International Fraud Awareness Week 2021November 14–20

During the week of ​November 14–20, we will join the global community in observing International Fraud Awareness Week. By way of coordinated campaigns and education, this week-long event seeks to improve fraud detection and prevention efforts. We can all do our part to invest in fraud enforcement and minimize the extensive impact this unlawful activity has on individuals, families, businesses, government agencies, and global communities around the world.

We also hope to bring awareness to the widespread efforts of insurance companies around the world to invest resources into insurance fraud detection. In addition to leveraging big data and analytics to create predictive models to identify fraud early on, insurance groups like ours deliver customized insurance solutions to protect you and your business. Securing the right insurance policies in advance of any fraudulent activity can safeguard your long-term financial health and success.

What is Fraud?

For thousands of years, individuals and organizations alike have lost trillions of dollars to many different fraud strategies. While fraud is typically defined as a wrongful deception as a means to achieve financial gain, it also includes criminally accessing data, identity theft, voter fraud, healthcare fraud, and bribery or corruption.

Common Types of Fraud
  • Accounting Fraud
    • Embezzlement
    • Double-check fraud
    • Accounts receivable fraud
  • Asset Misappropriation
    • Check forgery
    • Inventory Theft
    • Expense Account Fraud
  • Bribery and Corruption
    • Bribes
    • Kickbacks
    • Product substitutions
  • Data Theft
    • Trade secret theft
    • Theft of customer or contact lists
    • Theft of personally identifiable information (PID)
  • Payroll Fraud
    • Advance fraud
    • Timesheet fraud
    • Paycheck theft
  • Vendor Fraud
    • Billing schemes
    • Overbilling
    • Price fixing

How to Raise Awareness

Be part of the global solution — and be proactive in preventing fraud. There are many things that can be done to spread awareness and combat various types of fraud:

  • Educate yourself and your network about anti-fraud measures
  • Conduct regular anti-fraud audits
  • Conduct external audit of internal financial reporting
  • Host an International Fraud Awareness Week event to discuss fraud prevention
  • Have an emergency plan prepared in case fraud does take place

There are also several ways in which you can protect yourself from the fallout if in fact fraud does take place. At Doeren Mayhew Insurance Group, we provide customized insurance solutions to mitigate risk and protect our clients’ long-term financial health. Contact one of our trusted insurance agents to learn how we can help you protect your assets from fraud and many other types of risks.