Understanding Fraud and Why It Matters

Fraud is a growing global concern, affecting businesses, governments, and individuals alike. International Fraud Awareness Week, happening November 17-23, is a global movement dedicated to raising awareness and education to prevent and fight fraud. Contego Investigative Services is proud to provide counter-fraud and investigative solutions to help organizations stay vigilant and proactive against fraud.

Fraud can take many forms, from asset misappropriation to financial statement fraud. It costs organizations billions each year, impacting everything from financial stability to employee morale. According to the Association of Certified Fraud Examiners (ACFE), the average organization loses 5% of its revenue to fraud annually. For many, this translates to fewer resources for growth, potential layoffs, and damaged reputations.

How Contego Supports Fraud Prevention

At Contego, we offer a full suite of Special Investigative Unit (SIU) solutions across the U.S. to support businesses in their fight against fraud. Our experienced team works closely with clients, delivering actionable insights to mitigate risk and helping to prevent occupational fraud through rigorous investigative practices.

 

In addition to investigative services, we believe in empowering organizations through education. With The Contego Institute, we help industry professionals with annual continuing education requirements. Our CEU courses include anti-fraud training, surveillance training, and investigations.  International Fraud Awareness Week is a perfect opportunity to remind all employees of the red flags and prevention tactics that can help detect and deter fraud. We encourage companies to implement controls like internal audits, fraud hotlines, and management reviews to help safeguard against common fraud schemes.

Practical Tips to Be a Fraud Fighter

To prevent fraud, everyone in the organization should stay vigilant. Here are a few key actions every employee can take:

  • Educate Yourself and Others: Fraud training has been shown to reduce fraud losses by up to 38%. Sharing resources from FraudWeek.com and discussing fraud openly within your team can discourage potential fraudsters.
  • Stay Alert for Red Flags: Warning signs like unusual financial difficulties, control issues, or a “wheeler-dealer” attitude can indicate fraudulent behavior. Trust your instincts and stay observant.
  • Report Suspicious Activity: Utilize your organization’s fraud reporting mechanisms, like hotlines, to report any concerns.

Contego acknowledges International Fraud Awareness Week by helping our clients protect their assets and reputation. This week, join us in taking action to promote a culture of integrity and accountability. Let’s work together to create a safer, fraud-free environment.

For more on Contego’s investigative services or to learn how we can help your organization combat fraud, contact us.