CHEYENNE, WY– 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 the Department of Workforce Services (DWS) announced that it will be participating in International Fraud Awareness Week, Nov. 13-19, 2022, 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.
DWS 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.
Workers’ Compensation claim fraud makes up around 25% of all insurance fraud, and occurs when an employee falsely claims a work-related injury or occupational disease, or exaggerates an existing condition to gain a benefit. Fraud can be perpetrated by dishonest employees, medical providers, vendors, attorneys or policyholders.
“It’s a serious problem that can have a negative impact on businesses and their employees,” says Chad Seidel, DWS Quality Assurance Manager. By adopting a zero-tolerance policy on fraud, Seidel says, Wyoming business owners can reduce the likelihood of fraud in the workplace.” If you suspect Workers Compensation fraud, you can report it here.
ACFE president and CEO Bruce Dorris, J.D., CFE, CPA, 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 Dorris. “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 in order 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.