Traphagen CPAs & Wealth Advisors’ Post

Stop what you’re doing! 🛑 And ask yourself, “Is my organization as good as it could be at detecting fraud schemes?” 🤔 If you’re unsure of your answer, Nicolas Leone, CPA, CFE’s article may help. He’s dissected the Association of Certified Fraud Examiners (ACFE)’s 2024 Report to the Nations so you don’t have to. Learn the common reasons why fraud goes undetected, and how your organization can reduce the length and cost of fraud schemes. Don’t miss out: https://lnkd.in/e5YW2QRy #FraudWeek #FraudDetection

Fraud costs organizations an estimated 5% of their annual revenue, according to the Association of Certified Fraud Examiners (ACFE). #InternationalFraudAwarenessWeek encourages businesses to take action against fraud and protect their investments. While many expect audits to catch fraud, annual financial statement audits detect only 4% of cases, as their primary goal is to ensure financial statements are materially accurate, not to uncover all fraud. Take steps to strengthen your fraud prevention efforts and safeguard your business, not just during Fraud Awareness Week, but year-round.⁠ ⁠ Tap the link below for more!⁠ https://lnkd.in/eSbPzCqR ⁠ #CRIadv #fraudprevention

Could you paint a profile of a person who is more likely than someone else to commit fraud within an organization? According to annual studies by the Association of Certified Fraud Examiners (ACFE) dating back to 2008, there are six behavioral red flags considered warning signs of someone who may commit fraud: 🚩Living beyond one's means 🚩Financial difficulties 🚩Unusually close association with a vendor or customer 🚩Excessive control issues or unwillingness to share duties 🚩Irritability, suspiciousness or defensiveness 🚩A general “wheeler-dealer” attitude involving shrewd or unscrupulous behavior Understanding and recognizing behavioral red flags can help organizations detect fraud and mitigate losses. Read more in this article by the ACFE: https://bit.ly/3U0H71J

Corporate fraud can cost organisations 𝘂𝗽 𝘁𝗼 𝟱% 𝗼𝗳 𝘁𝗵𝗲𝗶𝗿 𝗮𝗻𝗻𝘂𝗮𝗹 𝗿𝗲𝘃𝗲𝗻𝘂𝗲, threatening both profits and reputation. The good news is, there are proven solutions to prevent it. In our latest article, Certified Fraud Examiner and TenIntelligence expert Catherine Da Costa shares the importance of fraud prevention and outlines seven essential strategies to help you protect your business.   ➡️Read the article here: https://lnkd.in/e-WCbGkJ #tenintelligence #corporatefraud #fraudinvestigations #fraudsolutions

Fraud can potentially impact any organization, regardless of size or industry. Fraudsters often display behaviors that serve as warning signs of their actions. During #InternationalFraudAwarenessWeek, organizations can focus on recognizing these red flags to strengthen their internal controls and enhance fraud prevention measures. #FraudWeek #InternationalFraudWeek #InternalControls Association of Certified Fraud Examiners (ACFE) https://hubs.la/Q02YCyZv0

🚨 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗙𝗿𝗮𝘂𝗱 𝗕𝗲𝗳𝗼𝗿𝗲 𝗜𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝘀 🚨 The most cost-effective way to limit fraud losses is to 𝗽𝗿𝗲𝘃𝗲𝗻𝘁 𝗳𝗿𝗮𝘂𝗱 𝗳𝗿𝗼𝗺 𝗼𝗰𝗰𝘂𝗿𝗿𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗽𝗹𝗮𝗰𝗲. That’s why ACFE created a handy 𝗙𝗿𝗮𝘂𝗱 𝗣𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝗼𝗻 𝗖𝗵𝗲𝗰𝗸𝗹𝗶𝘀𝘁! 📝 This checklist is designed to help you assess the effectiveness of your fraud prevention measures. 👉 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝘁𝗵𝗲 𝗽𝗿𝗶𝗻𝘁𝗮𝗯𝗹𝗲 𝗵𝗮𝗻𝗱𝗼𝘂𝘁 and share it with your colleagues, clients, and anyone who could benefit from stronger fraud defences. https://lnkd.in/e6e_vBTJ Together, we can make a difference in safeguarding our businesses. 💪 Find out more about the International Fraud Awareness week here: https://www.fraudweek.com/ #FraudWeek #FraudPrevention #Abler #BusinessSafety #DownloadNow

International Fraud Awareness Week is a global campaign to educate individuals and organizations about fraud prevention. Held annually, it promotes awareness of common fraud risks and empowers businesses to implement proactive measures. Join the movement to build a fraud-resilient future by fostering transparency, accountability, and informed decision-making. Did you know? Fraud costs businesses trillions annually. Stay informed, stay secure. Let’s fight fraud together. #fraudfreefuture #FraudAwarenessWeek #SpotStopFraud

As we observe Fraud Awareness Week, the impact of corporate fraud is undeniable. Fraud can lead to impacted businesses losing significant funds, the undermining of a business’s ability to provide their services, reputational damage, as well as cause lasting mental trauma to those impacted. This highlights the urgent need for businesses to strengthen fraud prevention strategies. This week serves as a reminder to review your fraud prevention efforts. Here are a number of reasons why a fraud management framework is essential. Get in touch with Richard Hopkin or Emma Johnson from our Financial Services Team to access our tailored Fraud Management Framework. https://lnkd.in/giTKkFae #FraudAwarenessWeek #FraudPrevention #CorporateFraud #BusinessSecurity

All compliance officers, fraud fighters and others dealing with fraud prevention should know Behavioral Red Flags of Fraud. And additionally, they should spread this knowledge throughout their organization. The ACFE’s research shows that 84% of fraudsters exhibit at least one behavioral red flag, highlighting the importance of recognizing these warning signs. Here are 3 key behavioral red flags to watch for: - Living Beyond Means - Financial Difficulties - Unusually Close Association with Vendors/Customers   🔑 Recognizing these signs and other is crucial for protecting your organization from financial and reputational losses. Implementing robust fraud prevention programs that consider these behavioral indicators can significantly enhance your defenses. #fraudweek #FraudPrevention #EthicalLeadership #KMForesnic

The most cost-effective way to limit fraud losses is to prevent fraud from occurring in the first place. This checklist is designed to help you test the effectiveness of your fraud prevention measures. Download the “Fraud Prevention Checklist” printable handout and share it with colleagues, clients, and others. https://lnkd.in/e6e_vBTJ #AridanSupports #Fraudweek