The Fraud Week aims to spread awareness about fraud through numerous fraud awareness and educational campaigns. During this week, the spotlight is on the fraud fighters who collaborate to educate their clients and consumers about the latest in fraud and its far-reaching consequences.
Many organizations register as official supporters to the International Fraud Awareness Week. Business leaders, fraud fighters, and users participate in the week-long campaign to proactively participate in spreading awareness, conducting seminars, hosting training opportunities, and promoting anti-fraud activities during the week.
Fraud Week is the perfect time to step up our efforts and role as anti-fraud professionals. We can leverage our customers’ networks and social media to talk about the harmful effects of fraud and online abuse on users and how vigilance can be their first step to protection.
Fraud losses are not just financial
Fraud continues to rise in volume, reach, and sophistication. Therefore, it is safe to assume that fraud has affected every person in some or the other way. Globally, businesses lose nearly 5% of their annual revenues to fraud, estimates ACFE, the world’s largest anti-fraud association and founder of Fraud Week. In its research report entitled ‘Report to the Nations on Occupational Fraud and Abuse’, the association also estimates that “a single instance of fraud can be devastating with the median loss per fraud case being $145,000, where more than a fifth of the cases involved losses of at least $1 million.”
Losses incurred due to fraud, however, are not limited only to direct financial losses. Businesses stand to lose reputation and customer trust, whereas consumers risk losing their digital identities.
Arkose Labs fully supports the Fraud Week
As a fraud-fighting company, Arkose Labs fully supports International Fraud Awareness Week and endorses the actions taken to educate society at large on the evolving fraud tactics and ways to counter them.
While globally, the focus on fraud awareness is only for a designated week, at Arkose Labs every day is fraud awareness day. We conduct and participate in events and webinars. We publish whitepapers, data-driven research reports, and quarterly reports on the state of fraud that talk about the latest fraud tactics across industries and how best to counter them. We also reach out to children around the world to assess their vulnerability to fraud. Based on our findings we suggest measures that can go a long way in ensuring a safe online experience for our kids and youth.
In line with our commitment to bankrupting the business model of fraud and making the internet safer for everyone, we introduced the Bankrupting Summit last year. With this summit, we have been able to reach out to a larger audience and bring businesses face-to-face with industry experts.
Business leaders go back wiser in terms of insights on industry-specific attack trends, best practices to stay safe, and solutions that can help them protect their customer and business interests. We concluded the second edition of this summit on 10th November. You can request the on-demand recorded versions of the panel discussions and masterclasses here.
To ensure our customers get the best services they deserve and partner with a vendor that is held accountable, we recently introduced the industry-first credential stuffing warranty worth $1M. We are proud to be the first security vendor to stand behind the efficacy of our solution.
Our innovative approach to fraud-fighting has industry validation in the form of the latest recognition by Inc magazine, Deloitte, and Fast Company, and continued support from our investors and customers. This provides us with the motivation to continuously strive to make the internet safer for everyone by bankrupting the business model of fraud.
Let us resolve to fight fraud collectively
Fraud is a lucrative business. Easily and cheaply available advanced tools make it a profitable venture. This explains why there is a steady increase in fraud and online abuse across the globe. Fraudsters are also creative and highly motivated. They can go to any extent to make money through their attacks.
To fight this tough adversary, it is, therefore, essential that we collaborate and work together. Fraud Week is an excellent opportunity to join the global efforts to minimize the impact of fraud by spreading awareness and combining our efforts.
To learn how Arkose Labs is contributing and leveraging cutting-edge technology to help fight fraud globally, please book a demo now.