It is International Fraud Awareness Week, 17-24 November 2019 – and CRI Group is once again a proud Official Supporter of this global movement. Fraud Week was created to reduce the impact of fraud and corruption by promoting anti-fraud awareness and education. Organisations lose an estimated 5 percent of their revenue annually due to fraud, according to the Association of Certified Fraud Examiners (ACFE).
Fraud Week promotes awareness and encourages organisations to implement additional training, prevention programs and best practices to better prevent and detect fraud. CRI Group has been a supporter and active participant of Fraud Week since the very beginning. Zafar Anjum, CRI Group founder and CEO, said Fraud Week is a crucial awareness tool to put a spotlight on fraud and encourage organisations to take action not just this week, but year-round.
Fraud is still increasingly common. Even when it comes to hiring employees, companies must be vigilant. CRI provides comprehensive background checks (including both pre- and post-employment screening) for clients worldwide. From just July-October of this year, CRI Group’s background checks uncovered 3.6% of all the degrees checked during this time frame were fake. During the previous six months (January-June), fake degrees made 1.78% of all the degree checks conducted by CRI Group.
Some other stats to note (the following come from the ACFE):
- The average fraud lasts 18 months before it is discovered. The longer a fraud lasts, the greater the financial damage (schemes that last for several years can cause hundreds of thousands of dollars).
- The most common detection method for fraud is tips. And organisations that have reporting hotlines are much more likely to detect fraud through tips than organisations without hotlines.
For CRI Group, the goal is to help business leaders think about fraud and corruption this week and take steps to minimise it year-round. So, what is your organisation doing for Fraud Week?
Who is CRI Group?
Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 19600:2014 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.