Fraud Briefs Archives - Page 11 of 24

02 Aug 2021

Are You Liable for Fraudulent Credit and Debit Card Charges?

Are Your Liable for Fraudulent Credit and Debit Card Charges?

Credit and debit card fraud was already a big problem when COVID-19 hit. Although how much payment card fraud increased in 2020 depends on the source, most experts agree that, like most types of fraud, it flourished during the pandemic. COVID-19-related prevention and treatment scams and increased online shopping likely contributed to this rise. If you become a victim, it’s probably good to hear that the law protects consumers from serious losses. But to reduce financial liability, you need to follow the reporting rules carefully. Unauthorized credit card charges If your credit card is lost or stolen and you report the loss to the card issuer before your card is used in a fraudulent transaction, you can’t be held responsible for any unauthorized charges. If you report it...

02 Aug 2021

Don’t Let Fraud Ruin Your Restaurant’s Reopening

Roger Rossmeisl, CPA

Fraud Briefs

Dont Let Fraud Ruin Your Restaurants Reopening

Most restaurants are finally reopening to in-person dining. And while you may now be thinking about luring customers back, hiring enough workers and managing supply-chain shortages, one issue has remained the same: fraud. Restaurants often face fraud threats from employees, customers and vendors. So now isn’t the time to drop your guard. Potential risks Your restaurant may have high transaction volumes but lack the technology linking point-of-sale, inventory and accounting systems. This leaves gaps for fraudsters to exploit. Employees could, for example, provide food and drinks to friends without entering the sales — or ring up only a portion of friends’ bills. They might issue voids or refunds when there was no original sale and pocket the proceeds. Or they could overcharge customers by, say, charging for...

27 Jul 2021

The Risks and Rewards of Accepting Cryptocurrency Payments

Roger Rossmeisl, CPA

Fraud Briefs

The Risks and Rewards of Accepting Cryptocurrency Payments

To use their ill-gotten cash, criminals must make it appear legitimate. That’s the job performed by money launderers, who increasingly use cryptocurrencies. According to digital currency analytics company Elliptic, crooks use them to launder $3 to $4 billion per year. With over 4,000 digital currencies to choose from, they gain access to a liquid asset that’s cost effective and usually untraceable. But cryptocurrencies may also have something to offer legitimate businesses. Let’s look at the pros and cons. Accepting cryptocurrencies Some banks deny customers the ability to deposit digital currencies. They often cite laws that make it illegal to process cryptocurrencies, concerns about security and a lack of infrastructure to support such transactions. But even though banks are reluctant to embrace cryptocurrency, there are some potential benefits for businesses....

20 Jul 2021

IRS 2021 “Dirty Dozen” – Persuading Taxpayers into Unscrupulous Actions

Roger Rossmeisl, CPA

Fraud Briefs

IRS 2021 Dirty Dozen - Persuading Taxpayers into Unscrupulous Actions

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. This year's "Dirty Dozen" is separated into four separate categories: Pandemic-related scams like Economic Impact Payment theft (See Blog Post 1049) Personal information cons including phishing, ransomware and phone "vishing" (See Blog Post 1050) Ruses focusing on unsuspecting victims like fake charities and senior/immigrant fraud (See Blog Post 1051) Schemes that persuade taxpayers into unscrupulous actions such as Offer In Compromise mills and syndicated conservation easements (This Blog Post) The Internal Revenue Service, in IR 2021-144, concluded the "Dirty Dozen" list of tax scams with a warning to taxpayers...

20 Jul 2021

IRS 2021 “Dirty Dozen” – Preying on Unsuspecting Victims

Roger Rossmeisl, CPA

Fraud Briefs

IRS 2021 Dirty Dozen - Preying on Unsuspecting Victims

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. This year's "Dirty Dozen" is separated into four separate categories: Pandemic-related scams like Economic Impact Payment theft (See Blog Post 1049) Personal information cons including phishing, ransomware and phone "vishing" (See Blog Post 1050) Ruses focusing on unsuspecting victims like fake charities and senior/immigrant fraud (This Blog Post) Schemes that persuade taxpayers into unscrupulous actions such as Offer In Compromise mills and syndicated conservation easements (See Blog Post 1052) The Internal Revenue Service, via IR 2021-141, continued its "Dirty Dozen" tax scams with a warning for people to watch...

