TDCI’s Securities Division Joins Movement to Shine a Spotlight on Occupational Fraud During International Fraud Awareness Week (Nov. 16-22)
NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division is raising awareness about the importance of fighting occupational fraud and safeguarding business investments during International Fraud Awareness Week (Nov. 16-22).
Occupational fraud – which is fraud committed by individuals against the organizations that employ them – represents a significant risk to the operations of every organization, regardless of size, industry, or region, with wide-ranging impacts for organizations victimized by this prevalent form of financial crime.
According to the latest report from the Association of Certified Fraud Examiners (ACFE), over $3.1 billion was lost to occupational fraud in 2024. The report analyzed 1,921 occupational fraud cases from around the world and across 22 major industry categories.
The seriousness of the global fraud problem is why TDCI has announced that it will be participating in International Fraud Awareness Week as an official supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem. During Fraud Week, TDCI will join hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.
“By helping highlight the importance of fighting fraud during Fraud Week, it is my hope that we can educate Tennesseans so they can spot fraudsters and avoid them before it’s too late,” TDCI Assistant Commissioner Elizabeth Bowling. “I encourage Tennesseans who might have a question about an investment to contact the Securities team online, by email at securities.1@tn.gov, or call 800-863-9117.”
Think you can spot an occupational fraudster? According to the ACFE, 75% of fraudsters displayed at least one of the eight most common behavioral clues.
- Living beyond their means.
- Financial difficulties.
- Unusually close association with a vendor or customer.
- Control issues, unwillingness to share duties.
- Irritability, suspiciousness, or defensiveness.
- “Wheeler-dealer” attitude.
- Bullying or intimidation.
- Divorce/Family problems.
ACFE president John Gill, J.D., CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said Gill. “Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.
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About the Association of Certified Fraud Examiners. Based in Austin, Texas, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 95,000 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.