Essays on Fraud

INSURANCE FRAUD

EXECUTIVE SUMMARY Insurance fraud is the term used for explaining the misrepresentation that the individuals or a group of people make so that they can avail more benefits from the insurance companies to which they are actually not entitled too. The transparency in the representation is important for securing the rights and overburdening the company from the claims which have actually not taken place. The insurance companies take different measures for protecting the rights and ensuring that they are protected from the insurance fraud. For this the rules and regulations are implemented using which they sometimes protect themselves from ...

Abstract

The internet has been hailed as one of the best inventions in human history. It presents seemingly endless opportunities in diverse areas including the ability to carry out business transactions over the internet. Online commerce has developed in leaps and bounds over the last decade and more complex transactions are now possible over the cyberspace. With this development has come an associated problem; cyber identity fraud. This research paper seeks to identify the trends in cyber identity fraud, analyze the legal issues involved in cyber identity fraud and make appropriate recommendations on the changes that can be made to ...

1.0 Introduction Medicare fraud refers to obtaining money from the Medicare system under false pretense. Many Americans cannot afford to pay for health services. As a result, the Social Security Act in 1965 gave rise to Medicare in order to finance diverse forms of medical care for the vast number of Americans who cannot afford medical insurance. Different forms of Medicare fraud have evolved in the recent past but the bottom line for all of the forms is to illegitimately collect money from the Medicare system. Medicare fraud is just a fragment of the much bigger and intricate web of ...

Fraud is an intentional action to do something that is illegal or unethical. It is done to cause damage to the receiving party. Many a times fraud is also done to gain something which could be money or inside information or knowledge. Fraud is a criminal offence. It cannot be justified. Many companies have gone through the fraud and there have been cases where the fraudster has been punished. Revenue fraud is a type of fraud which affects the revenues of a company. It is done to manipulate the accounts and earn profits. Simply overstating or manipulating the revenues can cause a revenue ...

Introduction

An accounting framework essentially influences the way business entities delineates success. Traditional accounting predominantly concentrates on increasing the shareholder value while also influencing the bottom lines of the business in terms of its finances. However, an growing number of corporations now-a-days, are primarily interested in either the so called “double” or “triple” bottom line accounting. Their focus is not just on measuring the impact their business practices have on the financial bottom line, but also upon the impact their business practices have on their personnel, the societies in which they operate, as well as the environment surrounding them. ...

Introduction

The US healthcare system is currently at the state where undoubtedly, it needs to be reformed. According to Dewar (2010), “The concern over the future of health care revolves around three broad issues: cost, quality, and access. As private health insurance declines and the number of uninsured people steadily rise, emerging public consensus is that the system is in need of reform. Gaps in coverage, combined with the upward trend in medical care spending over the past several decades, add to the commonly-held belief that the U.S. healthcare system is in crisis. Many are concerned over access to care ...

Abstract

All parties involved in worker’s compensation have the desire to eliminate fraud. A recent research shows that, fraudulent compensation of workers cost over $5 Billion annually. In California, over 25% of compensation claims are usually falsified, yet an average claim in California goes for almost $65 000. Therefore fraud needs to be avoided because it costs the state a huge amount of money which could have been spent on development projects. Fraud units have been put in place, but they have not been able to eliminate fraud. Worker compensation frauds can be eliminated by putting in place tougher compensation ...

Executive Summary

This case study focuses on identifying fraudulent issues taking place in the given four situation of Forensic Accounting. It identifies the issue on hand for every situation and goes further to discuss the in details the presence of elements such as coercion, collusion, and concealment. Nevertheless, the paper utilizes the fraud triangle to explain how the fraudulent acts are committed. The conclusion for each situation discusses the possible ways of addressing the issues being identified.

Introduction

Fraud have been on rise in forensic Accounting creating path for more investigations in order to identify ways in which these frauds arise and ...

Introduction

Workers' compensation is a state-mandated insurance program providing compensation and medical benefits to employees who have been injured or disabled during the course of work at the place of employment. In exchange for the compensation, the employees need to relinquish their right to sue their employers for negligence or for the damages caused by the injury (CULS, 2014). Workers' compensation laws also provide monetary benefits to the dependents of those workers who have died due to work-related accidents or injuries. Though the workers' compensation programs vary among states and jurisdictions, the common provisions include wage replacement monetary benefits in the ...

