In the Report to the Nations 2020, ACFE India suggested that in 2504 cases across 125 countries, money laundering caused losses of more than $3.6 Billion. The report also estimated that private organizations lost 5% of their total revenue to fraud each year. The crimes related to frauds themselves, detected and undetected, have increased in proportion and effect. There had been an increase of 6.5% in this cost in 2019. Risks for businesses arise from diverse factors, including financial crime inherent in automation and digitization, massive growth in transaction volumes, and the larger integration of financial systems within countries and internationally.
Additionally, it has been observed that in the newer data breaches, never before seen technologies are used for malicious reasons, and for creating more confusion — which fraudsters used to their advantage to steal user data from organizations, valuable online accounts, and eventually money. The message is clear, for your business and all other businesses across various verticals alike — the threat of fraud is imminent and growing.
Employees are a valuable source of critical information when it comes to discovering and preventing potential frauds. Hence, it is important to build suitable organisation culture to reduce frauds in an organisation. Tips by employees are the most common method of fraud detection with employees. This is where CFEs can prove to be a very valuable asset to organizations. A Certified Fraud Examiner (CFE) has proven expertise in the field of fraud detection, prevention, and deterrence. CFEs are meticulously trained to identify the warning signs and identify red flags that indicate potential fraud risks.
Reference Source:- https://blog.netrika.com/why-businesses-need-to-invest-in-cfe-training/