Is your organization losing 5% of its annual revenue to fraud? According to the 2018 Report to the Nations on Occupational Fraud and Abuse from the Association of Certified Fraud Examiners, that’s how much organizations lose worldwide.
Fraud is a pervasive problem, but the right precautions can help reduce the risks. International Fraud Awareness Week is November 15 to 21. Take this opportunity to check how well your organization is fighting fraud.
Can You Identify a Fraudster?
We all know that money doesn’t grow on trees. If someone appears to be living beyond their means, that person could be a fraudster.
According to the Association of Certified Fraud Examiners, 85% of fraudsters display at least one behavioral red flag. In addition to living beyond one’s means, other common warning signs include financial difficulties and unusually close associations with vendors or customers.
Organizations can use these red flags to spot – and avoid – potential fraudsters. See the Behavior Red Flags of Fraud for more possibly warning signs.