Association of Certified Fraud Examiners explained

Association of Certified Fraud Examiners
Abbreviation:	ACFE
Formation:	1988
Status:	Professional organization
Headquarters:	Austin, Texas
Region Served:	Worldwide (180 countries)
Membership:	More than 92,000
Leader Title:	Chairman
Leader Name:	Joseph T. Wells
Leader Title2:	President
Leader Name2:	John D. Gill
Main Organ:	Board of Regents
Footnotes:	^[1]

The Association of Certified Fraud Examiners (ACFE) is a professional organization of fraud examiners. Its activities include producing fraud information, training and tools. Based in Austin, Texas, the ACFE was founded in 1988 by Joseph T. Wells. The ACFE grants the professional designation of Certified Fraud Examiner^[2] (abbreviated CFE).

Founder

Joseph T. Wells founded the ACFE and is its chairman. After graduating from the University of Oklahoma, he worked for ten years with the Federal Bureau of Investigation, during which time he investigated the former Attorney General John N. Mitchell's involvement in Watergate.^[3]

In addition to his duties as chairman, Wells writes, researches and lectures to business and professional groups on white-collar crime issues. He has written books and articles on fraud prevention and detection. His writings appear in professional journals.^[4]

Fraud museum

The ACFE runs a fraud museum containing exhibits linked to famous frauds, which is open to the public.^[5] America's Guide to Fraud Prevention, written by the famous confidence trickster Steve Comisar, is on display in the ACFE fraud museum. The book is considered a piece of fraud history.^[6]

Reports and statistics

According to a 2014 report, companies lose 5% annually due to fraud, and most often this happens in the accounting department.^[7] In a 2018 report, the Association of Certified Fraud Examiners stated that up to 28% of small businesses have been involved in some form of fraud, with the figure ranging from 22% to 26% for larger companies.^{[8] [9]} As a result of research conducted by the ACFE in 2022, it was found that professional fraud leads to losses in excess of $3.6 billion annually, especially as a result of misappropriation of assets.^[10]

See also

• Frankensteins of Fraud, published by the ACFE
• Fraud Advisory Panel charity, corporate member organisations

External links

• • Fraud Magazine
• ACFE Annual Fraud Conference
• ACFE Report to the Nations

Notes and References

1. Web site: Association of Certified Fraud Examiners . ACFE . Association of Certified Fraud Examiners, Inc. . 22 June 2021.
2. Web site: About the ACFE. ACFE. January 19, 2021.
3. Web site: ACFE Leadership. ACFE. January 19, 2021.
4. Web site: Fraud Crimes. The Kavinoky Law Firmaccess. January 19, 2021.
5. Web site: The Fraud Museum. ACFE. January 19, 2021.
6. Web site: Barry Minkow Added to the List of Repeat Offenders. https://web.archive.org/web/20110624175621/http://www.acfeinsights.com/acfe-insights/2011/3/24/barry-minkow-added-to-the-list-of-repeat-offenders.html . June 24, 2011. Scott Patterson. 24 March 2011 .
   - Web site: ACFE's Fraud Museum . . June 29, 2012 . March 4, 2014.
7. Web site: Association Of Certified Fraud Examiners Release 2014 Report On Fraud. Forbes. 21 May 2014. Walter. Pavlo. 7 June 2023.
8. Web site: Association of Certified Fraud Examiners (2018 report). Infotracer.com. 7 June 2023.
9. Web site: ACFE releases 2018 Report to the Nations. May 2018. Fraud Magazine. 7 June 2023.
10. Web site: Abayasingha . Darshana . 10 May 2023 . Association of Certified Fraud Examiners to investigate ways to combat corruption . 7 June 2023 . Daily Financial Times.