Firm News

Geffen Mesher Joins Ranks of Supporters for Nov. 3-9 Fraud Awareness Campaign

Posted on: November 1, 2013 by David S. Porter, Caleb Pilling, Emily Bradford

FOR IMMEDIATE RELEASE

Media Contact: Linda Green, Marketing Director, 503.445.3352
ACFE: Scott Patterson, 512.478-9000 x156, spatterson@acfe.com

Fraud Awareness Week Casts Spotlight on White Collar CrimePORTLAND, OR. – November 1, 2013 - Organizations lose an estimated 5 percent of their annual revenues to fraud, according to a 2012 study by the Association of Certified Fraud Examiners (ACFE). To help shine a spotlight on this global problem, Geffen Mesher is participating in International Fraud Awareness Week, Nov. 3-9, 2013 as an official supporter to promote anti-fraud awareness and prevention.

During Fraud Week, official supporters will engage in various activities, including hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud

“A good forensic accounting team should be made up of individuals who are experts in what they do, while possessing the desire to dig, delve, ask questions and consider all possible scenarios,” says David Porter, leader of Geffen Mesher’s forensic accounting team. “Our firm’s proactive fraud prevention services include providing clients with best practice recommendations, customized to each client’s company operations and industry.”

In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:

  • Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
  • Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
  • Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
  • Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
  • Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.

The 2012 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.

About Geffen Mesher

Geffen Mesher, a Portland-based accounting firm, focuses on providing ongoing financial strategy, accounting and CPA services for individuals, businesses and non-profit organizations. We serve many industries, and create solutions that help our diverse clientele plan and build their financial pictures wisely.

About the Association of Certified Fraud Examiners

Founded in 1988, the ACFE is celebrating its 25th anniversary as the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 65,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information about the ACFE, visit www.ACFE.com.

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