International Fraud Awareness Week: Fraud – Recognize it. Reject it. Report it.

Fraud takes many shapes and forms. There’s corporate fraud, education fraud, consumer fraud, tax fraud, identity theft and many others. It is so widespread that conservative estimates suggest that organizations lose 5% of their revenue annually, and in 2022, individual Canadian losses totalled over $533.4 million. These numbers, while alarming, don’t show us the full picture, as they don’t take into account the psychological and emotional harms fraud can cause. 

Fraud is defined as intentional deceit used to gain an unfair advantage, often resulting in financial or reputational harm. Preventing fraud is critical for a university because it protects the integrity of academic and administrative processes, ensures the fair use of its resources, and maintains trust within the community. 

During International Fraud Awareness Week (Nov. 17-23), staff and faculty at the University of Calgary are being reminded of how they can safeguard our institution against fraudulent activities and foster a culture of honesty and accountability.  

Take this short quiz to test your fraud knowledge. The Association of Certified Fraud Examiners, which promotes the week, has also produced a helpful introductory video exploring the different types of fraud.
 

Helping to lead the fight against fraud on campus is UCalgary’s Office of the Internal Auditor, which assesses UCalgary’s overall governance, risk management, and operational systems and processes. In addition, the Office is responsible for receiving and investigating fraud allegations including theft, violations of some corporate policies, financial loss and reputational risk. Its specific duties and procedures are outlined in UCalgary's Fraud Policy.  

The Office has become a leader among U15 universities in implementing innovative, progressive practices, says Rajesh Ghosh, MBA’05, senior director, internal audit, adding the office collaborates with UCalgary’s Senior Leadership Team, “seeking their input so that they are much more likely to request assistance. 

“Unfortunately, no organization is immune to fraud — even universities,” says Ghosh. “That’s why it’s important for our entire campus community to know and understand the risks, and to report potential fraud cases. Promoting an anti-fraud culture is the best way to keep our students, faculty and staff safe.” 

All faculty and staff are encouraged to report any suspected fraudulent behaviours. Reports can be made anonymously through UCalgary’s third-party Whistleblower website, ConfidenceLine, or by speaking to a live operator 24/7 at 1.800.661.9675. 

Remember, fighting fraud is everyone’s responsibility: If you see something, report it!