Fraud Week 2015: The More You Are Aware, the Less You Stand to Lose

By Miss Shaheen Rafique

CRI Group Media Research Assistant

What is the risk or likelihood of a fraud occurring in your organization? It is a more difficult question to answer than one might think. However, many studies have been performed that aim to answer that very question. These studies indicate that the risk of experiencing a fraud is high, but the research also points out another disturbing fact: not only is fraud likely, but the overall instances of fraud are increasing.

This week is International Fraud Awareness Week. This is an important campaign, because fraud happens in all types of organizations, including private businesses and government agencies, and in all industries. In addition, financial losses to fraud are significant.

What is Fraud?

There are many definitions for fraud, and a number of possible criminal charges that apply to it.

Fraud Occurs Every Day

“Identity theft is like ‎love. Many people think it will never happen to them.”  - Johnny Corn

But fraud can happen to you anytime, anywhere. For instance, my cousin bought a car through a colleague in his office. They were friends, so my cousin trusted him enough that they didn’t go into in-depth details about the vehicle right away, before making the transaction. Unfortunately, the real owner came to them with documents on the car, revealing that it had been stolen few month back – causing them a substantial financial loss.

There are many such cases occurring every day in both professional and personal circles. When it comes to fraud, one must always remember that “prevention is better than any cure.”

Seemingly insignificant wastage, poor administration, fraud, theft and corruption all eat away at our slice of the cake. If the cake is shared as intended, all of us will benefit. If not, only a handful of perpetrators take the benefit for themselves. Therefore, if every citizen buys into this approach, and “becomes a player,” it will be impossible for those few individuals to spoil our party.

In other words, we must all take responsibility upon ourselves and our friends and family – and where we see these losses occurring, we should act by speaking out against these practices or, if necessary, by blowing the whistle on these few perpetrators among us.

CRI Group is proud to be a Featured Supporter of International Fraud Awareness Week.