International Fraud Awareness Week, 15-21 November 2020 – 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.
Fraud is still increasingly common. Even when it comes to hiring employees, companies must be vigilant. CRI Group’s investigative team found that providing incorrect employment details is the most common red flag, as it was uncovered in about 4.5 per cent of background screenings. This is followed by providing incorrect education degree details as well as having adverse media (unfavourable news or online mentions), both at 2.33 per cent. Most employers would probably say that when it comes to educational background, the only thing worse than providing incorrect degree information would be outright claiming a fake degree – which occurred in nearly 2 per cent of cases.
In another survey conducted by CRI Group, which analysed how COVID-19 has impacted human resources and its functions, it was revealed that companies understand the fraud risk factor during the pandemic: nearly 77 per cent of HR professionals accept that there is a risk that employees can initiate fraudulent activity because of the work-from-home arrangement. Also, the shocking number of survey participants highlighted that they have encountered employee fraud in their career. Luckily, most companies do conduct background screening of some type. In fact, 85 per cent do so, which is important because many companies have learned that trust can be misplaced. While an overwhelming 92 per cent said they trust their employees with confidential data, background screening can help verify that your employees aren’t hiding anything in their backgrounds that might put your company at risk.
> Read more about the survey, as it provides valuable information for companies, employees, and human resources professionals and teams who serve them. It also sheds light on the critical need for increased employee background screening and data protection during a tumultuous time.
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.
All of the above indicates that the fraud issue is real and organisations must take actions to prevent the fraud risks for their organisations and even careers. 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?
Get involved in the Internal Fraud Awareness Week
Join CRI Group and ACFE in the fight against fraud. ACFE provides a great set of the following tools to go a step further in your role and to start discussions amongst peers, co-workers, executives and stakeholders in your community about how important fraud prevention is to society as a whole:
- Post on social media using new badges and informative images with the tag #fraudweek
- Add the new Official Fraud Week Supporter badge to your email signature.
- Invite a CFE to talk to your employees and co-workers virtually on how to avoid common mistakes when preventing fraud.
- Download the free Fraud Week logo to share on materials or websites.
- Involve your local chamber of commerce or city council to spread tips on fraud prevention for small businesses.
- Encourage your governor to issue a proclamation (.doc) declaring that your state supports Fraud Week.
- Host a talk or seminar for your co-workers or community on regularly staying aware of fraud prevention best practices. You can post that event to share what you are doing on our events page.
- Perform a fraud check-up for your organisation and present your findings to executives, as well as a proactive plan for how to remedy weak spots in your current controls.
How does CRI Group fight fraud?
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.