Take steps to protect yourself, business from fraud


International Fraud Awareness Week is a global effort to minimize the risks and potential impacts of fraud and provide education on fraud prevention best practices. The week acknowledges Certified Public Accountant (CPA) firms’ critical role in safeguarding financial integrity.

In today’s era, digital transactions have become the norm. This method of managing money, with the click of a mouse or tap of your finger, has revolutionized how money is spent and managed. While technology continues evolving and making things more streamlined and accessible for consumers, it can also exploit vulnerabilities to fraudsters by making more data and personal information available online if precautions are not taken.

Sarah Jennings, CPA, CFE, CAE, currently serves as a principal and leader of Maner Costerisan’s new consulting services team. Sarah is also a certified fraud examiner.

According to the Association of Certified Fraud Examiners (ACFE), fraud costs an estimated $4.7 trillion annually globally, with an average loss of $1.7 million per fraud case. Also, organizations lose an average of 5% of revenue annually to fraud.

A CPA firm’s role extends far beyond financial audits. Collaboration with a trusted financial advisor – CPA, certified fraud examiner (CFE), or forensic accountant – can provide businesses and individuals with added security and comfort. They can conduct risk assessments to identify emerging threats and highlight potential vulnerabilities for fraud in all its forms, ranging from embezzlement and check forgery to cybercrimes and identity theft.


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