International Fraud Awareness Week: History, Facts & Insights

This is an in-depth look at all the must-know facts about International Fraud Awareness Week (2024) 🗓️ that no one tells you about. International Fraud Awareness Week is observed on November 13th.

Among the information you’ll find below: the history of International Fraud Awareness Week, activities to do on and how to observe this holiday, as well as amusing facts you ought to know about International Fraud Awareness Week.

📅 What day is International Fraud Awareness Week 2024?

In 2024, International Fraud Awareness Week is on Monday, November 13th. It is the 2nd Monday in November; in 2024, it is Wednesday. There are until the next observance. You also can discover all the fun details and facts about November 13, 2023, that you might not be aware of.

During the third week of November, International Fraud Awareness Week is observed worldwide. This year’s event will take place from November 13 to November 19. The main objective of this week is to raise awareness about fraud by promoting prevention programs and educating people about it. Interestingly, the notorious Ponzi scam was named after Charles Ponzi, who managed to defraud banks of around $20 million in 1920. Fraud encompasses various forms beyond just monetary deception, including identity theft, voting fraud, healthcare fraud, and more. Fraud exists in many aspects of our lives and is becoming increasingly intricate and profitable. However, education plays a crucial role in combating this issue and improving society as a whole. If you’re looking for scholarships to support your future or the future of your loved ones, you can find them on Scholaroo.

📜 International Fraud Awareness Week History

Fraud has been a recurring problem throughout history, with various notable instances occurring in different eras. In ancient Rome, fraud was widespread, particularly among government officials who engaged in theft and illegal tax collection. An infamous scam took place in 193 A.D., when the Praetorian Guard, serving as Pertinax’s bodyguards, assassinated him and offered the kingdom to the highest bidder. However, the Guard had no legitimate claim to the throne, leading to the buyer’s shocking realization.

Moving forward to the 17th century, Sir Isaac Newton faced multiple fraud issues during his time as Master of the Royal Mint. Additionally, he fell victim to the South Sea Bubble, a significant financial catastrophe. This bubble was characterized by a frenzy of investment, where people eagerly poured money into various ventures without truly understanding them. As a result, many lost fortunes when these businesses failed to thrive.

Fraud continued to plague society in the 18th and 19th centuries, with incidents like the Mississippi Bubble, the William Duer fraud bubble, the cases involving Ulysses S. Grant and Daniel Drew, and the 1929 stock market crash. These occurrences prompted the establishment of the Securities and Exchange Commission by the U.S. government to combat such scams.

In the modern era, advancements in technology have made it increasingly challenging for security services to trace fraud. Major fraud cases of the twenty-first century include the FIFA bribery and corruption scandal, Bernie Madoff’s Ponzi scheme, the Enron affair, and the Huawei fraud case. These instances highlight that fraud is not limited to individuals, as even large corporations like Facebook and Google have fallen victim to it. As technology continues to advance, it is expected that fraud will persist and potentially increase. To safeguard against being deceived, individuals, corporations, and governments must take necessary precautions.

✅ International Fraud Awareness Week Facts

🔖 Corruption ranks top in fraud
Corruption is a common form of fraud that occurs globally, and it ranks as the second most prevalent type, even within the United States.

🔖 The aged are doorstep fraudsters’ target
Based on statistical data, it has been observed that individuals above the age of 65 constitute 85% of the victims targeted by doorstep scams.

🔖 While identity fraud reduced, fraud’s cost increased
While the frequency of identity fraud cases has been declining, the financial gains obtained by identity thieves have been increasing.

👍 Why Is International Fraud Awareness Week Important

Every year, companies and individuals lose trillions of dollars to various sorts of fraud because they aren’t fully informed on fraudsters’ strategies or haven’t put in place the required safeguards to protect against scams. Organizations and individuals may avoid long-term losses by being familiar with fraud methods and investing in security and fraud prevention (for businesses).

During International Fraud Awareness Week, anti-fraud specialists from many industries and nations gather to share information and knowledge with interested individuals and the broader business community. You may learn about fraud prevention best practices by attending these conferences.

Fraud may harm an organization’s reputation. It has diminished the market share of some firms since customers are less hesitant to do business with them. Fraud has even resulted in the closure of certain enterprises. You may increase client trust in your company by implementing effective fraud protection procedures.

🙂 How To Observe International Fraud Awareness Week

⚡ Host an International Fraud Awareness Week event
One way to observe International Fraud Awareness Week is by organizing a session in your workplace or local community. Select a relevant topic and create an agenda that focuses on increasing awareness about fraud. Invite knowledgeable speakers to educate your employees or community members about the subject matter. Don’t forget to use the hashtag for International Fraud Awareness Week to ensure your event is listed on their events page.

⚡ Educate your network on anti-fraud measures
If you have knowledge about anti-fraud methods, it would be beneficial to share it with your network. Even if you don’t have expertise, you can educate yourself through online research and pass on what you’ve learned. This information could potentially help others avoid falling victim to scams. Create an outline of what you want to discuss and include relevant photographs. Share this content on platforms like Twitter or other social media channels to spread awareness.

⚡ Conduct a fraud check-up for your organization
Whether you’re an employee or employer, it’s essential to actively contribute towards safeguarding your company from both internal and external fraud. This involves conducting regular assessments to identify vulnerabilities in your organization’s security and sharing the findings with the relevant individuals to develop an appropriate action plan. To help detect fraud, consider visiting websites like International Fraud Awareness Week or other online security resources that offer useful tools and resources.

📅 When is International Fraud Awareness Week?

You can view all 🔗 November holidays, including 🔗 Special Interest and other 🔗 Awareness holidays.

We will continue to update this page with new information and cool facts about International Fraud Awareness Week. So be sure to check back soon.