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Hidden assets can be an issue in a variety of contexts — from divorce to bankruptcy to fraud. An acrimonious divorce, ownership dispute or occupational theft incident could all lead an individual or business to wrongfully hide items of value. In such cases, fraud experts use a variety of tools to uncover the assets — and the truth. Net worth analysis Experts often start their searches with a net worth...
Read moreDespite the National Do Not Call registry and features such as caller ID, phone fraud is thriving in the mobile phone era. Using spoofed numbers — which appear to be connected to legitimate government offices and businesses or that resemble your own number — fraud perpetrators say anything and everything to try to steal your money. Recently, scammers have posed as Social Security officials to steal from unsuspecting consumers. Since...
Read moreWhen people hear the term “forensic science,” they usually think “CSI.” What comes to mind when you hear the term “forensic accounting”? Similar to forensic scientists offering opinions about scientific matters, forensic accountants may be called on to investigate and serve as financial experts in commercial litigation. Here’s how. Who they are Forensic accountants specialize in conducting fraud audits and investigations to detect irregularities and troubling trends, looking for both...
Read moreNews of commercial database hackings may seem commonplace in 2019. But while many of these stories focus on hacked bank and credit card accounts, 401(k) plan sponsors and participants probably don’t realize that their plan assets also are at risk. Employers who offer 401(k) plans to their employees need to take precautions against identity theft. Part of this is educating participants. Role of sponsors If your organization sponsors a 401(k)...
Read moreIt should come as no surprise that cash is the most popular target of fraud perpetrators. After all, once stolen, cash itself is virtually untraceable. But that doesn’t mean forensic accounting professionals can’t unearth cash fraud schemes — and the crooks behind them. 3 categories 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...
Read moreBecause they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves can take advantage of such complacency. A law firm’s accounting department — payroll and accounts payable and receivable — may be particularly vulnerable. To protect against financial losses and possible...
Read moreOnline shopping enables consumers to buy almost anything from the convenience of their own homes. But comfortable surroundings can lull online shoppers into a false sense of security. You wouldn’t leave your wallet unattended in a busy shopping mall or enter a sketchy-looking shop, yet you may be taking similar risks on the Internet. One of the biggest risks is shopping on fraudulent sites or making purchases from crooked marketplace...
Read moreA business owner first became suspicious when one of her managers bought an expensive boat that seemed beyond his pay grade. A closer look at the employee and his department revealed sloppy record keeping and financial discrepancies. Was he stealing from the company? Forensic accountants can help answer such questions. One of the most effective techniques for finding hidden income sources or assets is lifestyle analysis. It involves developing a...
Read moreIdentity theft isn’t just a consumer problem. Criminals steal the identities of businesses, too. In addition to filing fraudulent tax returns, criminals assume the identities of companies to apply for credit, impersonate authorized users and empty bank accounts. Here are five ways you can reduce the chance it will happen to your business. 1. Protect confidential documents Secure sensitive paper documents such as financial statements, invoices, bank statements and aging...
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