Posts

Credit Card fraud - Complete Controller

Since credit and debit cards are so widely used as a primary form of payment, they are subject to use for fraud and identity theft. Because of this wide usage, people have become relaxed in how they handle their credit and debit cards, and it has left them vulnerable to the consequences of that relaxed attitude. However, if you focus on being more aware of the possibilities of fraud and identity theft, you can protect yourself against it. Here are seven ways you can protect yourself from fraud or identity theft through your credit card. Check out America's Best Bookkeepers

Credit Card Skimmers

Credit card skimmers have become a widely used way of stealing your debit or credit card information and using it for purchases or to steal your identity. The thief will use a skimmer placed over the card reader on an unprotected ATM or gas pump. Because these devices are made to look so much like the real thing, most people don’t notice any difference, and when they swipe their card, it will store the information on the skimmer. To further the sense of security, the ATM or gas pump will still operate as normal without the victim ever being aware their information has been compromised.

To avoid this, you should always go inside the store if you are buying gas or using ATMs inside and visible to a store employee or a guard. If you have no choice but to use an outside and unprotected ATM or gas pump, check the reader thoroughly before using it. If it looks unusual, don’t use it.

Credit Card Theft

Some thieves still operate the old-fashioned way and take your debit or credit card from you. To protect someone swiping your card from you, you should go out of your way to make that impossible, or at least difficult enough that the would-be thief will leave you alone.

Ensure that if you are going to carry a credit card, you only carry one with you at a time if you have more than one. If your wallet is stolen, you only have to deal with one credit card and not all of them. You should also carry your card in a place that can’t be easily gotten to by a would-be thief. Whether it be in your purse or an inside pocket, you should be focused on protecting your card. When using your card to make a purchase, especially at a restaurant, keep your eyes on your card even if they step away from the table to charge it. The main thing to remember is that you should always be aware of your debit or credit card when you are in public. Check out America's Best Bookkeepers

Credit Card Receipts

When using your credit or debit cards to make a purchase, the receipt is just as important as the card itself. After you have made the purchase, carefully review the receipt and make sure no full credit card information is on it. You should also never sign a blank receipt. If any blanks could have an amount in them, such as tips, make sure you mark through it if it’s blank or check that you put the correct amount for the tip in the blank. Make sure that you write the tip and the total yourself. After the waitstaff has returned your credit card, do not leave it at the table once you sign the receipt. Make sure you hand the receipt to your waitperson.

Credit Card Information

If you must provide your credit card information over the phone, you should keep a few things in mind. First, never give your credit card information to someone who calls you. If you cannot verify that they are a bill collector or someone from a creditor, you should never give your credit card information to them. If you call to pay a bill or order something over the phone, be careful. It is sometimes necessary that you give your credit card information over the phone. However, be careful of who you give it to. As much as possible, do not use phone services in which a human being will be taking your credit card information—always try to use automated services.

Credit Card Online Usage

When using your credit card online, you should still keep some things in mind to protect your credit card. First, only use secure sites. While every site is vulnerable to hacking, secure sites are less likely to fall prey to it. If you are on a public or unsecured network, you should never be using your credit card online during those times. When on a public network, anyone else on that network, who has even low-level hacking skills, can use those skills to steal your credit card information.

If you receive an email requesting your credit card information, you should never use the link provided in the email. If it is legitimate that you need to pay a bill or for some service or product, you should go to the site on your own and not through an email link unless you have prearranged to receive that link. Check out America's Best Bookkeepers

Lost or Stolen Credit Card

It should go without saying that you should immediately report a lost or stolen card when you become aware of it missing. If you have misplaced your card, give yourself a bit of time to find it, but if you haven’t found it in that timeframe, you should immediately be calling your bank to protect yourself. Many cards and banks can freeze your card by simply going online and accessing your account. If your bank offers this option, you should do it immediately while you search for your card. If you cannot find your card, then call and have it replaced.

