Fraud – Croixstone

International Fraud Awareness Week

International Fraud Awareness Week is November 14-20, 2021, and Croixstone Consulting is once again joining the Association of Certified Fraud Examiners (ACFE), businesses, government entities, and agencies from across the world as a supporting organization to promote anti-fraud awareness and eduction.

Companies lose an estimated 5% of their revenue annually due to fraud, according to the 2020 ACFE Report to the Nations. Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft and many others.

Read the 2020 ACFE Report to the Nations to learn more.

COVID’s Other Headache – FRAUD!

Occupational fraud not only destroys the reputations of professionals and organizations, it can also destroy the financial footing of an organization.

Croixstone Consulting has once again joined forces with The Association of Certified Fraud Examiners to create awareness for fraud as an Official Supporter of International Fraud Awareness Week.

Joining organizations across the globe including Deloitte, Deutsch Bank, EY, FTI Consulting, Grant Thornton, Jeld-Wen, JP Morgan Chase, KPMG, Nestle SA, and PwC, Croixstone is working this week to share best practices on fraud prevention and encourage our clients and partners to proactively remedy weak spots in their current controls.

2020 is an especially important year to create awareness of fraud. Occupational fraud proliferates during recessions and times of economic instability as companies and employees feel increased pressure to meet the challenges of a down economy.

Learn more about International Fraud Awareness Week here.

Red Flags of Fraud

Croixstone Consulting joined forces recently with the Association of Certified Fraud Examiners (ACFE) as an official supporter of International Fraud Awareness Week. We were part of a global effort to minimize the impact of fraud by promoting anti-fraud awareness and education.

Do you know the most common behavioral red flags of fraud? Learn more by viewing this infographic with data from the 2018 ACFE Report to the Nations.

Croixstone Consulting is Official Supporter of International Fraud Awareness Week

Did you know that the typical organization loses 5% of its annual revenues to fraud?

Croixstone Consulting has joined leading companies (including Accenture, Bank of America, Barclays Bank, Deloitte, EY, General Mills, Grant Thornton, IBM, Oracle, PricewaterhouseCoopers, TD and TIAA) in a global effort to minimize the impact of fraud by promoting anti-fraud awareness and education during International Fraud Awareness Week (November 13-19, 2016).

Sponsored annually by the Association of Certified Fraud Examiners (ACFE), International Fraud Awareness Week addresses the staggering cost of fraud. According to the ACFE:

The organization analyzed 2,410 occupational fraud cases that caused a total loss of more than $6.3 billion
The median loss from a single case of occupational fraud was $150,000
More than 23% of occupational fraud cases resulted in a loss of at least $1 million
Median losses varied by region (USA = $120,000)
Of the three major categories of occupational fraud, financial statement fraud caused by far the greatest media loss per scheme
When owners or executives committed fraud, the median damage was more than 10X worse than when employees were the perpetrators
The more people conspiring in an occupational fraud, the higher the losses tend to be

Learn more about the ACFE and International Fraud Awareness Week here.