The National Association of Credit Management (NACM) joined hundreds of other organizations in supporting the goals of International Fraud Awareness Week, hosted from November 3-9, 2013 by the Association of Certified Fraud Examiners (ACFE).
Columbia, Maryland – November 6, 2013: The National Association of Credit Management (NACM) joined forces with hundreds of other organizations by participating in International Fraud Awareness Week, November 3-9, 2013, to promote anti-fraud awareness and education.
Organizations around the globe currently lose an estimated 5% of their revenue due to fraud, according to the Association of Certified Fraud Examiners (ACFE). NACM was founded on the belief that the key to reducing fraud losses is the free and open exchange of historical credit information between businesses, and the organization has worked for more than a century to support a business environment where this exchange is possible. NACM's most recent effort to reduce fraud through increased data sharing has been through its National Trade Credit Report (NTCR), which provides companies with a powerful fraud prevention tool that relies on the strength of historical payment data, submitted to NACM's database from thousands of businesses across the country. Billions of dollars of goods and services are transacted daily through the business credit process and in many instances that fraudulent activity can be detected through the careful review of a credit report like the NTCR. Of course, the more companies report this data, the more focused and preventative the NTCR becomes.