Credit Card Statement

Information is king. Therefore, you should always be aware of what is on your credit card statement. Through most banking websites and apps, you can check your balance and activity multiple times a day. You should be checking your activity and balance daily, especially because it is so convenient.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Deed Fraud - Complete Controller

Imagine you have a home that you own free and clear, then one day you get a knock on your door and find out you are being evicted. There is a new type of fraud that is becoming more widely done by criminals. Deed fraud and title theft are rising at an alarming rate, and those that have a deed need to take steps to protect themselves. Check out America's Best Bookkeepers

The Problem

As real estate owners and business experts, we understand the significance of regular upkeep, property insurance, and other regular tasks intended to protect the value of what is, for many of us, our most significant asset. Recent stories in several states indicate that people from all walks of life have discovered that they are no longer the home or real estate owner they knew to be theirs. This can be every property type, from a home to a business or any other property with a title.

How can this type of fraud occur? This is especially difficult to answer when purchases of real estate require identity safeguards that fall under regulations. The protocols in place were intended to ensure that transfers are valid and the title’s chain is preserved. For honest owners, the constraints might seem unnecessary and inconvenient steps to take. However, despite these steps, some criminals can get past them and take over your home. Check out America's Best Bookkeepers

Deed Basics

All fifty states and the District of Columbia require written documents to transfer real estate property ownership. A review of the requirements show that the following must be on the deed:

  • A title stating the nature of the document
  • The name of the property owner of record
  • A granting clause that states the owners intent to convey the property to the buyer
  • The purchaser’s name
  • A detailed, formal description of the property
  • The signature and printed name of the grantor or an authorized representative
  • An acknowledgment by a notarial officer

Forgery

Forgery is the act of illegally making a false document or altering the original document to be used as if not false. Forgery is a criminal offense in the US and, in many states, is a high-degree misdemeanor or even a felony. The criminal charges depend on the details of the crime, including the amount and the document’s nature; forging deeds generally leads to a high-level offense.

Most fraudulent deeds contain more than one forged detail, and in some cases, each separate detail carries a charge. The owner or an authorized person must sign all authentic property deeds so that a fraudulent document may have a fake signature. A fraudster may pose as the real estate owner and sign the deed in a notary presence. Check out America's Best Bookkeepers

Public Records

If the forged deed containing all the forged and fraudulent information is entered into the public record, the fraudster can now perpetuate the forged deed easily. Once that junk data is in circulation, it becomes an additional issue because now it can be accessed as a real estate purchase, mortgage, title search, and credit check, all the while coming across as authentic.

Risk Factors

Anyone who holds a deed can become a victim of title theft or title fraud, but knowing it can go a long way in preventing it. There are companies that you can pay a monthly fee to monitor activity specifically relating to your deed. Or you can check it regularly to ensure it is still in your name and has the correct information on it.

If you have any elderly family or friends who own their home, you need to protect them against this type of fraud. You also need to keep an eye on documents of your family or loved ones who have passed away because it is common for these criminals to watch for obituaries so they can take over the deeds of the deceased’s properties.

Victims

If you become a victim of title theft, you should contact authorities immediately and quickly gather all the documents and prove that you are the property’s true owner. The key is to act fast when it comes to this type of theft because if you don’t discover you are a victim until you are being evicted from your own home, it could be very difficult to reverse the fraud.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Corruption in Your Business - Complete Controller

If you own your own business, you probably know the ways in which a brand can be subject to corruption. However, with several people working under you, it may be hard to spot the root of the discrepancy and how deep it runs. Your most trusted bookkeeper could be cooking the books right under your nose, and you may never suspect it!

One of the most common sources of fraud is theft. This may come in the form of stealing cash, embezzlement, and misappropriation of cash, inventory, or other physical assets. All

these transgressions are severe and can threaten the life of your business, as well as have legal ramifications. Check out America's Best Bookkeepers

However, frauds are most witnessed in small to medium-sized businesses due to the lack of proper security checkups and fraud-proofed operation systems. Also supporting this claim is the fact that in a small business, usually, only one person is responsible for the bookkeeping and accounting functions. They are single-handedly entrusted with receiving cash, payments, payroll tracking expenses, paying bills, bank deposits, and more! Being able to work privately and on their own, a bookkeeper may be tempted to involve themselves in fraud or embezzlement.

