Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Methods of protecting against identity theft
Methods of protecting against identity theft
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Methods of protecting against identity theft
Accounting- fraud case
Introduction
This paper gives comprehensive and credible information about the impact of fraud and abuse of office cases that occur in various settings. It seeks to equip various stakeholders in the financial sector with reliable information on key issues that appertains to the causes of fraudulent cases, effects, and mitigation modalities. The focus is placed on fraudulent cases since it is a vice that currently ails most institutions thereby impeding their growth in terms of financial capacity, structural set up and market share. In the recent past, financial institutions such as banks have recorded high number of cases of fraudulent activities. The activities that are being executed by both external individuals and insiders or employees have exposed the institutions to huge loses. This has called for the development of superior controls that are economically viable and performance oriented especially in the financial sector to help in ensuring holistic mitigation of such cases. This paper focuses on the recent fraud case that involved Sun National Bank that operates internationally. The bank lost huge amount of money in an act that was considered done by over fifteen individuals.
The state of fraudulent activities in the banking sector
Certainly, the most targeted institutions where fraudulent activities seem to be a promising “career” are the banks. The institutions for example in US lose approximately Sh.15.5 million on a daily basis in a multifaceted fraud, which has persistently threatened the growth of the banking sector. The shocking revelations by the independent analysts, as well as, the bank fraternity indicate that innovative fraudsters have now employed the uses of various advanced means to...
... middle of paper ...
...ins archiving documents in a digital and sure manner (Electronic banking law and commerce report 87). These imaging detectors assist in identifying identity fraudsters who are in search of loans and credit card from the bank.
How things have changed
With synthetic identity fraudsters encompassing our environment, most of the people have become more prudent in securing all their financial documents in the most confidential and secretive manner. Due to this, there has been a recent significant decline in the number of Sun National bank fraudsters. This can also be attributed to the harsh condemnation of the caught fraudsters as many were condemned to stay behind bars for a total of 30 years. Freedom being snatched away from such criminals was not a piece of cake to swallow and this has become an example to many who were previously opting to be identity fraudsters.
Fraud is one of Canada's most severe acts of financial criminality as the economic impact of this crime could potentially handicap an entire society. According to the Canadian Anti-Fraud Centre Annual Statistic Report (CAFC), a report established to monitor fraud with the aid of the Royal Canadian Mounted Police (RCMP), and Competition Bureau of Canada, it reported an annual loss of 74 million dollars affecting over 14,472 victims (Canadian Anti-Fraud Centre, 2014). Given this alarming statistic, it is worrisome that we as a society still ignore or turn a blind eye towards those who commit fraud as seen in the low conviction (Canada Revenue Agency, 2014), and focus our efforts on petty thefts as seen with the high rate of convictions
Financial statement fraud makes up a marginal (less than 10%) percentage of occupational fraud cases, but the median loss is significantly higher at $975,000. A fraud scheme occurring over a significant amount of time will likely result in much higher median losses. For example, a fraud scheme lasting more than five years could result in median losses of $850,000. Larger companies are more likely able to implement strong anti-fraud controls due to size and finances, therefore, smaller companies become more susceptible to fraud schemes due to lack of proper preventive controls. Preventive controls include: implementing internal controls, continually updating the company’s Code of Conduct, rotating jobs/duties, and
Throughout history there have been many white collar crimes. These crimes are defined as non-violent and financial-based crimes that are full ranges of fraud committed by business and government professionals. These crimes are not victimless nor unnoticed. A single scandal can destroy a company and can lose investors millions of dollars. Today, fraud schemes are more sophisticated than ever, and through studying: Enron, LIBOR, Albert Wiggan and Chase National Bank, Lehman Brothers and Madoff, we find how the culprits started there deception, the aftermath of the scandal and what our country has done to prevent future scandals.