Question 1

In order to understand why people commit fraud, many companies use the fraud triangle to analyze the attributes, which make people commit fraud. The importance of the fraud triangle is to understand fraud and its significance demonstrated in the Darren Darren’s case. The explanation of why people commit fraud is examined by the use of fraud triangle. It evaluates the circumstances that make employees violate ethical standards and be involved in the fraud cases. Therefore, fraud triangle joins the perceived pressure, perceived opportunity and rationalization to facilitate fraud. The first required attribute is Incentive, motivation, or pressure ...

Internet fraud refers to any type of fraud scheme that uses web sites, chat rooms or message boards with aim of carrying out criminal activities such as fraudulent transactions or transit data of fraud to financial institutions. Internet fraud includes spam, spyware, identity theft, phishing and internet banking fraud. This paper looks at the organization internet and analyzes how the organization has been attacked by fraudsters. The two main fraud techniques that the organization has been attacked through are the phishing and identity theft.

Phishing

Phishing is a technique used to gain personal information which will be used for identity theft. ...

Arguably, online crimes and fraud are tremendously in the rise. Since the beginning of 21st century, many issues related to internet scams and frauds have been reported. In most cases, online crimes and fraud could be the most complex, and rarely discovered. Online fraud and crimes, has cost many nations billions on money and resources. Due to improvement of technology, online crimes continue to be sophisticated. Certainly, fraudsters nowadays employ high-tech minds, of which they commit online crime and going undetected. Most of the online crimes in the world today includes online gambling, financial crimes, forgery, cyber defamation, as ...

Fraud encompasses a range of illegal acts and irregularities whose principal aim is deception. It is specifically used to describe the intentional representation about a material fact believed to be right but it is false. This deceitful practice is knowingly done to deceive and mislead another party in the aim of depriving property or right. Christopher, et. al. (2009) explains fraud as deliberate trickery made in leading persons to believe something that one person knows is wrong and wants others to rely on and in event suffer losses. It is also used to describe the concealing of truth to mislead a party ...

Abstract

The 2008 financial crisis provides several examples that can now be cited to illustrate the entire financial system’s vulnerabilities and ample room for improvement. This paper uses the Satyam fraud case to illustrate the ruses and machinations utilized both internally and externally by those publically entrusted to easily perpetrate fraud on a grand scale. The paper cites the methods used to carry out the fraud and the major events leading to the fraud being revealed followed by the monetary, commercial, and public damage the scandal caused. The paper will show how top management with both internal and external auditors ...

Introduction

Organized crime refers to a network of highly centralized enterprises run by criminals in an organized manner and who are engaged in illegal activities. Such criminal organizations are well organized with a clear chain of command and segregation of duties among its members in much a similar way to a lawful organization or government. The only distinction between organized crime organizations and other lawful organizations is that they are engaged in illegal activities. It is organized crime organizations that are usually responsible for transnational crimes. Transnational crimes denote crimes that have significanteffects in more than one country. This is because such transnational crimes ...

Introduction

Background of Caterpillar Caterpillar Inc. is an American largest construction equipment company that sold its products in different parts of the world. The company is engaged in "manufacturing construction and mining equipment, industrial gas turbines, diesel and natural gas engines and others" (Baldwin & Rutwitch, 2014). The company owned assets of more than 89 billion dollars. It is the largest company in the overall industry. The company sells its product with a trademark of “Caterpillar Yellow”. The company is performing its operations in many countries. The upper management of the company put efforts to acquire other companies and their subsidiaries ...

Insurance fraud is considered as one of the major risks in the business industry as well as one of the most serious criminal offenses. Criminal acts in insurance may involve various types including automobile property, worker compensation, life insurance, personal injury, residential and commercial property claims as well as health insurance. Insurance fraud has negative effects on society and the economy. Companies and government actors are doing their best to detect insurance scams, to prevent them and put an end to them. Fraud has a negative impact on the insurance sector including the loss of billions of dollars. Insurance ...