 

If you are constantly on edge and confused as to why your business is not bringing in more profits, despite all your efforts, chances are your brand is being corrupted by your own employees. Read our signs to watch out for, as well as ways to protect your business from fraud.

Detect the Signs for Corruptions 

With every business, there is always a chance of corruption. However, detecting corruption in a small business can be relatively simple. Possible signs that may indicate fraud, theft, or embezzlement in the business are most often apparent. It is important to pay close attention to signs of potential corruption and dig deeper to find the root. One such way you can achieve this is by keeping a closer eye on your trusted employees to avoid any fraud. Money makes people do some crazy things. Check out America's Best Bookkeepers

Study Your Accounting Statements

Studying your accounting statements is crucial to saving your company from corruption. However, to do an accurate assessment, you must have a basic understanding of what you are looking at. It may be a good idea to do some research about your financial statements. Understanding how the statements work and what they are saying is necessary for finding potential corruption.

Maintain a System of Checks and Balances Among Your Employees

Be sure to keep a system of checks and balances within your staff. Sure, you trust them. Still, it is of the utmost importance to audit their work regularly to ensure compliance. By doing this, you will stay current with your financial affairs, as well as reduce corruption.

Look for any Excessive transactions Taking Place

Excessive spending by employees is not conducive to financial stability. Scrutinizing the spending habits of your employees is an excellent way to avoid corruption.

Keep all the Cameras on

Today, most offices have cameras in almost every nook and cranny to protect the business from theft, inappropriate behavior, time-wasting, etc. Keep these cameras on during and after the shift to ensure safety and prevent fraud. Check out America's Best Bookkeepers

Avoid Late Working

In most companies, an employee who stays late to finish the job is appreciated and praised. However, having the office all to themselves may contribute to corruption. For this reason, it is recommended to advise against being alone in the office.

Advance into Technology – Use Accounting Software

Whether you use electronic systems for your accounting or do the bookkeeping manually on a register, take great care to ensure there are no discrepancies. Your financial statements should match every cash flow statement and balance sheet of the accounts.

However, due to human error, consider investing in software to manage your books. This may help in preventing fraud and increasing efficiency.

Make Auditing a Routine Practice

As stated above, delegating the accounting to only one person may open doors to corruption and fraud. However, if this is the way it must be for your business, make it a practice to audit your own accounts regularly. This will promote a culture of honesty and integrity.

Conclusion

There you have it! You have just read some of the most practical ways of detecting corruption in your business. Use them to your advantage and remember, there is nothing wrong with being vigilant. It is your business and, therefore, your neck on the line!  

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Credit Card Fraud or Identity Theft - Complete Controller

Since credit and debit cards are so widely used as a primary form of payment, they are subject to use for fraud and identity theft. Because of this wide usage, people have become relaxed in how they handle their credit and debit cards, and it has left them vulnerable to the consequences of that relaxed attitude. However, if you focus on being more aware of the possibilities of fraud and identity theft, you can protect yourself against it. Here are seven ways you can protect yourself from fraud or identity theft through your credit card. Check out America's Best Bookkeepers

Credit Card Skimmers

Credit card skimmers have become a widely used way of stealing your debit or credit card information and using it for purchases or to steal your identity. The thief will use a skimmer placed over the card reader on an unprotected ATM or gas pump. Because these devices are made to look so much like the real thing, most people don’t notice any difference, and when they swipe their card, it will store the information on the skimmer. To further the sense of security, the ATM or gas pump will still operate as normal without the victim ever being aware their information has been compromised.

To avoid this, you should always go inside the store if you are buying gas or using ATMs inside and visible to a store employee or a guard. If you have no choice but to use an outside and unprotected ATM or gas pump, check the reader thoroughly before using it. If it looks unusual, don’t use it.