This involved sacking of all the employees who had involved themselves in the scam and ensuring that they faced the full force of the law as it is required under the law. A back with such kind of reputation to be implicated in a huge scandal like the one it was involved cannot be looked upon lightly. The news posts suggest that such acts and those who were involved should not be left to go scot free as they have gained a lot from the scandal. The news post also questions the code of ethics in operation in the bank. Ideally, bank staffs are supposed to observe high levels of disciplines especially when the customers are involved. The employees’ actions were a manifestation of how weak the code of conduct with which the bank is applying is and therefore needs a lot of
Sullivan, C. (2009). Is identity theft really theft? International Review of Law, Computers & Technology, 23(1/2), 77-87. doi:10.1080/13600860902742596
Imagine losing your retirement funds or being a victim of a mortgage fraud because money from your bank account disappeared overnight! The 1996 report of the National Criminal Justice Commission estimated that the annual cost of white-collar crime is between $130 billion and $472 billion, seven to twenty-five times greater than the cost of conventional or street crime (Conklin, 2010, P. 71). White-collar crime in America is considered larceny committed by the wealthy, respected, and legitimate enterprise which is not set up or intended to go out of business like an ordinary fraud or con game. White-collar crime offenses may involve forgery, embezzlement, or fraud involving massive amounts of money. Offender’s commit fraudulent acts in the course of normal business practice, but is considered unethical and violates accepted accounting principles and mainly public trust. To help better understand the issue the essay will explain several incidents which are involved with white collar crime and how it hurts many individuals from families to businesses. Even though white-collar crime offender’s gain an increase in salary and may go unnoticed, the criminal justice system should continue to take a stance on white collar crime. Because mainly white collar crime is a serious invincible crime, laws that regulate white collar crimes are necessary, and impacts society's way of life. Additionally, a proposed suggestion will be presented to counter the identified problems and conclude final thoughts on white-collar crime. At the end of the day the goal to continue law regulations against white collar crime while maintaining public protection will be the driving emphasis behind this essay.
The Hollate Manufacturing case provided by Anti-Fraud Collaboration has well illustrated how several common issues in an organization contributed to the fraud’s occurrence. These issues can be categorized into two major groups: ethical culture (internal aspect) and internal control system (external aspect). By taking effective actions to enhance these two aspects, an organization can protect itself against the largest frauds, which result in financial and reputational damage.
ATM hacking has become more and more prevalent in society today. The more technology improves the more fraud is done. The U.S alone, has fallen victim to ATM hacking over the last decade.
ABSTRACT: The quantity of accounting fraud cases keeps on rising. Fraud is a consistent thing that will reliably be around, and in a bigger number of routes than just a single. An extensive apportionment of organizations out there fighting fraud, either from within the organization, or from outside the organization. Knowing how to manage this is essential for an organization to be productive over an extended period of time. The investigation regarding the matter of accounting fraud will utilize sources from the web and the DeVry School Library.
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
In today’s day and age, there is a lot of news that is related to corporate accounting fraud as companies intentionally manipulate their financial statements to show a better picture of their financial health. The objective of financial reporting is to provide financial information about a company to its various stakeholders such as investors and creditors so that these stakeholders can make decisions accordingly. Companies can show a better image of their financial well being by providing misleading information. This can be done by omitting material information from the books or deceitful appropriation of assets such as inventory theft, payroll fraud, check forgery or embezzlement. Fraudulent financial reporting will have an effect on the This includes but is not limited to; check forgery, inventory theft, cash or check theft, payroll fraud or service theft.
A fraud is a dishonest act by an employee that results in personal benefit to the employee at the cost to the employer. The most important elements of fraud are opportunity, Financial pressure and Rationalization. When opportunity is available to a person or a group, and they may be driven by financial pressure or driven by the power of money, he or she look for excuse to the dishonest act and commit the crime. (Kimmel, weygandt, kieso, 337) We are quite frequency overwhelm by the fraud reports.
To identify how we can prevent ourselves from these frauds and how we can control the occurrence of these frauds.
Identity fraud occurs when someone steals another person’s personal documents or information, and then proceeds to use these for their own benefit. In the new digital age, it has become very easy for people to steal personal information, especially through phishing scams and online transactions. The delegation of France believes that some of the most harmful type of identity fraud involve forging passports and other identity papers. The scamming of the identification documents creates a stress on French businesses and weakens the financial system.
"Identity Theft and Your Financial Life." Daily Record [Baltimore] 23 Aug. 2004, Special to the Daily Record ed.: n. pag. eLibrary. Web. 6 July 2011.