Introduction

Fraud refers to the use of deception to achieve personal or material gains from other persons, institutions, or entities. Fraudulent acts affect the economy in many ways including raising the value of goods and services, reducing the quality of goods and services, and sometimes causing medical harm to users of a specific good because of the fraudulent procedures used in its production. In other instances, fraudulent activities or behavior influences one’s choice of scarce goods and services. The trade-off between the acquisition of one good and foregoing the other may also be influenced by fraud in such a way that a ...

Introduction

Occupational fraud is a fraud that is committed by the employee to an employer is also called employee fraud, there are much common in most companies which it leads to financial losses .as much as the people working stay in the company they will hide the fraud forever.

The article: 2013.

During the cannas film festival a necklace which was worth about $2m after a star studded though the event was every guarded the necklace was not found, the event is normally held to promote jewel. The jewel was stored in a safe and there door to the safe was not broken the police did investigations ...

- How many professionals make up the Association of Certified Fraud Examiners?

- What are the requirements to become a certified fraud examiner (CFE)? - What is the overall mission of the Association of Certified Fraud Examiners? The overall mission of the association is to support members with the knowledge, training, and resources needed to perform the duty at any time. - What does a CFE do? What are some of the professions from which they originate? CFE is able to identify warning and those indicators that hint at possible cases of fraud and possible risks ...

Research on the Impact of Internet Fraud on International Trade

Internet Banking at Risk in the Virtual Environment

Technology had greatly influenced the way people do about their daily lives. The convenience that computers and internet brought dramatic changes particularly to the business sector. Technology enabled companies and their clients to make transactions over the virtual environment with the aid of internet connection. Having that convenience of technology allowed the majority of the world's population to rely on internet-based transactions at their own comfort. However, organizations and private individuals are not the only one lurking around the virtual community. There are several eyes waiting to capture those transactions and ...

Business Ethics and Sustainability

Report on Sustainability Issues Affecting Institutional Investors, Within the Australian and global Markets

Executive Summary 3

Introduction 4 Stakeholder’s Approach Theory 4-5 Major Stakeholders 5 Impact of the Incident to the Organization 6-7 Further Discussion 7-9 Ethical Theories behind the Incident 9 SBS Strengths: Ethics in Leadership and Organizational Culture 10-12 Recommendation/Conclusion 12 -14

References 15

Executive Summary This case study pertains to the organization called SBS, short for Special Broadcasting Service. It provides multi-cultural programs on radio and television. The person who was interviewed for this case report was from SBS Radio. His ...

Abstract

Alternative dispute resolution has been hailed by many people for the crucial role it plays in finding solutions to disputes outside the courtroom. By definition, arbitration is an alternative dispute resolution technique that takes place out of the legal courts. In this kind of dispute resolution, a third party reviews the facts and evidence of two parties and imposes a legally binding decision. The fact that the parties to a dispute have total control over the process makes it more admirable as compared to the judicial process. The parties have the ability to make their own schedules and choose the arbitrators. For a ...

The auditor shoulders the responsibility of determining any deceptive or erroneous occurrences of the financial dealings of a company during a particular period so as to avoid the organization from misquoting its position in its financial statements for any fraudulent purposes. An auditor thus ensures the conformation of the company’s accounts to the adopted accounting standards and reports on the company’s financial statements and its internal control system. The role of auditors therefore needs to ensure that the final statements of the company are free from any misstatements arising due to either fraud or unintentional errors. The auditor ...

Identity Fraud

A commonly utilized social network media referred to as Facebook is a characteristic feature in the social life of the American college students. However, the safety of the social networking site remains a mystery (McNally, 2012). Is there a possibility for identity theft in Facebook? Various reports circle around regarding the identity theft, sexual assaults and stalking. The three problems arise in the social network site due to the forms of the enlisted information (McNally, 2012). The listing of personal details on the profiles of the network site further exposes users to the possibility of identity theft. Exposing a user’s full ...

Interview

This interview was conducted through email. The respondent was Jacky Mills, a deputy public relations officer at California Workers Compensation county offices in Los Angeles. The interviewee was responsive and timely in supplementing answers relating to compensation fraud in California. Here are her responses on the ten interview questions. Question 1: A single claim in California goes for about $65,000. This means that the government loses a lot of money through fraud annually and the fraudsters are not brought to book. Since this is a lot of money what can the government do to prevent fraud? Answer: Despite presence ...