Credit Card Theft

Some thieves still operate the old-fashioned way and take your debit or credit card from you. To protect someone swiping your card from you, you should go out of your way to make that impossible, or at least difficult enough that the would-be thief will leave you alone. Check out America's Best Bookkeepers

Ensure that if you are going to carry a credit card, you only carry one with you at a time if you have more than one. If your wallet is stolen, you only have to deal with one credit card and not all of them. You should also carry your card in a place that can’t be easily gotten to by a would-be thief. Whether it be in your purse or an inside pocket, you should be focused on protecting your card. When using your card to make a purchase, especially at a restaurant, keep your eyes on your card even if they step away from the table to charge it. The main thing to remember is that you should always be aware of your debit or credit card when you are in public.

Credit Card Receipts

When using your credit or debit cards to make a purchase, the receipt is just as important as the card itself. After you have made the purchase, carefully review the receipt and make sure no full credit card information is on it. You should also never sign a blank receipt. If any blanks could have an amount in them, such as tips, make sure you mark through it if it’s blank or check that you put the correct amount for the tip in the blank. Make sure that you write the tip and the total yourself. After the waitstaff has returned your credit card, do not leave it at the table once you sign the receipt. Make sure you hand the receipt to your waitperson.

Credit Card Information

If you must provide your credit card information over the phone, you should keep a few things in mind. First, never give your credit card information to someone who calls you. If you cannot verify that they are a bill collector or someone from a creditor, you should never give your credit card information to them. If you call to pay a bill or order something over the phone, be careful. It is sometimes necessary that you give your credit card information over the phone. However, be careful of who you give it to. As much as possible, do not use phone services in which a human being will be taking your credit card information—always try to use automated services. Check out America's Best Bookkeepers

Credit Card Online Usage

When using your credit card online, you should still keep some things in mind to protect your credit card. First, only use secure sites. While every site is vulnerable to hacking, secure sites are less likely to fall prey to it. If you are on a public or unsecured network, you should never be using your credit card online during those times. When on a public network, anyone else on that network, who has even low-level hacking skills, can use those skills to steal your credit card information.

If you receive an email requesting your credit card information, you should never use the link provided in the email if it is legitimate that you need to pay a bill or for some service or product, you should go to the site on your own and not through an email link unless you have prearranged to receive that link.

Lost or Stolen Credit Card

It should go without saying that you should immediately report a lost or stolen card when you become aware of it missing. If you have misplaced your card, give yourself a bit of time to find it, but if you haven’t found it in that timeframe, you should immediately be calling your bank to protect yourself. Many cards and banks can freeze your card by simply going online and accessing your account. If your bank offers this option, you should do it immediately while you search for your card. If you cannot find your card, then call and have it replaced.

Credit Card Statement

Information is king. Therefore, you should always be aware of what is on your credit card statement. Through most banking websites and apps, you can check your balance and activity multiple times a day. You should be checking your activity and balance daily, especially because it is so convenient.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Credit Card Fraud - Complete Controller

Over the past decade, debit and credit card use has been the number one way consumers make purchases, pay bills, and make security deposits. Due to plastic being the primary form of payment, credit card fraud is at an all-time high. This high amount of fraud means you have to protect yourself against it. Here are nine ways to protect yourself against credit card fraud.

Protect Your Credit Card

Protecting your credit card may seem obvious, but surprisingly most credit cardholders fail to do so. Make sure you place it in a wallet, purse, or bag that is held close to your body and not easily grabbed. If possible, put it in a small purse or wallet that can be concealed. Don’t carry all your cards with you simultaneously. Only take one or two debit or credit cards with you and leave others behind. This will ensure that if a thief does manage to snatch your purse or wallet, they won’t have all your debit or credit cards. Check out America's Best Bookkeepers

When you use your card, make sure you conceal it as much as possible and pay attention to your surroundings. Some thieves will take a photo of your card and use the number for online purchases. Once you make a purchase, conceal your card as soon as possible.

