A Week Dedicated to Fraud Awareness, Detection & Prevention

Nov 19, 2013
fraud week

Fraud touches each and every one of us sometime in our lives. It’s never pretty and it is the worst feeling of being violated without being touched. Someone somewhere took something of yours and used it. Whether by a random act of guessing the right number, or by stalking you and stealing your wallet or purse, it is right up there with having your underwear drawer gone through. At the very least they could leave a ‘thank you’ somewhere for you to find, but ‘no’ they just take what they want and run.

Fraud week has been going on for the last twenty five years and while the rest of us just went on with our lives 65,000 people worldwide have stood together and said ‘enough is enough’. This page will give you more details on what goes on during fraud week. But before you visit there, here are a few things to know about fraud.

• Worldwide 5% of businesses and organizational income is taken from them because of fraud. To put that in monetary terms, that’s $730 billion dollars.

• Small businesses lose an average of $150,000 a year. Small businesses can’t afford that kind of hit and a lot will go out of business.

• Prevalent fraud in smaller business is check tampering, skimming, payroll fraud and expenditures for reimbursement.

• With a high risk credit card processing merchant account, you are protected as best as possible.

What can help

Companies have noticed that with a hotline, 59% of the fraud going on can be prevented. Anonymous tips can and will lead to the thieves, liars and pickpockets of the company. Not only that, but it can also lead to the end of a lot people doing it again.

Fraud week

Fraud week and those folks that felt the same way, decided twenty five years ago that November 3-9th should be the week to educate the world on how to decrease loss for business and organizations. It is dedicated to awareness, detection and prevention.

With a little research you can learn how to do seminars on fraud detection, how to train your employees and managers to look for it, and what to do once you have noticed it.

Twitter

During fraud week you can watch on twitter the new things that are happening. #fraudweek and see what new avenues are available for those wanting to prevent it.

ACFE

At the AFCE website, you can learn how to become a member and what to do if you are a fraud victim. They have classes that can be downloaded as well as many other learning tools. You can also customize a press release and announce you have become a member and will no longer tolerate fraud. At that many people, growing stronger can only help in the prevention of something so nasty, as thievery.

So take a look

Don’t be shy about looking at all the resources provided by the AFCE and work to prevent fraud worldwide. It really is something that invades a lot of our organizations and businesses and should be stomped out at the earliest availability.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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