ACFE Assembles European Anti-Fraud Committee; Dutch Dignitaries Named to Council on Occupational Fraud.

Business Editors

AUSTIN, Texas--(BUSINESS WIRE)--Oct. 13, 2003

Recognizing the increasingly prominent challenge of fraud globally, the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organization, announced today the formation of the Dutch Council on Occupational Fraud (DCOF), a blue-ribbon committee that will become a member of the European Council on Occupational Fraud. The DCOF is a joint effort between the public and private sectors to study the problem of fraud and to make recommendations on how to curb its enormous economic threat.

Based on findings in the Global Economic Crime Survey 2003 by PricewaterhouseCoopers, 37% of European companies are reporting an increase in economic crime. Occupational fraud, also known as corporate fraud, management fraud or employee fraud, costs companies around the world an average of US$2,199,930 and growing. According to the ACFE's Report to the Nation on Occupational Fraud (U.S.), also known as the Wells Report, the American economy lost $600 billion last year to the problem.

Those named to the Dutch Council include: Michel A.G. de Jong, CFE, Chief Executive, Falcon Security Control; Gerd Hoffmann, Jr., Hoffmann Bedrijfsrecherche B.V.; Aart Vos, Managing Director, PROSECO and Arthur H.M. de Groot, Partner, Deloitte & Touche.

Michel A.G. de Jong, CFE, named as the Dutch ACFE representative, was instrumental in organizing the DCOF. He said, "Although this is not the first joint public/private sector program in The Netherlands aimed at fighting occupational fraud, I believe that the particular importance of this new initiative lies in its European focus and its international resources. With the implementation of appropriate risk management measures, the cost of occupational fraud and abuse can be reduced. The Dutch and European Councils on Occupational Fraud will be able to tap into the collective experience of the ACFE and will be able to promote initiatives aimed at reducing the costs and negative consequences of occupational fraud with The Netherlands and Europe."

In addition to The Netherlands, other national councils are currently being formed in the United Kingdom, Poland, Germany, Switzerland, Denmark, Bulgaria and the Czech Republic. Additional European nations will be invited to join. The council members, representing industry segments ranging from accounting to law enforcement, will be able to provide a unique and unparalleled approach to the detection and deterrence of fraud. The DCOF will name a representative to the joint European Council that will meet periodically to make high-level policy recommendations.

ACFE founder and Chairman of the Board, Joseph T. Wells, CFE, CPA, of Austin, Texas, USA, will be traveling to The Hague on Oct. 14, 2003 for the DCOF's organizational meeting. "Despite recent multi-billion dollar accounting frauds in the United States, fraud is a global problem," explains Wells. "We in America share many things with our European ancestors, and unfortunately, fraud is one of them. But by working together toward a common goal, I am confident that we can make inroads."

Wells is one of the world's foremost experts on fraud prevention and detection. A former special agent of the U.S. Federal Bureau of Investigation, he is the author of six books and scores of articles and training programs on fraud. Wells is featured frequently in the national media, including the Wall Street Journal, the New York Times, Forbes Magazine, ABC News' 20/20, Nightline, and 60 Minutes. For the past six years in a row, Wells has been named to Accounting Today magazine's annual list of the "Top 100 Most Influential People" in accounting. In addition to his duties with the ACFE, he is a professor at the University of Texas at Austin and in 2002, the American Accounting Association named Wells the Accounting Education Innovator of the Year.

The DCOF organizational meeting will be held on Oct. 14, 2003 in The Hague at Hotel Des Indes, Lange Voorhout 54 -56. A press conference will be held at 15:00, and the media is invited to attend.

About the ACFE

The Association of Certified Fraud Examiners is a global, professional organization dedicated to fighting fraud and white-collar crime, with 28,000 members in over 100 countries. Since 1988, the ACFE has been a major resource for fraud information and training. The Certified Fraud Examiner program is an internationally recognized accrediting process for individuals who possess the specialized skills required to detect, investigate, and deter fraud. For more information about the ACFE visit www.cfenet.com.