Shred Credit Card Documents

Whether it is a billing statement or credit card receipt, once you no longer need the document, it is essential to shred it rather than throwing it away. Also, make sure you shred old cards when they expire. Often a new credit or debit card will have the same number with a new expiration date. The key is to ensure anything you are disposing of that has your credit card number on it must be destroyed before throwing away.

Never Sign Blank Credit Card Receipts

Not signing a blank credit card receipt may sound like an obvious no, no, but again, sometimes we are busy or distracted and will mindlessly sign anything put in front of us. Make sure you read anything you sign that is related to your debit or credit card. If you are at a restaurant and tip cash, make sure you write a zero or put a line in the blank and write the total yourself or write “No Tip” or “Cash” in the blank. Even if you do write in a tip, make sure you provide the total and write the amounts so that they cannot be doctored into another amount. Check out America's Best Bookkeepers

Don’t Give Out Credit Card Information

It is sometimes necessary to provide your credit or debit card number over the phone. First, never do so in public. If you have no choice, make sure you go to a private area and ensure no one is listening. Second, if you didn’t initiate the call, never give your card information to the caller, even if they claim to be a bill collector. If you think it is a legitimate entity, ask for their website and how you can make a payment online.

Be Safe Online

Never click on links in emails claiming to be your credit card company, bank, or another payment platform. If you receive an email that looks like it is from one of your banking or payment institutions claiming there is an issue with your card or account, go to their site or app and check your account after your secure login. This type of fraud is called phishing. It is used to capture your debit or credit card information or get your login and password. Also, when using your card online, ensure the site is secure. You can see if it is a secure site by looking at the URL or address bar on the site. If you see a padlock in the status or address bar, the site is secure.

Report Lost or Stolen Credit Cards

If your credit or debit card is stolen, immediately call the card holding company and cancel the card. If you think you merely misplaced the card and don’t want to have to deal with replacing the card or cards, many credit card companies and banks have an option to freeze the account. This freezing of the account will also allow the company to recognize fraudulent use and contact you if an attempt to use your card is made. Check out America's Best Bookkeepers

Check Your Statement Regularly

Unauthorized charges on your credit card are the first sign of credit card fraud. Some banking institutions or credit card holding companies will alert the cardholder to unusual activity. However, this cannot be counted on to catch fraud early. It is suggested that you check your banking or credit card statements daily. Though this may not avoid fraud, it will allow the fraud to be caught early and minimize any damage before it becomes overwhelming.

Create Diverse Passwords

Most people use the same passwords for all of their online activities. You must create complicated and unpredictable passwords for any site where your credit card is stored and make it different for every site. Also, never keep your passwords in an easy to locate or access place. Password diversity and security is vital to avoiding credit card fraud.

Watch for Credit Card Skimmers

A more recent and popular debit or credit card fraud is thieves employing the use of skimmers. A skimmer overlays the card reader of gas pumps and ATMs. It will not affect your ability to complete a transaction or purchase; however, the skimmer retains your credit card information and pin. To avoid this credit or debit card fraud, use bank ATMs, and be wary if the reader slot looks unusual. To prevent the possibility of a skimmer used on a gas pump, pay inside if you must use the reader on the pump, look at it closely and be wary if it seems out of place or unusual.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
cyber fraud - Complete Controller

Cyber fraud is among the top crimes in the U.S., with 10% of victims according to the latest figures. Around 5.5 million cyber-related crimes are committed throughout the country every year, almost half of the total crimes. Most cases are not reported because victims believe that nothing can be done to catch the criminals or are too mortified to talk about what happened. This perception makes cyber-related crimes the most common offense in the country, which needs to be controlled immediately.

