A global effort to shine a spotlight on fraud

KUALA LUMPUR: Fraud costs organisations worldwide an estimated 5 percent of their annual revenues, according to Occupational Fraud 2022: A Report to the Nations, a study conducted by the Association of Certified Fraud Examiners (ACFE).

Recent data and information released by the regulators such as Bank Negara Malaysia and the Securities Commission Malaysia as well by the law enforcement authorities such as the Commercial Crime Investigation Department of the Royal Malaysia Police (PDRM) and the Malaysian Anti-Corruption Commission highlights that Malaysia is also not immune to the growing seriousness of the global fraud problem.

Accordingly, the Association of Certified Fraud Examiners - Malaysia Chapter urges corporations, professional associations and statutory bodies to observe, support and participate in the International Fraud Awareness Week, Nov. 13-19, 2022, by holding events and conducting activities, such as training for employees and/or the community and sharing of articles on websites and in newsletters, to promote anti-fraud awareness and education among its stakeholders. In doing so, they will be joining hundreds of organisations all over the world who have partnered with the ACFE for the yearly International Fraud Awareness Week campaign.

This year’s International Fraud Awareness Week also comes at a particularly crucial period for Malaysia as her citizens head to the polls on 19 November 2022 for the 15th General Elections. Electoral fraud comes in the various shapes of voter suppression and vote buying, non-existent or illegal votes, or any illegal activities that infringes the integrity of the election process. As a record number of 945 candidates go about the final days of the campaigning period vying for parliamentary seats, it is imperative that they do not, in any way or form, engage in activities that are unethical and which may violate the Election Offences Act 1954.

Dato' Sri Akhbar Satar, the founder and President of the ACFE- Malaysia Chapter, said that the International Fraud Awareness Week is an opportune time to start discussions amongst peers, co-workers, executives and stakeholders in the community about how important fraud prevention is to society as a whole and stressed that educating people is the first step.

“Fraud, in its many forms, is an issue that affects people from all walks of life” said Dato' Sri Akhbar Satar. “With the International Fraud Awareness Week coinciding with the period of the general elections in Malaysia, it provides an avenue for all candidates to ‘walk the talk’ and demonstrate by exemplary conduct in their campaign efforts. This in turn will encourage and inspire others to champion the need to proactively fight fraud and do all that is necessary to achieve Malaysia’s aspiration to be a corrupt-free nation.”

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