
About the Institute of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world’s largest anti-fraud organization and a leading provider of anti-fraud training and education. With more than 90,000 members, the ACFE reduces business fraud worldwide and increases public trust in integrity and objectivity within the profession. For more information, see: ACFE.com.