Introduction

This part intends to introduce the concept of management fraud to the learners (executives) so that they can easily follow what is being presented. This part also discusses the reasons why management fraud occurs and what managers intend to do achieve by manipulating their financial statements. In this part, some recent corporate scandals are presented to show the seriousness of this offence. Thus, through introduction, managers will know more about management fraud, how it is done and the seriousness of this offence.

Effects of management fraud

This section highlight the main points of the presentation in brief that needs to be taken seriously ...

Introduction

Identity theft is on the increase. The target of identity theft is usually the high net worth individuals. Corporate executives are exposed to higher risk due to the value of their liquid assets. They need to be educated on the dangers of identity theft and the steps to take to mitigate future losses through this rampant form of fraud. Identity theft is also rampant within an organisation with workers collaborating with outsiders to defraud their bosses. The staff should be aware of the dangers and how to critically buffer the executives and the company as a whole from identity fraud. ...

Five different types of frauds are:

 Employee embezzlement - Vendor fraud - Customer fraud - Management fraud - Investment scams

Employee embezzlement fraud means that the employee of the firm uses his power or authority to manipulate the assets of the company for personal gain. In this case the victim is the employer or the firm. Employee can steal the assets of the firm which is called direct fraud. In case of indirect fraud, employee can use third party by asking for a bribe or hidden commission from suppliers.

In Vendor fraud, the manufacturing or selling companies charge their customers more ...

- The sales principal documentation, processes, and records that should be put in place. In order to achieve maximum benefits the process should be clearly outlined to follow a certain predetermined and generally accepted code. Winford services Plc will adopt a real time system for the entire swimming pool activities from the single visit tickets, seasonal tickets and the vending machines. Real time accounting systems will process and record individual transactions immediately as they occur and therefore there exists no time lags between the transaction occurrence and recording.

The real time ticketing procedure will be initiated in a manual step, whereby ...

Institiution

According to the Wharton research, when an executive is overconfident and thinks that his organization is just facing the bad luck otherwise it is in best concern of all stakeholders. These stakeholders include customers, shareholders, management, creditors, and employees. The executive to cover up the problem takes short routes that do not allow the executive to understand the poor performance of the organization as a future threat. An overconfident manager does not consider the flaws and search for gray areas to manage earnings that led them to fraudulent behavior (Wharton, 2008). If the case of Satyam is considered, then ...

Introduction

The banking industry is a major target of the increasing levels of Internet fraud and scams. With the advancements in technology, cybercriminals have developed more sophisticated tools for stealing money from banks, which can result in millions of dollars of financial losses for these banks (Constantin 2012). For Secure Future Savings Bank, in particular, Internet fraud and scams can disrupt its online banking operations. With online banking being so popular among Future Savings Bank’s customers due to the convenience and ease it brings them (Why is online banking is so popular these days? n.d.), disruptions in these operations ...

Introduction

Satyam limited, which is a Nasdaq-listed company, is one of the largest Global IT services firm. It has a portfolio of Major American and Australian companies such as Coca Cola, Citigroup, Telstra and Quantas.

The former chairman of the company, Ramalinga Raju admitted he had been tampering with the books of accounts. The company had been experiencing losses which he was covering up to reflect that the company was making a profit. He shockingly revealed that 94% of the cash and other assets, amounting to US$1 Billion, of the company did not exist. There was also the pressure from the market ...

Introduction

The cases of corporate fraud have increased recently where organizations have suffered huge financial losses as a result of this practice. To curb this problem, accounting and audit professional bodies have come up with comprehensive internal control requirements that need to be adopted by public organization to minimize cases of fraud and risks mismanagement (Sebastian, 2011). This paper analyses how these rules can be implemented in the organization.

Benefits of internal control programs

A good internal control program provides management of the organization with an assurance, which is independent on the effectiveness of governance. The program will ensure that there is effective evaluation of all ...

Management Fraud

Fraud is one of emerging trends that is currently common in most of the daily transactions in most of the global institutions. This act of breaching confidence in order to expand the profit base of a firm or acquire a given service/good using a dishonest way has now become a routine practice among company personnel. This act is unethical as it leads to destruction or suffering of the party involved as he/she undergoes a loss in his assets either in terms of money or other forms. The most common cases occur in financial transactions that occur in our daily dealings. Frauds are frequent in ...

