Fraud Awareness Week Casts Spotlight on White Collar Crime - Fraud Hotline, LLC Joins Ranks of Supporters for Nov. 11-17 Awareness Movement.

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Fraud Hotline, LLC, a national provider of anonymous and confidential reporting services, announced that it will be participating in International Fraud Awareness Week (November 11-17, 2012) as an official supporter to promote anti-fraud awareness and education. Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).

November 11-17, 2012

Fraud Awareness Week

We believe our anonymous and confidential hotline not only conveys the appropriate “tone-at-the-top”, but also serves as a best practice by enhancing whistle-blower policies and discouraging unwanted behavior.

As an official supporter of the movement (also known as “Fraud Week”), Fraud Hotline, LLC 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, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.

“We believe our anonymous and confidential hotline not only conveys the appropriate “tone-at-the-top”, but also serves as a best practice by enhancing whistle-blower policies and discouraging unwanted behavior.” states Managing Member, Travis J. Wilson, CPA/PFS, CFP®.

During Fraud Week, Fraud Hotline, LLC encourages nonprofit organizations and small businesses to visit their website for basic resources on improving internal controls, information related to preventing and detecting fraud, and recent news articles on embezzlement. In addition, organizations who register for their services throughout Fraud Week will receive 20% off the annual fee.

ACFE President and CEO James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.

“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Ratley said. “Businesses and organizations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud threat.

In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:

  •     Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. The frauds in the study lasted a median of 18 months before being caught.
  •     Providing individuals a means to report suspicious activity is a critical part of an anti-fraud program. Fraud reporting mechanisms, such as hotlines, should be set up to receive tips and should allow anonymity and confidentiality.
  •     Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit http://www.FRAUDHL.com or http://www.FraudWeek.com

About Fraud Hotline, LLC

Fraud Hotline, LLC is a national provider of anonymous and confidential reporting services to non-profit organizations and small businesses. Employees, volunteers, board members, and others within a registered organization may submit reports of potential fraud, ethical issues, and other concerns using a secure online form or via a toll-free telephone number.

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Travis J. Wilson, CPA/PFS, CFP®
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