20 Jul 2021

IRS 2021 “Dirty Dozen” – Pandemic-Related Scams

Roger Rossmeisl, CPA

Fraud Briefs

IRS 2021 Dirty Dozen - Pandemic Related Scams

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. This year's "Dirty Dozen" will be separated into four separate categories: Pandemic-related scams like Economic Impact Payment theft (This Blog Post) Personal information cons including phishing, ransomware and phone "vishing" (See Blog Post 1050) Ruses focusing on unsuspecting victims like fake charities and senior/immigrant fraud (See Blog Post 1051) Schemes that persuade taxpayers into unscrupulous actions such as Offer In Compromise mills and syndicated conservation easements (See Blog Post 1052) Economic Impact Payment theft A continuing threat to individuals is from identity thieves who try to steal Economic Impact Payments...

20 Jul 2021

IRS Releases It’s “Dirty Dozen” Scam List for 2021

Roger Rossmeisl, CPA

Fraud Briefs

IRS Announces Dirty Dozen Scams for 2021

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. On 6/28/21 the Internal Revenue Service, via IR 2021-135, began its "Dirty Dozen" list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams. This year's "Dirty Dozen" will be separated into four separate categories: Pandemic-related scams like Economic Impact Payment theft (See Blog Post 1049) Personal information cons including phishing, ransomware and phone "vishing" (See Blog Post 1050) Ruses focusing on unsuspecting victims like fake charities and senior/immigrant fraud (See Blog Post 1051) Schemes...

14 Jul 2021

Preventing Ransomware Attacks on Manufacturers

Roger Rossmeisl, CPA

Fraud Briefs

Preventing Ransomware Attacks on Manufacturers

The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada and Australia, affecting the U.S. meat supply and even hurting commodity prices. If it seems like cybercriminals often target manufacturing (including food processing) and distribution companies, that’s because they do. According to software company Varonis, manufacturers account for nearly a quarter of all ransomware attacks — more than any other industry. To prevent your company from becoming another statistic, learn about security breaches and protect your network. A high price It’s only natural that manufacturers fear data breaches — and unfortunately hackers often can use that fear to cripple organizations through ransomware. This type of malware is installed on a computer...

14 Jul 2021

Fraudsters Prefer Cash Because It’s Virtually Untraceable

Roger Rossmeisl, CPA

Fraud Briefs

Fraud perpetrators take whatever they can get their hands on. But fraudsters prefer cash because it’s virtually untraceable. Fortunately, fraud experts have the expertise and tools to trace even cash-based theft. Multiple opportunities According to the Association of Certified Fraud Examiners, there are three main categories of cash fraud, which includes checks because they’re easily converted to cash: theft of cash on hand, theft of cash receipts, and fraudulent disbursements. Fraudulent disbursements comprise many of the most frequently executed schemes, such as over-billing and “ghost” employee schemes. Over-billing vendors usually submit inflated invoices by overstating the price per unit or the quantity delivered. A dishonest vendor also might submit a legitimate invoice several times. Over-billing may involve collusion with employees of the victim organization, who typically receive kickbacks for...

Are You Liable for Fraudulent Credit and Debit Card Charges?

Don’t Let Fraud Ruin Your Restaurant’s Reopening

The Risks and Rewards of Accepting Cryptocurrency Payments

IRS 2021 “Dirty Dozen” – Persuading Taxpayers into Unscrupulous Actions

IRS 2021 “Dirty Dozen” – Preying on Unsuspecting Victims

IRS 2021 “Dirty Dozen” – Pandemic-Related Scams

IRS Releases It’s “Dirty Dozen” Scam List for 2021

Preventing Ransomware Attacks on Manufacturers

Fraudsters Prefer Cash Because It’s Virtually Untraceable

ROGER ROSSMEISL, CPA

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