1. Numerous fake check scams occur each year. Information and videos are available at www.fakechecks.org.
Write up a report on what you discovered at this site. Throughout the years millions of people are scammed from fake checks. “73% of banks reported check fraud losses in 2010, totaling approximately $893 million”(StopCheckFraud.com). Fake check scams may include: overpayment scam, lottery scam, and work from home scams. All of these checks are fraudulent and cause people to lose thousands of dollars. “760,955 cases of check fraud were reported in 2008 with actual losses estimated at $1.024 billion (2009 ABA study), 561,306 cases and $969 million in 2005 (2006 ABA study), and 616,469 cases and $677 million in 2002 (2003 ABA study) (StopCheckFraud.com).
People should be aware of fake check scams. For example, you should never accept or deposit a check for someone you don’t know. Actually, last year I was the victim of check fraud. A teller allowed two different people to cash two fake checks into our account. These checks were cashed without our knowledge and we did not even know the people. Eventually, they found that the teller had something to do with cashing the fake checks. According to (StopCheckFraud.com) “60% of all fraud incidents within a business involve employees”. This issue was very stressful but in the end the teller was fired.
Watching this video should you the way people can be easily scammed. I also discovered how people will try to manipulate others to do fraudulent things. For instance, telling someone that they won the lottery. How can you win if you never played the lottery? After, watching the victims interviews I determined they you cannot trust people because you can lose a...
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...a chapter 7 a person may not have the money to pay because of loss of income, divorce, or any other hardship. In a Chapter 13 the person has funds to pay but they are trying to extinguish certain debts. The regular payments in Chapter 13 money is distributes money to creditors. Chapter 7 payments do not force you to pay money on your debts. However, both Chapter7 and Chapter 13 may not exclude all debts. Some companies may try to get what you owe to the company. For instance, Billy filed a Chapter 7 after filing for divorce. Billy thought that he would not need to pay or require all of the equipment he financed. Billy found out that the company wanted him to return all the equipment.
Works Cited
http://www.stopcheckfraud.com/statistics.html http://www.usatoday.com/story/news/nation/2014/02/21/detroit-bankruptcy-exit-plan/5679189/ http://www.ftc.gov/about-ftc
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
Fraud is usually comprehended as deceptive nature calculated for advantage. And usually this kind of people might be called a fraud. According to the U.S. legal system, fraud is a particular offense with specific features. Fraud must be proved by showing that the defendant’s actions involved five separate elements: 1. A false statement of a material fact; 2. Knowledge on the part of the defendant that the statement is untrue; 3. Intent on the part of the defendant to deceive the alleged victim; 4. Justifiable reliance by the alleged victim on the statement; 5. Injury to the alleged victim as a
For Tenth National Bank, we have reason to believe that the client intercepted the paper confirmation. After we sent the paper confirmation to the bank, we received an email from Lou Jennings stating that the bank forwarded the confirmation directly to their office instead of sending it to the audit team. In addition, Mr. Jennings provided login credentials and a link to the bank’s website, which did not appear to be reliable. As per the video, “How to Fight Confirmation Fraud”, presented by the founder of confirmation.com, Brian Fox, a fictitious website can be created easily. Our skepticism toward the reliability of the website is based on the unresponsiveness of most of the links on the site; the only link that works is the login button. In addition the website appeared dated and rudimentary. Another factor we found quite strange is that the website only offers paper statement deliveries, which we find highly unusual since paper statements are easier to modify. Furthermore, based on the tracking provided by USPS, the letter is still in the shipping process with no indication that Tenth National Bank has officially received the request for confirmation. This further supports our theory that Lou Jennings intercepted the Tenth National Bank confirmation letter. In our o...
Fraud, scams and cons are everywhere. They affect many people every day, making this a form of crime likely to affect most people, in some way, during their lifetime. The various types of scams and cons are staggering. A Google search for a list of frauds netted over 1,000 types of schemes, scams, frauds and cons. The simple truth is this: There are people out there with the desire and motive to profit from the misfortune and deception of others. They will use the methods they know to succeed (usually financially) and make a situation profitable for themselves. Some schemes are very simple, while others are incredibly complex; walking a fine line between legal and illegal. We will examine some of the various schemes and scams that have been used in the past and many of which are still used today.
A check is defined as a written order on a bank or banker payable on demand to the person named or his order or bearer and drawn by virtue of credits due the drawer from the bank created by money deposited with the bank. (Mallor, Barnes, Bowers & Langvardt, 2013) With that definition, we can conclude that check fraud is the reproducing of legitimate account information by printing false checks or altering original checks by using chemicals. Business and financial institutions alike avoid falling victim to this white collar crime, which remains one of the biggest challenges for them. There are many different types of check fraud, which we will discuss however; we will go into depth on only one.
