Focused on supplier risk issues for business leaders

International Fraud Awareness Week, November 8-14

November 13, 2009 | Comment (1)

fake money
In 2008, companies collectively lost more than $994 billion due to fraud and more than one- quarter of U.S. businesses experienced losses of at least $1 million each, according to a recent survey by the Association of Certified Fraud Examiners (ACFE).

What’s more, ACFE found that typical fraud incidents lasted two years, and that most often, it’s a lack of internal controls that allows the fraud to occur.

Statistics like these are staggering, and they’re the impetus behind International Fraud Awareness Week, an initiative designed to cast a spotlight on this massive –and urgent –problem. (more…)