(Washington, DC) The District of Columbia Department of Insurance, Securities and Banking (DISB) is pleased to announce its participation in National Fraud Awareness Week, July 11-16, 2004, a week dedicated to increasing fraud awareness and promoting the global fight against fraud. The Association of Certified Fraud Examiners (ACFE), in conjunction with DISB and other leading public companies and private agencies, will spearhead efforts to educate businesses about fraud prevention, detection and deterrence.

According to the 2004 Report to the Nation on Occupational Fraud and Abuse, US entities lose more than $600 billion annually to fraud and abuse. In the area of financial services:

• Insurance fraud costs Americans at least $80 billion a year, or nearly $950 for each family;
• Securities regulators estimate that securities and commodities fraud totals approximately $40 billion a year;
• There are approximately $500 million worth of checks forged annually.

"Financial fraud is no joke. Each of us pays hundreds of dollars more every year for insurance and other financial services because of scam artists who try to cheat the system. We all need to work together to catch these crooks and put them in jail," said Lawrence H. Mirel, DISB Commissioner.