Fraud costs organizations worldwide an estimated
5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). Occupational Fraud 2022: A Report to the Nations analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion.
The seriousness of the global fraud problem is why Canandaigua National Bank & Trust (CNB) announced that it will be participating in International Fraud Awareness Week, Nov. 12-18, 2023, as an official supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.
“Fraud awareness truly is critical,” said Ryan Kaiser, Fraud Risk Officer at Canandaigua National Bank & Trust. “Staying ahead of the fraudsters means making folks aware of what we’re up against – the latest risks, trending schemes, and how best to stay protected. We’re pleased to partner with the ACFE to promote awareness of best practices that will help protect our community. At CNB, we have a deep understanding of the potential negative impacts that fraud can have on consumers and business customers alike. We employ a team of fraud professionals including multiple Certified Fraud Examiners whose sole focus is protecting our customers from the threats of fraud.”
CNB joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.
During Fraud Week, official supporters will engage in various activities, including hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters and teaming up with local media to highlight the problem of fraud.
ACFE president John Gill, J.D., CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said Gill. “Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.