Business

Question 1

Product life cycle has 4 stages namely; the introduction stage, growth stage, maturity stage and decline stage. In the introduction stage, the product of a company is in its early stages where it has just been launched. In this stage, the company has not yet started to receive any profit from the product which has been introduced or launched. The product is usually promoted, marketed and distributed during this stage and it faces no competitions from similar products of different companies. During this stage, the company which has introduced the product in the market or launched the ...

Identity theft is a fraud-related crime that primarily involves an individual accessing and at the same time misusing another person’s identifying information (Morton, 2014). In this case, the information might even include pin numbers, credit card information as well as social security numbers. This information might be accessed through illegal and unauthorized access to government and even financial institution or through identity theft. As an attorney, I would charge Gorski as an identity thief since the cards in the briefcase contain identities of other individuals. Counterfeiting is another crime that involves goods and services that appear as if they ...

The most important skills that a forensic accountant needs to possess.

Forensic accountants assist individuals and organizations by the provision of management support in the form of reviews of fraud, detection, and litigation. Their prime involvement follows a discovery or suspected fraud that requires investigations. Additionally, they consider issues such as the effects that fraud investigations might have on relationships between employees, management, and corporate image (Singleton and Singleton, 2010). Consequently, it is crucial that a forensic accountant possess more that the fundamental skills and knowledge of auditing and accounting. Indeed, auditing forms a platform for a forensic accountant by its ability to the provision of an understanding of internal controls and materiality ...

Executive summary

In recent years, a lot emphasis has been put on the various types of corporate or white collar crime. This report analyses various methods of preventing white collar crimes. The report discusses various types of white collar crimes and how they are committed. It also illustrates some of the schemes often used to commit these crimes and their consequences. Finally, the report discusses steps that can be used to prevent white collar crimes. Mainly, the purpose of this research is to help employers understand the significance of the global effort to develop more durable businesses. It also illustrates ways of ...

Welfare fraud and abuse involves the use of vast amounts of the federal money for various activities and programs without accounting for the value attached to those amounts of money. The transactions and programs where the money of taxpayers are channeled led to many cases of fraud and abuse of such funds by the responsible agencies and administrators. The money and funds used in the government grants and subsidy programs are subject to fraud and abuse. The people responsible for handling and management of such funds ending up misusing and abusing the money by channeling to their personal activities ...

Introduction

With increased technological advance and globalization, businesses in different industries and sectors are increasingly adopting online business systems as platforms for reaching a wider market as well as enhancing their efficiency and effectiveness. In that respect, the banking industry has been in the forefront in rolling out innovative products and services. However, the development has been matched by growing crime activities like internet fraud and scams which pose significant risks to the industry and individual firms. In that consideration, this analysis seeks to demonstrate the risks the internet fraud and scams pose to the industry and how they can be ...

Internal control techniques

In the management of firms, internal controls suffice for purposes of ensuring efficiencies and effectiveness in the execution of managerial duties. Internal controls could be employed to ensure that the accounting policies and financial reporting standards are complied with. Internal control refers to the framework that the management employs for the smooth running of the company. It should be noted that such controls emanate internally within the firm. The paper briefly discusses some internal control techniques employed by management regarding financial reporting. The objective is to ensure financial reporting is precise, accurate and provides a true and fair representation of ...

Nature of the entity

Abercrombie & Fitch Co. (“A&F”) refers to a Delaware company incorporated in 1996. Abercrombie & Fitch Co. A specialty retailer, it operates direct-to-consumer operations and stores that supplies sportswear apparel, accessories, and personal care products. These products are sold under Abercrombie & Fitch, Hollister brands, Gilly Hicks, and Abercrombie kids. The company maintains similar store formats and display of merchandise irrespective of the store location. As of January 2012, Abercrombie & Fitch Co. had 1045 stores, 946 of which are located in the United States and 99 other in international locations. Generally, the company operates a fifty-two week fiscal year ...

