Fraud is a serious problem to world economies including Ghana and one of the difficult challenges to address as day in, day out, innocent people are duped through fraudulent deeds.

The projected global fraud loss is 6 trillion dollars, according to the 2021 report by the Association of Certified Fraud Examiners (ACFE).

The report reads that the amount of fraud damage "could be incredibly large however the 6 trillion dollars' estimate give some insight into how huge the problem maybe".

In this digital world where most individuals and organizations rely on technological networks to transact businesses and undertake other relevant activities, these entities usually stand a risk of cyberattacks from criminals.

Therefore, as part of efforts to raise awareness about cyber fraud and fraud at large, the Association of Certified Fraud Examiners - Ghana Chapter has launched various activities to sensitize Ghanaians and every person in the world not to fall a victim.

A series of activities have been lined up as the ACFE celebrates its 2021 International Fraud Week Awareness this week.

The weeklong programme under the theme; ''CYBER FRAUD AWARENESS IN DIGITIZATION ERA'' began on Monday, November 14 and will end on Sunday, November 21.

It commenced with sharing of videos, infographics, a quiz and fraud check-up link on Monday, November 15 and followed by an introductory session themed International Fraud Awareness Week on Tuesday, November 16, then education on Mobile Money Fraud in Ghana on Wednesday, November 17, a virtual public lecture on Thursday, November 18 under the topic ''Protecting Society From Scammers Is Everyone's Responsibility''.

On Friday, there will be a Live ACFE Virtual Closing Session which will be presented by Mr. Wim Vandekerckhove, a Professor of Business Ethics at the University of Greenwich as well as ACFE Connect to treat 'Cyber Fraud/Crime Trends Affecting Our Ecosystems'.

The programme will be climaxed with a thanksgiving service on Sunday, November 21, 2021 and these events are aimed at minimizing the impact of fraud.

According to a statement by the President of ACFE - Ghana Chapter, Madam Rebecca Lomo, ''although robbery is seen as negative and attracts more attention, the losses from fraud could and in most cases far exceed losses from robbery in monetary terms…Fraud is on the increase in size, complex in form, challenging as a problem and has a destructive impact on the quality of life''.

Thus, it is imperative that the general public attaches seriousness to this fraud awareness week by participating in the ACFE activities and to do so, they are encouraged to visit and to upgrade their knowledge on fraud.

Facts About Fraud

Fraud, as defined in the ACFE statement, is an ''intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage''.

It is further classified as ''corruption asset misappropriation and financial statement fraud. Fraud is a serious problem. The seriousness of the fraud problem is not due to the increase in fraud cases but rather those who commit fraud and why they do so''.

The ACFE President also described the nature and style of fraudsters saying ''fraud perpetrators have profiles that look like those of honest people: more religious, better educated, less likely to commit crime, not likely to abuse drugs. Fraudsters express self-control, kindness and empathy, achievement, motivation and self-esteem. They appear to have traits that are required in making friends, hiring employees, seeking customers or selecting vendors''.

According to the 2020 Report of the Association of Certified Fraud Examiners (ACFE), 2504 cases of occupational fraud and Data have been recorded in 125 countries across the globe.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.