Fraud Costs Americans Billions of Dollars Annually

International Fraud Awareness Week 2023

DES PLAINES, IL, NOVEMBER 13, 2023 – Fraud is a pervasive and expensive problem that exacts a heavy toll on both individuals and businesses. According to a study conducted by the Association of Certified Fraud Examiners (ACFE), fraud costs organizations worldwide an estimated 5 percent of their annual revenues, which amounts to billions of dollars every year. These crimes drain government resources, erode public trust, and inflict financial and emotional harm on its victims. As part of International Fraud Awareness Week, the National Insurance Crime Bureau (NICB), the nation's leading not-for-profit organization dedicated to combatting and preventing insurance crime, is encouraging the public to educate themselves about the latest fraud trends in order to prevent becoming a victim.

“As fraud tactics and the criminals behind them continue to evolve and become increasingly more sophisticated, the need for heightened awareness, education, and effective prevention measures is more important than ever,” said David J. Glawe, President and CEO of the National Insurance Crime Bureau. “By understanding the far-reaching implications of fraud and taking proactive steps to prevent it, individuals and businesses can limit their exposure to this threat and reduce the heavy financial toll it imposes on all of us.”

Glawe noted that while advancements in technology have allowed new opportunities for fraudsters, they have also provided innovative solutions to combat fraud. Artificial intelligence, machine learning and advances in data analytics offer powerful tools for detecting and preventing fraud, with the use of these new technologies expected to double over the next two years.

Intl. Fraud Awareness Week

“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said ACFE president John Gill, J.D., CFE. “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.”

Governments and businesses can work together to develop strategies to combat fraud effectively and ensure criminals are brought to justice. Strengthening fraud detection and prevention is crucial in both the public and private sectors. By establishing and enforcing tough new laws and regulations that deter fraudulent activities, government agencies can ensure the swift and effective prosecution of these criminals. Additionally, each state offers fraud reporting hotlines where consumers can report these illegal activities. Individuals can also call 800.TEL.NICB or visit to report insurance fraud.

For more information about increasing awareness and reducing the risk of fraud, visit

Media Contact

If you have a question, want further information on the NICB, or to discuss insurance fraud or vehicle crime, please contact:

Joe Brenckle
Director, Public Affairs

Chris Stroisch
Vice President, Public Affairs and Communications

If you are a reporter and have a request or question, please complete the Media Request Form.

Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or submitting a form on our website.

About the National Insurance Crime Bureau: Headquartered in Oak Brook, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $582 billion in insurance premiums in 2021, or more than 82% of the nation's property-casualty insurance. That includes more than 96% of the nation's personal auto insurance. To learn more, visit