ATLANTA, Nov. 18, 2019 /PRNewswire-PRWeb/ -- Fraud costs organizations worldwide an estimated five percent of their annual revenue, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). The ACFE's 2018 Report to the Nations on Occupational Fraud and Abuse analyzed 2,690 occupational fraud cases that caused a total loss of more than $7.1 billion.
The seriousness of the global fraud problem is why FraudScope announced that it will be participating in International Fraud Awareness Week, Nov. 17-23, 2019, 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 businesses and investments from the growing fraud problem.
FraudScope 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 organizations, posting articles on company websites and in newsletters, and teaming up with local media to highlight the problem of fraud.
Co-founder and CEO of FraudScope, Musheer Ahmed, suggested that new thinking is key to solving the problem. "The FraudScope team comes to work every day thinking about how we can use innovative technologies to address the growing problem of healthcare fraud. We believe that artificial intelligence combined with actionable analytic tools can help our health plan customers better find and stop fraud," stated Ahmed. "In 2019, several new health plans implemented FraudScope within their FWA prevention toolset allowing them to identify more fraud, faster by using AI-based technology either in addition to or instead of their existing older technologies."
ACFE CEO and President 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 ACFE President and CEO Bruce Dorris, J.D., CFE, CPA. "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.
The 2018 Report to the Nations is available for download online at the ACFE's website: ACFE.com/RTTN. The Report is in PDF format.
About FraudScope
FraudScope is an AI-assisted platform that accelerates the identification of fraud, waste, and abuse. Our comprehensive claims investigation platform utilizes proven and patented AI-based technology to empower investigators and analysts to derive insights and conduct full investigations of suspect claims. For additional information about FraudScope and our solutions, visit https://www.fraudscope.com.
About the Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 85,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.
SOURCE FraudScope
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