Transparently.AI Joins Microsoft, HSBC in support of Fraud Week
International Fraud Awareness Week spotlights growing global challenge
Singapore, Nov. 15,2023 -– Transparently.AI, a Singapore-based maker of AI-powered software to detect accounting fraud, has joined forces with hundreds of organizations from Microsoft Corp. to HSBC Holdings Plc in an annual push to promote anti-fraud awareness and education.
The efforts are part of International Fraud Awareness Week, which highlights the need to combat a problem that costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study by the Association of Certified Fraud Examiners (ACFE).
The report, Occupational Fraud 2022: A Report to the Nations, analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion. ACFE, based in Austin, Texas, provides anti-fraud training and education.
As a supporter, Transparently.AI joins the like of Microsoft, HSBC, Standard Chartered Plc and other organizations who have partnered with ACFE for the annual campaign to promote Fraud Week, as the week is commonly known. Transparently.AI’s artificial intelligence system enables users to detect accounting fraud or manipulation typically two-to-three years before market awareness.
“We are proud supporters of any movement that is directly aligned with our own mission,” said Hamish Macalister, CEO of Transparently.AI. “Fraud costs the global economy billions of dollars every year. It’s a real problem that impacts thousands of people around the world.”
Fraud Week
Fraud Week runs from Nov. 12 to Nov. 18. During this time, official supporters will engage in various activities, including hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters and teaming up with local media to highlight the problem of fraud.
ACFE president John Gill said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said Gill. “Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”
About Transparently.AI
Transparently.AI is a Singapore-based company that offers artificial intelligence software enabling the early detection of accounting manipulation and fraud. Taking learnings from forensic accounting, automated signal detection approaches for financial crime and machine learning, Transparently’s software hunts for the digital DNA likely present in the manipulation of accounts. Visit transparently.ai for more information.
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 90,000 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.
For more information, contact:
Transparently.AI:
Darren Boey darren@transparently.ai
ACFE:
Stefanie Hallgren PR@ACFE.com
