Colleges, like companies, should step up fight against fraud
Dec 03, 2012 Dave King
The fallout from increased fraud in educational settings takes several forms. As college budgets tighten to keep student costs down, most can't afford to lose the estimated 5 to 7 percent in lost revenue that the Association of Certified Fraud Examiners has uncovered in many industries. In addition to hurting the bottom line, fraud can damage the reputation of a university and hamper its recruitment of students, faculty and donors. Gifas pointed out that while electronic payments are gaining momentum, a recent study by the Association of Financial Professionals showed as many as 85 percent of organizations also continue to experience significant check fraud. He advocated a layered approach to thwart hackers and fraud schemers recommended by the Association of Certified Examiners. The association stresses the importance of doing background checks on employees, having a policy that outlines acceptable behavior when workers represent the company - including any mention of the business on social networks – and stepping up anti-fraud training for both managers and workers.