WASHINGTON, November 18, 2014 – Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). If applied to the 2013 estimated gross world product, this figure translates to a potential projected global fraud loss of nearly $3.7 trillion.
Because of the seriousness of the global fraud problem and fraud’s prevalence in the advertising industry, Media Thirst has announced its participation in International Fraud Awareness Week— commonly known as Fraud Week—from November 16–22, 2014, as an official supporter to promote antifraud awareness and education. Media Thirst joins hundreds of organizations that have partnered with the ACFE, the world's largest antifraud organization and premier provider of antifraud training and education, for the yearly campaign. Fraud Week champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.
During Fraud Week, Media Thirst is working to raise awareness of fraud within the digital advertising space, highlighting problematic practices, common scams, and threats to consumers. Media Thirst also is promoting other official supporter activities, including hosting fraud awareness training for employees and communities, conducting employee surveys to assess levels of fraud awareness within organizations, posting articles on company websites and in newsletters, and teaming with local media to highlight the fraud problem.
“Fraud is a major area of concern within the digital advertising space,” explains Ian Matthews, president of Media Thirst. “When people think of fraud in the advertising industry, the first thing that often comes to mind is the click fraud and impression fraud affecting companies in the advertising value chain, but, in reality, fraud encompasses a much broader scope of activities. Deceptive and fraudulent advertising content impacts thousands of consumers every day, often preying on the most vulnerable in our society. We must raise awareness of fraud within and outside the advertising industry and take effective steps to prevent the ensuing consumer harm.”
ACFE president and CEO James D. Ratley, CFE, confirmed that the support of organizations around the world helps make Fraud Week an effective tool in raising antifraud awareness. “The latest statistics tell us that fraud isn’t going away, and companies that don’t have protective measures in place stand to lose the most,” Ratley said. “That’s why it is reassuring to me to see so many businesses, agencies, universities, and other organizations involved in the Fraud Week movement. The first step in combating fraud is raising awareness worldwide that it is a serious problem that requires a proactive approach toward preventing it.”
“Since our first Fraud Week more than 10 years ago, the movement continues to grow,” added Ratley. “I heartily thank all of the supporters of Fraud Week for making it what it is today.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.
The 2014 Report to the Nations is available for download online at the ACFE’s website: ACFE.com/RTTN. The Report is in PDF format.
About the Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 70,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.
About Media Thirst
At Media Thirst, we’re passionate about creating transparency around advertising practices, improving the state of the digital advertising industry for everyone: brands, ad and PR agencies, ad networks, affiliate marketers, publishers, legal teams, regulators, and, ultimately, consumers. We show brands how and where their ads are displayed, let publishers see what content is actually hosted on their sites, highlight potential risk in ad content and advertising practices for ad networks and affiliate marketers, help legal teams protect their clients from litigation, and show regulators the kinds of market practices that impact the consumers they’re trying to protect.