Tomell deSilva Ceasar’s Post

🚨 𝐍𝐞𝐰 𝐀𝐂𝐅𝐄 𝐑𝐞𝐩𝐨𝐫𝐭 𝐀𝐥𝐞𝐫𝐭! 🚨 The 2024 Report to the Nations is out now, unveiling critical insights into occupational fraud’s global impact. Analyzing over 1,921 cases from 138 countries, the report reveals that organizations lose an estimated 5% of revenue to fraud annually, with a median loss of $145,000 per case. Association of Certified Fraud Examiners (ACFE) 🔍 Dive into the report for: The most common and costly types of fraud schemes. Effective detection methods and reporting mechanisms. Insights on victim organizations and perpetrator profiles. The role of anti-fraud controls in minimizing fraud risk. Let’s use these insights to bolster our defenses against fraud. Dive into the full report for more detailed findings! ACFE Egypt Chapter #ACFEReport2024 #FraudPrevention #AntiFraud #OccupationalFraud #fraudrisk

We at Crowe UAE are proud to stand alongside global efforts to combat fraud & to support the International Fraud Awareness Week 2024. As specialists in #fraud #riskmanagement, we have seen firsthand how devastating fraud can be, not just in #financial loss but also in terms of #reputational damage. Shockingly, businesses lose 5% of their revenue to fraud annually, according to the Association of Certified Fraud Examiners (ACFE). This is why #prevention is key. At Crowe UAE, we partner with our clients to create proactive fraud prevention strategies, helping them identify vulnerabilities before they become threats. Our services are designed not just to detect fraud but to prevent it from occurring in the first place. With a combination of advanced analytics, compliance frameworks, and tailored advisory services, we help you stay one step ahead. Each day in this role brings a new challenge and a new opportunity to learn. Seeing our clients thrive, protected from the damaging effects of fraud, is truly rewarding. Want to know how your business can strengthen its fraud defenses? Let’s talk. We are here to help you safeguard what matters most. #FAW2024 #FraudPrevention #RiskManagement #FraudAwareness #FraudRiskAssessment #BackgroundChecks #DueDiligence Saad Maniar Nihad Ekhlas Jaideep Kapani Prasad Poojary MBA, LLB Reefat Maniar Nawaz Saiyed Narasimha Das Dr. Hassan Damerji, MBA, CPA

November 17-23 marks the commencement of the Association of Certified Fraud Examiners' (ACFE) International Fraud Awareness Week. In Canada we continue to be confronted by extraordinary challenges in the domains of the global economy, politics and society, each offering incentives and enticing opportunities for fraudulent activities. No industry is impervious to these threats. To help mitigate the risk of occupational fraud, KPMG encourages vigilance, open communication with employees about fraud risk, the establishment of whistleblowing 'hotlines', the conduct of comprehensive fraud risk assessments and embracing innovation. https://lnkd.in/eK2rWQxk

Protect your organisation from Fraud... Before it is too late! According to the ACFE Report to the Nations, organisations will lose an estimated 5% of annual revenue to fraud each year. That's a BIG number. ➡ Fraud can silently damage your business - long before it’s detected. ➡ Fraud isn't just a financial risk, it's a threat to your reputation and operations. At TenIntelligence, we provide expert fraud prevention and investigation services to help organisations in the UK and UAE stay secure. Here’s how we can support you: ✅ Identify hidden vulnerabilities in your operations. ✅ Prevent costly financial and reputational losses. ✅ Deliver actionable measures to safeguard your organisation. ✅ Turn your organisation into a zero-tolerance champion against fraud. 💬 What’s your biggest fraud concern for 2024 and 2025? Share your thoughts below or connect to learn more! #FraudPrevention #FraudWeek #RiskManagement #BusinessSecurity #CorporateGovernance #ACFE #UKBusiness #UAEBusiness

Fraud cases led to a total loss of 3.6 billion USD ‼ The 2022 Global Study by the  Association of Certified Fraud Examiners (ACFE) uncovered this staggering truth. ✅ Aldar International For Governance Consultancy offers expertise to combat this global challenge, providing effective measures to protect your organization not only from the pervasive impact of fraud but also from other potential business risks. 📌 Report reference : https://lnkd.in/ecYyzhiz #fraudprevention #fraudinvestigations #fraudawareness #acfe #consulting #enterpriseriskmanagement #riskassessment #riskprevention