The figures are reported by the Crime Survey of England and Wales and estimate that 11.8 million offenses took place in a 12 month period. Among all the attacks, 3.2 million are related to cyber fraud, while another 2 million were reported to unauthorized computer use, 3.5 million cases of theft, and 1.2 million cases of personal violence. Check out America's Best Bookkeepers

Why a common offense

The number one reason for cybercrime to be so common is its ability to penetrate the target from far off locations. Most of the cyber fraud that happens in the U.S. originates from other countries, making it quite challenging to track the offenders, and catching them is a different matter. The criminals use many sophisticated techniques to gain access to a victim’s bank account and other vital information. Most of the people who fall prey to such scams are elderly persons who are lured into giving out their account details or passwords. Email phishing scams are the most common way to approach these individuals. However, criminals keep on coming up with innovative methods to access what they desire. The scale and extent of cyber fraud have increased so much that nobody should consider themselves safe and must take precautionary measures. Check out America's Best Bookkeepers

Effect on victims

The affected cyber fraud victims often feel devastated and embarrassed, which hampers their life at all levels. In some cases, they become emotionally unstable due to constant harassment or a huge loss. They even start blaming themselves and don’t come out openly to talk about what happened. Many charities encourage people to seek help if they have suffered to get the justice they deserve.

Stats

About 10% of the overall population has reported being a victim of any cyber fraud. According to the Office for National Statistics (ONS), crime figures have almost doubled. Burglary and car theft were frequent attacks in recent times, but cyber fraud is overtaking every other form of the crime. With the advent of online data storage, the number has significantly risen over the past years. Check out America's Best Bookkeepers

About 80% of cyber offenses are not reported, which means that criminals work without the fear of ever getting caught. Only 622,000 cases out of 3.6 million were reported to the police in the last year. Even higher police officials acknowledged underreporting to be a significant problem when it comes to cyber fraud. The overall increase in web-related crimes has risen by a whopping 39% while the cases reported to the police only saw an increase of 3%, which is alarmingly low. After harassment and online trolling have been included in the online offenses, the ONS reported that reporting has increased by 22%. A common trend is that victims take up the issue with their bank to gain re-access to their funds instead of going to the police.

The bottom line

Whether old or young, every individual must take precautionary measures to secure their available information digitally. Use strong passwords, firewalls, and antiviruses to save yourself from cyber fraud. With the increasing statistics in cybercrimes, everyone needs to learn about the vulnerabilities and secure them.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
cyber fraud trust - Complete Controller

In today’s world, almost everyone has received an e-mail from somewhere with a suggestion on how to win a million dollars or a proposal to help begin a business. These kinds of doubtful opinions should be immediately thrown into the trash. But from time to time, e-mails can come from a serious sender whose intents and purposes, you will believe. For example, they can notify you that your cell phone operator has introduced a new tariff plan of which you are promptly made aware. You will probably open such an e-mail with an attachment, without thinking about a dirty trick – and you will infect your workstation with a virus that can steal your private information and financial data. Check out America's Best Bookkeepers

In the financial market, cyber fraud has received a “new life” with digital technologies’ progress. We are living in a digital society with a digital economy that simultaneously provides us with new opportunities in our professional activities and everyday lives and are significant causes of risks. These risks are often cybercrime, even though 7 out of 10 workers claim to understand the risk of cyber threats and how to protect themselves from cyber-attacks. In addition to this, two-thirds of workers at least became the victims of cybercrime once in their lives. On any day, there are 1.5 million cyber-attacks, which concludes about 18 victims per second with increasing yearly damage from cyber-crime of $110 billion.

 

There are two essential aspects of Cyber-Attack

  • The ones against whom cyber-crime is planned such as, citizens, communal and private firms that can include financial institutes (banks, insurance corporations, several funds, exchanges, etc.)
  • What are cyber-criminals stealing or destroying – money, other property, private data, etc. Check out America's Best Bookkeepers

 

The methods of committing cyber-crime are of two kinds:

  • Social engineering
  • Virus program

Cyber-crime through social engineering methods comes from the refusal to fulfill the routine requirements of the security of your system and the need to earn money without inconveniences. Bookkeeping software and processes can keep all the confidential information saved. Methods to commit fraud within the social engineering framework fall into two groups:

  • Information-stealing from bank cards
  • Data seizure from system carriers, also through the Internet

 

For example, you might get a text that your card is blocked, and for unblocking it, you have to call a given number. The attacker will convince you somehow and will force you to provide the passwords and PINs of the card, or maybe to even go to the ATM allegedly for unlocking it. As a result, the victim himself will transfer the money to the fraud scammers. Check out America's Best Bookkeepers

What to do?

