In 2018 the world's largest anti-fraud organization, the ACFE, published the latest version of their comprehensive global fraud analysis: the 2018 ACFE Report to the Nations. The report which aggregated data from 2,690 cases of occupational fraud, included a number of interesting key findings, but one major point shined through: that in the fight against fraud, tips are king.
The ACFE's report dedicated an entire page to the fraud fighting power of tips, and for good reason. Tips are by far the #1 fraud detection method, and organizations with tip reporting mechanisms in place were much more likely to detect fraud, and also suffered much lower fraud losses if fraud did occur. And, these results are by no means an aberration.
The ACFE has been publishing their fraud analyses since 1996, and in each report the ACFE has consistently found that tips are the ultimate fraud detection source. The results of these 20+ years of research strongly indicate that having a formal system in place to capture tips, particularly a system that allows for anonymous reporting, is possibly the single most effective and economical way to reduce the risk of fraud at your organization.
At Open Ears we can help you implement an anonymous tip reporting system within minutes, with no credit card needed and no software to install. You can test the system out for 30 days with full functionality at no risk and with no obligation to purchase. Open Ears is the most dynamic and modern tip reporting system available, and with extremely strong independent research supporting tip reporting systems, and a risk-free 30 day trial period, the question really isn't: why Open Ears? But, rather: Why not?
The 2018 Report to the Nations can be downloaded at ACFE.com/RTTN.
The ACFE's Report to the Nation was first published by in 1996 with subsequent editions published every two years since 2002. The report is the most comprehensive and widely quoted source of occupational fraud data in the world.
About the Association of Certified Fraud Examiners
Founded in 1988, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 85,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession.
For more information, visit ACFE.com.