Furthermore, for those who do not entirely grasp the concept of a Ponzi Scheme and disregarding the specific Madoff case, the popular culture show “Two and a half men” shows a simple fraud carried out by character “Alan” in the episode “That Darn Priest”. It is obviously blended in with situational comedy; however the episode does a good and humoristic job of illustrating the simplest technique for a Ponzi scheme by bankrolling “returns” with new investments.
In order to make sure you are not a victim, one should check their account on a regular basis to make sure there are no unfamiliar transactions. Usually when there are unusual purchases, the bank will inform the customer to make sure it’s not fraud. Many times a thief will make small transactions to run tests to see if the account operates. Small purchases may not alert the bank, which is the reason a person must always be on high alert. Any purchase which is unfamiliar must be reported immediately to the bank. The longer the fraud continues the more damage will be
Confidence game is so-named because the scam artist gains the ‘confidence’ of the ‘mark’, or sucker in order to build the trusting relationship needed to run a good ‘game’ and separate gullible people from their money.
Banking fraud covers a wide range of areas that include cheque, credit card and online banking fraud. All areas are susceptible to fraudsters; some more likely than others for example online fraud is more popular than phone banking fraud due to technology advancements in the last decade.
Embezzlement is financial fraud and is often executed in a way that is premeditated, systematic and/or methodical with the explicit intent to conceal the activities from other individuals, usually because it is being done without the other individuals’ knowledge or consent. Embezzlement “often involves the trusted individual embezzling only a small proportion of the total of the funds that he/she control in an attempt to minimize the risk of the detection of the misallocation of the funds or resources. When successful, embezzlements continue for years without detection. It is often only when a relatively large proportion of the funds are needed at one time or they are called upon for another use that the fraud is discovered (Wikipedia). This essay will present John F. Doorly’s and Minnie Mangum’s schemes as examples of embezzlement and discuss preventive measures.
Individuals such as sales people, job applicants, CEOs, entrepreneurs, investors, customer service representatives, and employees may commit fraudulent
Fraud in charitable organizations occurs when legitimate organizations or the individuals working for the organization misuse donations, or when illegitimate organizations or individuals collect donations on behalf of a sham organization. Perpetrators of charity fraud prey on the generosity of their donors through a variety of means. Some individuals may try to get the attention of a passerby on the street requesting cash for the hungry or disabled while others may use telemarketing scams in which the perpetrator tries to convince the potential donor of their legitimacy and the immediacy of financial need for a worthy cause. Yet, the most u...
Think about priorities, most of the consumers of these scam traps are leaders of a family, meaning they are the ones putting bread on the table. Now if only they would focus more on that, rather than spending their income on shenanigans like so, society could be a bit more productive. Some of us consumers would rather spend a couple of bucks on a scratch off rather than buying some bananas or a gallon of milk for our kids. As a society we need to understand that the feeling of luck is not an excuse for us to go spend all our hard earned money on gambling, but instead should be kept in our pockets or bank accounts, or even better, to help feed the hungry and clothe the naked directly. Do not give your money to a company that promises the world to one person while also promising to help our education system and veterans. Instead take action directly. Focus on starting a budget, a written plan for your money. As opposed to looking forward to hit the jackpot; ask yourself, do I really have these few extra bucks? And if you do, do you really wish to spend them on a gamble, instead of some guaranteed fresh
According to Justice.gov, a government website that is headed by the justice department of the United States, there are many ways that a thief can steal your identity. For instance, “In public places, for example, criminals may engage in "shoulder surfing"– watching you from a nearby location as you punch in your telephone calling card number or credit card number”. This demonstrates how easy it is for a thief to obtain your identity. They also mention how a thief can use the stolen data. The text states, “With enough identifying information about an individual, a criminal can take over that individual's identity to conduct a wide range of crimes. For example, false applications for loans and credit cards, fraudulent withdrawals from bank accounts, fraudulent use of telephone calling cards or online accounts, or obtaining other goods or privileges which the criminal might be denied if he were to use their real name” (“What are identity Theft and Identity Fraud?”). When a thief does one of these things, the damage to your personal credit could be catastrophic. According to the Internal Revenue Service, the government agency responsible for collecting taxes, in April of 2017, a woman named Melissa Hayes deposited fraudulent tax refund checks that totaled to over $160,000. She was sentenced to 27 months in prison for her actions. Also in April of 2017, a man
Research shows that anyone can commit fraud regardless of his age, gender, education level, status and others. Findings from the Association of Certified Fraud Examiners (ACFE) Report to the Nations 2016 on Occupational Fraud and Abuse that the frequency distribution shows that 55% of fraudsters is commonly between the age of 31 to 45% and more likely male than female. Males are not only larger in number of frauds but they also generally cause larger losses which the median loss caused by male fraudster was 187,000 USD while the median loss by a female fraudster was 100,000 USD.