MBOMBELA – According to a study conducted by the Association of Certified Fraud Examiners (ACFE), fraud costs organisations worldwide an estimated five per cent of their annual revenues.
The ACFE 2016 Report to the Nations on Occupational Fraud and Abuse, analysed 2 410 occupational fraud cases which resulted in losses of more than
US$6,3 billion (R84,3 billion).
The severity of this issue is the reason why the Mpumalanga Economic Growth Agency (MEGA) is participating in International Fraud Awareness Week from November 13 to 19.
The movement champions the need to proactively fight fraud and help safeguard businesses and investments.
MEGA joins hundreds of organisations which have partnered with the ACFE, the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education, for this yearly campaign.
During Fraud Week, official supporters will engage in various activities, including fraud-awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organisation, posting articles on company websites and in newsletters and teaming up with local media to highlight this issue.
Chief executive officer of MEGA, Mr Xola Sithole, said that the support of organisations worldwide helps make Association of Certified Fraud Examiners (ACFE), fraud costs organisations .
“The latest statistics tell us that fraud isn’t going away, and companies that don’t have protective measures in place, stand to lose the most.
“That’s why it is reassuring to me to see so many businesses, agencies, universities and other organisations involved in the Fraud Week movement.
The first step in combating fraud is by raising awareness worldwide.
“It is a serious problem that requires a proactive approach to prevent it,” Sithole said.