It is never wise to call the phone number specified in the text message. Instead, one should only use the information written on the back of the card.

 

With the help of social engineering, cyber-criminals usually try finding out the details that are sufficient for transferring money from the victim’s card to the scammer’s card, such as card digits, validity period, CVV code (three numbers on the back of the card). It is essential to keep in mind that the bank representatives will never (either by telephone or through the mail) ask for full card information, the card’s passwords, or PIN-codes. Your full name and the last four digits of the card will be enough for them to consult.

 

Professionals specializing in the investigation and prevention of cyber-crime offer the following classification of cyber-crime:

 

  • Internet banking systems frauds
  • Fraudsters cheat by using confidential data such as login, bank card number, CVV- value, i.e., three digits on the back of the card and PIN code.
  • Fraud in electronic money (through ATM or online transactions)
  •  A piece of code or a sequence of commands that use software vulnerabilities and are used to attack a computer system.
  • Anonymization (the procedure of deleting information from the database to conceal the source of data)
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
combat cyber fraud - Complete Controller

It is difficult to imagine modern employees working without the Internet. For many, it has become a useful and convenient tool for accomplishing important tasks and reaching production goals. With the Internet today, it is possible to conduct financial transactions, communicate and solve business issues, and much more. Unfortunately, cybercriminals can use these Internet opportunities for criminal purposes.

The following are the kinds of cyber fraud and the ways to recognize and fight them.

Phishing Check out America's Best Bookkeepers

The most common type of cyber fraud in recent times is phishing, which is essentially a kidnapping of a user’s data. This stealing of confidential information (passwords, personal information, and much more) gets carried out through various viruses and malicious programs. That’s why you should not open attachments in emails from unknown recipients or go to unfamiliar sites. Also, secret information should not become disclosed to strangers disguised as bank employees or law enforcement agencies trying to obtain the confidential information they need.

Today phishing is considered one of the most common types of fraud. In this case, the primary purpose of scammers is to get your bank card data. To do this, they send emails, apparently on behalf of the bank.  This scheme does not mean that money will disappear instantly from the card, but the attackers will have all your data, which they can use in the future.

To protect against phishing, owners should use the same methods to inform users that they have come to a suspicious site that may belong to scammers.

Fake online stores

It all starts with a group of scammers. It places a copy of a well-known online store or a commercial offline network that has already gained a positive reputation among consumers. Next, scammers distribute information on the system with links to the store, after which users go to the appropriate site. Of course, as a result, customers of such a store do not receive any goods. Real organizations, whose reputation in this case suffer, have to spend a lot of time and money restoring consumer confidence. For recognizing this fraud, one should never open the website of a well-known store that is not official. Check out America's Best Bookkeepers

Internet begging

Different requests to help someone on the Internet are no longer surprising. Of course, it is not uncommon when help is needed. They will probably ask you to fill a form that requires your account details. The data can be fake, or the cheats might have changed the bank details already in the very form of the request for help. One should never provide their bank details unless they double-check the document that needs your account information.

Content blocking

This method is considered primitive, but unfortunately, it works. In the course of this method, a strict design gets selected for the “blocking” of the blocking notification. Targeting and localization are made directly by the user’s IP with the posted text. A lock gets made because the user used the prohibited content. The document indicates an excerpt from the relevant law and data to pay for the “unlock” of the system.

In order not to “pick up” malicious software of this kind, you should never click on links to websites of banks or other financial organizations. It is necessary to enter the address manually. Otherwise, there is a risk that you can get on a fake page that looks exactly like the original. Check out America's Best Bookkeepers

Trojan Encoder

The Trojan Encoder program is considered one of the most malicious ways. Such an application gets to the computer of gullible users from sites with built-in malicious code. After that, it encrypts all files on the computer and then harms the system. It can also damage the bookkeeping data on your system.

