The Association of Certified Fraud Examiners (ACFE) Ghana Chapter has joined the global efforts in creating awareness on fraud as the world celebrates this year’s Fraud Awareness Week from November 17 to 23.
A statement issued by ACFE Ghana Chapter, copied to the Ghana News Agency said the International Fraud Awareness Week is an annual event that brings fraud education and awareness to the forefront.
It said ACFE Ghana Chapter’s involvement this year was crucial in raising awareness of the detrimental effects of fraud on the economy, institutions, and individuals.
It encourages businesses, public institutions, and individuals to adopt fraud prevention strategies.
It is to equip the public with tools to identify and report fraud and to showcase best practices and professional standards in fraud prevention.
It is also to recognise the contribution of fraud examiners in the fight against fraud.
The statement said during the Fraud Week, the ACFE Ghana Chapter would take part in activities such as hosting fraud awareness webinars, conducting community outreach, disseminating educational content through various media channels, and organizing public events to promote fraud prevention.
The ACFE defines fraud as any activity that relies on deception to achieve a gain.
The statement said this could include misrepresentation of the truth or concealment of a material fact to induce another party to act to their detriment Fraud continues to pose a significant threat to organizations, costing them an estimated five per cent of their annual revenues, according to the latest study conducted by the ACFE.
It said the ACFE’s 2024 Report to the Nations on Occupational Fraud and Abuse examined 1,921 occupational fraud cases, causing global losses exceeding $3.1 billion.
It noted that common types of fraud include Cybercrime and Social Engineering, Asset Misappropriation, Corruption, Financial Statement Fraud, Insurance and Healthcare Fraud and Money Laundering,
Touching on fraud in a digital world, the statement said fraud had evolved from simple deceptions in ancient times to sophisticated schemes in today’s digital and globalized world.
It said fraudsters now exploit weaknesses in digital systems, manipulate vast amounts of data, and operate across borders with alarming ease.
It said technology had enabled fraud to grow in scale, affecting all sectors, from government to healthcare to financial services.
The statement said fraud threatens the digital economy and undermines trust in businesses and institutions; saying “that’s why anti-fraud professionals, including the ACFE Ghana Chapter, are dedicated to educating the public and businesses about the importance of fraud detection, prevention, and mitigation.”
On ACFE’s global role in combating fraud, the statement said the ACFE leads the global fight against fraud with more than 90,000 members in 180 countries.
It said the organization offers world-class anti-fraud education, including the Certified Fraud Examiner (CFE) credential, which recognizes expertise in fraud prevention, detection, and investigation.
It said the ACFE also provides key resources such as the report to the nations, a comprehensive analysis of fraud cases from across the globe.
The rest are fraud Magazine, highlighting cutting-edge trends in fraud detection and prevention and the ACFE Global Fraud Conference, the largest gathering of anti-fraud professionals in the world.
Others are the ACFE Corporate Alliance Program, helping organizations strengthen their internal anti-fraud frameworks.
The ACFE Ghana Chapter is a driving force in the fight against fraud in Ghana.
ACFE Ghana focuses on promoting awareness, education, and professional excellence in fraud detection and prevention.
The Chapter, with over 300 members including accountants, lawyers, auditors, cyber security specialists, doctors, security agents, upholds high ethical standards and provides a platform for the professional development of Fraud Examiners in Ghana.
GNA