Small businesses are more vulnerable to the commission of fraud than any other type of business. This calls for the need for any small business owner to understand and implement control measures that reduce the possibility of the perpetration of fraud. In order to lessen or even reduce the opportunity and the motivation to commit fraud, a strong internal control should be implemented after due consideration. 1. The first concerns relating to the possible commission of fraud is the fact that Mr. Franklin planned to left the handling of cash to that of the husband and wife. While there is ...

The Fraud Diamond Framework was an improvement on the earlier ‘Fraud Triangle’ used by forensic accountants to detect accounting fraud. David Wolfe and Dana Hermanson proposed the change to the Fraud Triangle by adding a fourth element of ‘capability,’ rechristening it “The Fraud Diamond.” The first element in the framework is ‘Incentive’ which arises from the greed to commit fraud. The second element of ‘Opportunity’ could be a potential weakness in the system that the precise person could exploit. The third element of ‘rationalization’ happens when a perpetrator convinces his/her own self that such deceitful behaviour is worth with the risk taken.The ...

Executive summary

In recent years, a lot emphasis has been put on the various types of corporate or white collar crime. This report analyses various methods of preventing white collar crimes. The report discusses various types of white collar crimes and how they are committed. It also illustrates some of the schemes often used to commit these crimes and their consequences. Finally, the report discusses steps that can be used to prevent white collar crimes. Mainly, the purpose of this research is to help employers understand the significance of the global effort to develop more durable businesses. It also illustrates ways of ...

Internet fraud refers to a white-collar crime that as grown with the advent of the internet technology. For clarity purposes, we take the definition of the United States Department of Justice that defines Internet Fraud as “any fraud committed through the use of computer programs, internet related communication, or website trades ” (Del Armstrong and John Simonson, 2012). The consumer Internet Fraud Watch reports that the number of internet fraud incidences increased from 1152 in 1997 to 7500 in 1998. The United States Security Commission has reported that there are close to 300 cases of internet fraud daily ( Cyscope, 1998). There ...

1. The three types of illegal business behavior alleged against Bernie Madoff include fraud, money laundering and theft. The first, fraud, involves coercing investors to decide whether or not to invest by giving them information that does not correspond to the reality of their situation. Madoff did this by This is meant to provide a short term gain for the defrauder, but significant losses for investors – the person committing the fraud gets the investment money while providing no return on that investment back to the investors. This is an unethical business practice, due to the fact that it is an ...

Law of Torts in Business

Introduction

In the laws of a country, the law of tort is concerned with how someone treats their neighbour. A person should not injure a person neither should he trespass into a neighbour’s property. Such acts are considered to be criminal in nature and the individual will be liable in a court of law. The law of torts covers a range of actions such as negligence, intentional injury and defamation that ruins an individual’s reputation. The law of torts is best illustrated by the case of Donogue vs. Stevenson. The plaintiff was with a friend in a cafeteria taking ginger beer. When she took ...

Last week, we had to dismiss our finance manager, James Morris, for embezzling company funds. I insisted that the Internal Audit department, which discovered the fraud, investigate the matter further, and preliminary findings indicate that the practice is widespread and, in fact, known to occur in the Finance Department. I am therefore proposing that we revise our company policy to ensure stricter enforcement of our company ethics and create a culture that not only prevents people from engaging in fraud but also ensures people feel confident to report suspicious behavior that may indicate the presence of fraud. This new approach ...

Introduction

Tesco dishonored its fiduciary obligations to the creditors and shareholders after giving false financial information. Ideally, the company overstated its profit by £250 million after manipulating the deals it had struck with a number of its suppliers. The accounting fraud resulted in the deterioration of the company’s reputation and a drop in its share price. As a result of this fraud, Tesco’s Chairman, Mr. Richard Broadbent resigned. In addition, eight senior executives were suspended. The company invited an external auditor, the UK Financial Conduct Authority to initiate an official investigation into the fraud. Apart from the external auditor, Tesco conducted ...

Professional Skepticism means an approach towards accounting which includes a questioning mind and being in a position which questions a possibility of fraud, errors or misstatement and is a critical evaluation of audit evidence. It is essential for a quality audit. Professional skepticism is a skill which is very similar to professional judgment and helps in providing an opinion for an audit engagement. Professional skepticism helps in asking questions which make sure that any information provided is true. It is an approach which is similar to a judgment and auditors with professional skepticism tend to make good decisions as well as provide correct information on the ...

