Tip for the day: Do what you love and you will love what you do.
Q: Dear Connie: Recently I notice the letters CFE written after someone’s name. What does that stand for?
A: Dear Get Paid for Crime Investigation: When you see “CFE” after someone’s name that means they have earned the designation of Certified Fraud Examiner. Certified Fraud Examiners are widely recognized as experts in the anti-fraud field. There are many career opportunities for CFEs and the area is growing at a fast pace.
Certified Fraud Examiners have the proven expertise to detect, prevent, and investigate a wide range of fraudulent conduct. Most major U.S. corporations, businesses, and government agencies employ CFEs, as do many international organizations.
The Association of Certified Fraud Examiners’ Report to the Nation provides the following statistics about fraud and white-collar crimes:
- Fraud and abuse costs U.S. organizations more than $400 billion annually.
- The average organization loses about 6 percent of its total annual revenue to fraud and abuse committed by its own employees.
- The median loss caused by males is about $185,000; by females about $48,000.
- The typical perpetrator is a college-educated white male.
- Men commit nearly 75 percent of the offenses.
- Median losses caused by men are nearly four times those caused by women.
- Losses caused by managers are four times those caused by employees.
- The most costly abuses occur in organizations with less than 100 employees.
- The education industry experiences the lowest median losses.
- The highest median losses occur in the real estate financing sector.
- Occupational fraud and abuses fall into three main categories: asset misappropriation, fraudulent statements, and bribery and corruption.
According to SmartPros, Certified Fraud Examiners have the expertise to resolve allegations of fraud from inception to disposition, gather evidence, take statements, write reports, testify to findings, and assist in the prevention and detection of fraud.