Forum to focus on fighting fraud prevention and detection

Business Monday 21/December/2020 18:27 PM
By: Times News Service
Forum to focus on fighting fraud prevention and detection

Muscat: The Association of Certified Fraud Examiners, Oman Chapter is organising a talk on Fighting Fraud- Prevention and Detection, by Alan Harte, Head of Audit Bank Muscat at its annual general meeting scheduled to be held online at 4pm on December 22, Tuesday. ACFE Oman Chapter is sponsored by the College of Banking and Financial Studies (CBFS).

According to a new report from the Association of Certified Fraud Examiners (ACFE), a single case of occupational fraud costs the victim organisation an average of more than $1.5 million, and Certified Fraud Examiners (CFEs) estimate that organisations lose 5 per cent of their revenues each year to fraud. In the ACFE’s 2020 Report to the Nations, a study of 2,504 cases of occupational fraud investigated by CFEs in 125 countries, the typical fraud lasted 14 months before it was detected and caused a median loss of $8,300 a month. The amount of fraud detected exceeded $ 3.6 billion and not to talk about the billions and billions of dollars lost in incidents not reported, not detected or unknown

“We see more recognition of fraud risks in many organisations than we saw 10 years ago,” said Davis Kallukaran, President ACFE Oman Chapter.
As per the report, it is estimated that globally about $4.5 trillion is lost to fraud annually. It will never be possible to eliminate all fraud. A strong system of internal controls is considered by the ACFE to be ‘the most valuable fraud prevention device, continued Davis.

The membership of the ACFE Oman Chapter has tripled during the last two years. It is encouraging to note that almost 50 per cent of qualified CFE’s in the Sultanate are Omanis. The Association of Certified Fraud Examiners (ACFE) is the world's largest anti-fraud organisation incorporated in the United States and headquartered in Austin Texas. The Association is the premier provider of anti-fraud training and education.

Together with more than 85,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. Certified Fraud Examiners (CFEs) possess unique expertise in preventing and detecting fraud and are highly valued by organisations spanning all industries, sectors and sizes. The Certified Fraud Examiner (CFE) credential denotes proven expertise in fraud prevention, detection and deterrence. CFEs around the world help protect the global economy by uncovering fraud and implementing processes to prevent fraud from occurring in the first place.