Authbridge

AuthBridge Joins Ranks of Supporters for Nov. 7-13 Awareness Movement

Gurgaon – AuthBridge announced that it will be participating in International Fraud Awareness Week, Nov. 7-13, 2010 as an Official Supporter to promote anti-fraud awareness and education. Fraud Awareness Week comes during a time when organizations around the world lose an estimated five percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).

AuthBridge 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.

During Fraud Awareness Week, Official Supporters will engage in various activities in support of the anti-fraud movement. These initiatives include hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on their web site and in newsletters and teaming with local media to highlight the problem of fraud.

“AuthBridge has a clear focus to protect clients from employee fraud and other business risks,” said Mr Ajay Trehan, CEO of AuthBridge Research Services. “As a hands-on and active supporter of the ACFE and its awareness initiatives, we are using all possible means and media to constantly inform businesses of the grave dangers from internal fraud.  No business can afford the huge losses that come about by employee fraud and related risks,” added Mr Trehan.

ACFE President 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.

“Regardless of the size of an organization or its business model, fraud is a serious concern – and if undetected, it can have a measurable impact on the bottom line,” Ratley said. “Once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters for helping to shine a spotlight on the urgent need for fraud prevention and detection,” Ratley said.

In its 2010 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 $160,000. Nearly one-quarter of the frauds involved losses of at least $1 million.

· Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.

·Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.

·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.

·Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.