COLUMBUS, Ohio– Pointing to the overall costs of fraud to businesses and consumers, the Ohio Credit Union League said it is participating in International Fraud Awareness Week this week to promote anti-fraud awareness and education.
The OCUL cited data from the Association of Certified Fraud Examiners that shows fraud costs organizations worldwide an estimated 5% of their annual revenues. According to a 2021 data breach report by IBM and the Ponemon Institute, aggregated U.S. data breach costs last year totaled $4.24 million, up 10% from the $3.86 million average cost in 2019, the league stated.
The OCUL added that the anti-fraud movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard businesses and investments from an increasing fraud problem.
“Fraud is an issue that unfortunately affects people from all walks of life, and it takes many forms,” said Paul Mercer, president of the Ohio Credit Union League. “While Ohio credit unions responsibly protect people, families, and businesses and their hard earned dollars from bad actors, more organizations committed to stopping fraud are needed to raise awareness. Aside from participating in awareness efforts, credit unions consistently advocate for a stronger national data protection and consumer notification standards to better protect consumers.”
Additional information is available at FraudWeek.com.