Fraud is a global issue impacting both businesses and individuals, causing billions of pounds in losses annually.
To combat this widespread threat, organisations across industries need to stay vigilant and implement robust preventative measures, and International Fraud Awareness Week serves as a key moment to raise awareness about the risks of fraud, promote best practices for prevention and encourage collaboration to tackle this issue.
In this blog, we explore the significance of International Fraud Awareness Week, why and how it was first established, and how S&G Response actively works to prevent fraud.
What is International Fraud Awareness Week?
International Fraud Awareness Week is an annual campaign dedicated to raising awareness about the dangers of fraud, both in business and everyday life.
Held every November, the week-long event between 17th-23rd aims to educate organisations and individuals about the different types of fraud, how to spot them and what can be done to prevent them, and it was first initiated by the Association of Certified Fraud Examiners (ACFE) to provide a platform for businesses, government entities and non-profits to share information and foster a global conversation around fraud prevention.
The origins and purpose of International Fraud Awareness Week
The ACFE was founded in 1988, and is now the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education.
In 2000, they established International Fraud Awareness Week to promote anti-fraud initiatives and to create a unified effort against fraudulent activities across the globe.
Its launch began encouraging organisations to take steps to improve fraud detection and prevention measures and to empower individuals with the knowledge needed to protect themselves and their companies.
Why is International Fraud Awareness Week important?
With constant advancements in technology, fraud is unfortunately an ever evolving threat, and International Fraud Awareness Week reminds businesses that safeguarding against it requires a proactive and ongoing approach.
The campaign’s ultimate purpose is to create a more fraud-resilient world by equipping people with the tools to detect, deter and combat fraudulent activities.
What’s more, the ACFE’s Report to the Nations highlights thatorganisations are losing an estimated 5% of their revenue to fraud each year, meaning that the stakes are incredibly high and it’s too much of a risk to not investigation fraud prevention options.
S&G’s role in fraud prevention
At S&G Response, we take fraud prevention seriously.
This is because fraud can be a significant issue in the claims industry, where fraudulent claims involving exaggerated or falsified costs can have severe financial repercussions for insurers and other stakeholders, and it’s exactly why through our thorough checks and due diligence processes, we ensure that all fraud is minimised, protecting both our clients and their customers.
Our experienced team meticulously investigates claims to identify any red flags or inconsistencies that could indicate fraudulent activity, including verifying details such as the length of hire, vehicle type, circumstances of the claim and cross-referencing this information with available evidence to detect potential fraud.
As a result, this means we’re able to work closely with insurers and other industry partners to prevent inflated claims and ensures that credit hire services are used appropriately and ethically.
Ensuring a first-class service through qualified repairers
We take pride in ensuring that the repairers we work with at S&G meet the highest industry standards.
For us, this is particularly important as fraud can often arise from subpar repairs or inflated repair costs, and it’s why we are committed to working only with qualified and trusted repairers. In fact, our rigorous vetting process checks the qualifications and accreditations of every repairer in our network, ensuring that our clients and their customers receive a first-class service every time.
At S&G, we’ll only ever partner with repairers who meet our stringent standards so that we can confidently guarantee that any repairs conducted are completed to the highest possible level, preventing fraudulent claims related to unnecessary or poorly executed work.
The end result is level of scrutiny which allows us to safeguard the interests of all parties involved and contributes to the overall integrity of the claims process.
Building awareness and fostering trust
International Fraud Awareness Week serves as a reminder for companies to stay vigilant and proactive in the fight against fraud, but it’s also an opportunity to raise awareness amongst customers about the risks and impacts of fraud in the claims industry.
The thing to remember is that fraudulent activities don’t just affect businesses, they also lead to higher premiums and added stress for individuals too. Because of this, participating in initiatives such as IFAW means our team at S&G can help to educate our clients and the public on the importance of fraud detection and prevention.
After all, we believe that building trust with our clients and customers is key to our success, and our commitment to fraud prevention, whether through credit hire defence or ensuring the qualifications of our repairers, reflects our dedication to transparency, integrity and high-quality service.
Fraud may continue to be a complex issue, but with the right systems and vigilance in place, it can be tackled head-on.
How S&G can help detect and prevent fraud
International Fraud Awareness Week plays a vital role in highlighting the ongoing threat of fraud and the preventive measures needed to combat it, and as a trusted provider in the claims industry, we’re committed to protecting clients from the financial and reputational damage fraud can cause.
We believe that in order to maintain our reputation as a leader in the claims industry, reinforcing our dedication to building trust and delivering fraud-resistant services is essential, and we do this through collaboration, raising awareness and staying vigilant so we can all contribute to creating a more secure and trustworthy environment.
To find out more, reach out to our team today.
