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Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft and many others. Fraud Awareness Week is November 13-19. Fraud Week is the perfect time to go a step further in your education and role in anti-fraud awareness and to start discussions with peers, coworkers, executives and stakeholders in your community.
There are many faces of fraud to recognize:
- White Collar and Vulnerable Adult Crimes
- Identity theft
- Financial Exploitation of the Elderly
- Healthcare Fraud
- Fraudulent transactions/retail fraud
Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the 2016 Association of Certified Fraud Examiners (ACFE) Report to the Nations on Occupational Fraud and Abuse. A single scam can destroy a company, devastate families by wiping out their life savings, or cost investors billions of dollars. There are basic steps you or your organization can take immediately to reduce your vulnerability to business fraud.
Recovering from identity theft can be a stressful and overwhelming experience. Data from the 2014 Identity Theft Supplement to the National Crime Victimization Survey show that the majority of identity theft victims (86%) experienced the fraudulent use of existing account information, such as credit card or bank account information. If you have been a victim of Identity Theft in Nebraska, here are resources.
Financial Exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his/her own personal benefit. This frequently occurs without the explicit knowledge or consent of a senior or disabled adult, depriving him/her of vital financial resources for his/her personal needs.
Whether you have employer-sponsored health insurance or you purchase your own insurance policy, health care fraud inevitably translates into higher premiums and out-of-pocket expenses for consumers, as well as reduced benefits or coverage. Consider the risks of health care fraud to you.
With the upcoming holiday season and shopping, be careful to keep your money and purchases safe. Avoid gift card scams and review your banking accounts. Any time you notice fraudulent transactions to your checking account, contact Metro immediately at 402-551-3052. Find out about Fraud Week events and webinars that are occurring near you.