Tenn. Commerce & Insurance Dept. Joins Movement to Shine a Spotlight on Fraud

NASHVILLE, Tennessee, Nov. 9 (TNSres) -- The Tennessee Department of Commerce and Insurance issued the following news:

Fraud costs organizations worldwide an estimated five percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners ("ACFE"). Occupational Fraud 2022: A Report (https://legacy.acfe.com/report-to-the-nations/2022/) to the Nations analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion.

The seriousness of the global fraud problem is why the Securities Division of the Tennessee Department of Commerce & Insurance ("TDCI") announced that it will be participating in International Fraud Awareness Week, Nov. 12-18, 2023, 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.

"The lives and livelihoods of Tennessee's hardworking families should be protected from bad actors and scammers who mean to do them harm," said TDCI Commissioner Carter Lawrence. "I am proud that the TDCI team is joining the fight against fraud during Fraud Week by helping highlight the importance of protecting your personal and financial information. Any Tennessean who has questions when it comes to their investments or insurance policies should contact our team so that we may provide assistance."

TDCI's Securities Division joins 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.

During Fraud Week, official supporters engage in various activities, including - but not limited to - hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming up with local media to highlight the problem of fraud.

"We take fraud very seriously here at the Securities Division. We believe that an educated investor is a protected investor, which is why we dedicate ourselves to providing Tennesseans with the knowledge and resources they need to not only spot fraudulent scams, but to avoid them altogether," said TDCI Assistant Commissioner Elizabeth Bowling. "We are serious about ensuring we help you protect your personal information and your hard-earned financial and investment assets."

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."

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Original text here: https://www.tn.gov/commerce/news/2023/11/8/tdci-joins-movement-to-shine-a-spotlight-on-fraud.html