Fraud costs organizations worldwide an estimated 5% of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE), “Occupational Fraud 2022: A Report to the Nations,” which analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion.

The seriousness of fraud costs is why Wayne State’s Office of Internal Audit announced that it will participate in International Fraud Awareness Week, Nov. 13 through 19, 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 business and investments from the growing fraud problem.

ACFE President and CEO Bruce Dorris 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,” Dorris said. “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 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.”

If you suspect fraud or any suspicious activity, call Wayne State’s Fraud Hotline at 313-577-5138 or submit an Anonymous Tips Form at internalauditwayne.edu. To schedule Fraud Awareness Training for your department, please call 313-577-5018.