Loss Prevention Policies

What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them? A comprehensive control system helps the organization departments achieve the set objective within a given time period and as per the scheduled format. All transactions will be timely with those in power (authorization) and recording of all information will also be achieved. Correct accounts will be keyed in the appropriate accounts and in the specified financial period. This will in turn facilitate efficiency and effectiveness in the preparation of financial statements. Internal control system facilitates authorized and ...

Accounting 101

Deciding on Accounting Major If I had to decide on the accounting major to pursue, I would choose to be a forensic accountant. This major of accounting deals with the investigation of potential frauds within a company, or prevention of fraudulent activities from occurring. Forensic accountants are also commonly known as fraud investigators, investigative accountants, forensic auditors, or fraud auditors. Of all possible accounting majors, this one attracts me the most due to a number of reasons, including the history of this major, the variety of potential employment places, the nature of the job itself, and the knowledge and skills commonly ...

White collar crimes are financially motivated and non-violent crimes majorly committed by people of high social status. The term “white collar crime” was coined in 1939 by Edwin Sutherland in his speech to the American Sociological Society.White collar crimes are difficult to detect and prosecute. Perpetrators employ highly sophisticated methods to commit crimes and hide the heinous activities through a chain of complex financial transactions. Punishment for these crimes involve: incarceration, restitution, community service, probation, criminal forfeiture, fines or disgorgement.

Bernie Madoff's $50 Billion Ponzi Scheme-Forbes Magazine

This prominent investor was involved in a Ponzi investment scam with the Madoff’s Hedge Fund. A Ponzi scheme is a fraudulent ...

The terms ‘white collar crime’ and ‘tax evasion’ have precariously vacillated from the perception or classification of bonafide crime, or non-criminal acts. The slippery slope of tax evasion in relation to white collar crime sustains serious implications, historically and to the present. According to expert sources at Cornell University Law School, the definition of white collar crime is explained by giving an overview of an early incident in 1939, when sociologist Edwin Sutherland “coined” the phrase. Sutherland defined white collar crime as an act involving “crime committed by a person” who is normally tremendously respected in their line of occupation, ...

Anita Evensen

The occurrence of identity theft has not seemed to diminish with today’s technological advances. On the contrary, it seems to be more prevalent than ever before. “In 2012, for instance, about 12.6 million Americans were reportedly victims of identity fraud. This is an increase from the approximately 11.6 million who were victimized in 2011 and 10.2 million who were victimized in 2010.” Previously, it was harder for anyone to steal personal information. Short of actually stealing your wallet and credit card, thieves would either have to watch someone enter a credit card number or go dumpster diving for ...

(Course/Major)

In the aftermath of the suicide of Aaron Swartz, who hanged himself after Federal prosecutors charged Swartz with 11 felony cases that could landed him in prison for 35 years, there have been calls for reforming the Computer Fraud and Abuse Act (CFAA), the frontline statute tasked to combat cyber crime and fraud committed on the Internet. The 1986 law was designed to providing a law to combat “unauthorized access” to large computers that are “time-shared”. In the past, the assumed threat was activities related to computer “hacking”- individuals who illegally gain access into computer databases, such ...

Executive Summary

Online banking is growing immensely in the modern days. It is a convenient way favored by customers because it enables them to transfer money, pay bills, and access their financial information online. On the other hand, financial institutions favor this industry because it is cost effective. However, online criminals who try to steal firms’ and client information, as well as their money have plagued online banking. Pharming and phishing are the most common attacks experienced by online account holders (Singhal & Padhmanabhan, 2008). Therefore, using an online account has become a risky endeavor that has resulted into serious loss. As a result, clients ...

Trump International Hotel is a 5 star luxury hotel located at Central Park West, Manhattan, New York City. It has several luxury hotel rooms as well as residential condominiums. Like other businesses, Trump International faces a number of security related challenges that are detrimental to its business operations. Among those challenges include credit card fraud, robbery, vandalism and bad checks. Although not all the challenges can be reduced to 0%, a number of measures may be taken to mitigate against the risks posed by those security-related challenges. All the three types of credit card fraud present a risk to Trump International and ...