Following on from my post yesterday on Thursday 21 November 2024, the Association of Certified Fraud Examiners ("ACFE") has prepared a one (1) page information sheet on the most common behavioural red flags of fraud, with living beyond one's means being the most common red flag and financial difficulties being the second most common red flag. These behavioural red flags are key indicators for employees to be aware of in detecting fraud or corruption and reporting these red flags via your organisation's whistleblower / Public Interest Disclosure hotline. Please contact our RSM Australia Fraud & Forensic Services team of Roger Darvall-Stevens, MBA, MA, CFE, Andrew Connelly, CA, Michael Cassidy CAMS, CFE, GAICD, Milind Sheth, CA, CFE, and myself for more information. RSM Australia #FraudWeek #FraudPrevention #FraudControl

Dear Auditor, Last week was the International Fraud Awareness Week and I facilitated a session on how to build an effective anti-fraud program courtesy of the Southwest Nigeria Chapter of the Association of Certified Fraud Examiners (ACFE) We started by defining an anti-fraud program as, policies, procedures, and practices designed to prevent, detect, and respond to fraud within an organization. We did a quick reminder of the fraud triangle and explored how organizations can break the fraud triangle by removing the opportunity to execute fraud by implementing strong internal controls. Building an effective anti-fraud program involves the following amongst others: • Documenting, reviewing and approval of the anti-fraud policy, • Communicating the anti-fraud policy to all stakeholders • Conducting periodic fraud risk assessments and implementation of strong internal controls • Establishing an anonymous Whistleblowing Reporting Mechanism • Prompt response to fraud allegations and implementation of recommendation stated in investigation reports. • Continuous fraud awareness training • Periodic monitoring and reviews of all anti-fraud programs We concluded the session by taking up the challenge of implementing an anti-fraud program in our respective organizations and the fact that fraud awareness should not be limited to the International Fraud Awareness Week. #DearAuditor, you should implement an anti-fraud program for your organization and if you require support, the Risk Consulting Function of Forvis Mazars in Nigeria is ready to hand-hold you! #Fraud #FraudRisk #FraudAwareness #FraudAwarenessWeek #FraudPrevention #FraudDetection #CertifiedFraudExaminers #FraudChampions #AntifraudProgram Oluwafemi FAYEHUN, B.SC, ACA, ACTI, CWAIA, MIAF, ANIM | Mercy Adamson, ACA, CFE | Funmilayo Olayinka | Afolabi Folarin | Mary Ojo | Efuro Akinyemi | Basirat Elias

Whilst the average is 3.83x, for the #financialservices sector, every fraudulent transaction costs an astounding 4.56x the lost transaction value in the KSA. Download our infographic which highlights main types of #fraud in Saudi Arabia along with the challenges & the largest contributors towards fraud losses.

Rising commercial crimes in SA highlight the need for effective risk mitigation strategies https://lnkd.in/dhZMZnAy Mukondeleli Masiza, Complex Claims Handler: Financial Lines, Liability and Cyber at Allianz Commercial South Africa The rising number of commercial crimes in South Africa demands immediate attention from businesses across the country. By implementing thorough employee vetting processes and robust internal controls, companies can significantly reduce their risk of falling victim to such crimes, writes Mukondeleli Masiza, Complex Claims Handler: Financial Lines, Liability and Cyber at Allianz Commercial South Africa. Whether one attributes it to the current state of the economy, the poor enforcement of relevant protocols and procedures, or the generally poor socio-economic circumstances...

🚨 New Insight Alert: Occupational Fraud 2024: A Report to the Nations 🚨 The recently released ACFE 2024 Report to the Nations provides valuable insights into fraud cases globally. One key finding that stood out for me: 🔍 The median losses for frauds committed by owners or executives are over 7x greater than those carried out by employees. This highlights the importance of strong internal controls and vigilant oversight at all levels of an organization. I encourage all professionals in the field of fraud prevention, compliance, and corporate governance to dive into this report for more insights into the evolving nature of fraud and how we can better safeguard our organizations. What stood out the most for you when checking the report? Check out the full report for detailed findings and recommendations: https://lnkd.in/eujBKt2U #FraudPrevention #CorporateGovernance #ACFE #FraudDetection #2024ReportToTheNations #CFE #Owners #MedianLoss Association of Certified Fraud Examiners (ACFE) ACFE Lebanon Chapter