For protection, always monitor the account and connect to it SMS-banking. Do not leave personal information about yourself and your card on Internet sites, regularly update anti-virus protection, especially with the function of secure payments.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
credit card fraud - Complete Controller

ID theft statistics

Identity theft has become relatively common in today’s world. In the year 2016 and the year 2017, ID theft statistics have attracted a lot of attention and interest. These facts and stats encompass the entire territory of cybercrime. Even though ransomware garners more attention, ID theft remains much simpler to execute and monetize. Credit card numbers, social security numbers, and other private ID issues can be embezzled and sold on the web. There is also the possibility that offenders can use the information for a fast and secure income.

ATO (Account takeover) fraud is seen to make a comeback last year. Just as the name implies, the Identity thief utilizes the victim’s stolen personal data to enter their account and get a new card delivered to them.

These reasons are why it is essential to be familiar with the concept of bookkeeping. Bookkeeping helps you to understand and analyze accounting, finance, and statistics.

Some common kinds of identity theft occur. According to the Federal Trade Commission (FTC), the government agency maintains a warehouse for ID theft complaints. Provided below are some statistics related to credit card and ID theft. Check out America's Best Bookkeepers

  1. 34% Tax-Related or Employment Fraud

When a criminal utilizes someone’s Social Security Number and other personal data to apply for an income tax return or to acquire employment.

  1. 33% Credit Card Fraud

The crook utilizes someone’s credit card or just the number to obtain fraudulent purchases.

  1. 13% Utilities or Phone Fraud

The crook utilizes someone’s data to open a utility account or assess their wireless phone. Check out America's Best Bookkeepers

  1. 12% Bank fraud

The crook utilizes someone’s data to take possession of an existing commercial bank account or create a new account in that victim’s name.

  1. 7% Lease or Loan Fraud

The lessee or borrower utilizes someone’s data to gain the lease or loan.

  1. 7% Government Benefits or Documents Fraud

The crook utilizes stolen personal data to attain government benefits. Check out America's Best Bookkeepers

Credit card fraud

Regardless of the circumstances that credit card fraud only influences about one% of its fraction, as per the information by the Federal Reserve, the situation is a significant concern among customers. Regardless of how small the offense fraud is, no individual wants their hard-earned cash drained away by criminals.

According to The Identity Fraud Study, new account scam continues to grow. Alongside, account takeover fraud has also flourished dramatically. New account scams recorded nearly doubled the previous year.

As Europay, MasterCard, and Visa (EMV) technology advances and becomes widely adopted,  the criminals out there are shifting their strategy and opening up new credit accounts in the name of the victims. These criminals are buying stolen information such as Social Security number, name, mother’s maiden name, date of birth to open a new account.

Credit card fraud and new account fraud offers another benefit for the thief. They can go unnoticed and hidden for a more extended period. This extension is because the unfortunate victims do not get to see unauthorized charges made on their statement issued for their credit card as the crooks have generated a brand new account, and the credit card statements go on that account.

The other disturbing finding was that stealing cellphone accounts approximately doubled from the year 2015. Through the misused Social Security number, the credit card criminal can get hold of your account and divert all your text messages and emails.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
preventing fraud - Complete Controller

Each year, thousands of organizations worldwide face employee fraud. These frauds result in billions of dollars’ worth of loss of goods and tangible assets. Generally, frauds are perpetrated or orchestrated by highly-trusted individuals holding key positions in the organization. The increased reliance and trust on entrusted employees often leads businesses to lose a significant portion of the money, which ultimately makes companies lose their competitive advantage. So, organizations need to prevent fraud no matter what it takes. Why? Because if they won’t, then soon they will be kicked out from the competitive race. Moreover, organizations don’t always have to acquire expensive technology and highly empowered tools and gear to prevent theft. Check out America's Best Bookkeepers

Some Auditors Are Biased, Some Help Business Grow!

Most organizations depend on their auditors or accountants to protect them against employee theft or fraud. You may be surprised to know that sometimes the auditors are also biased and inclined towards acquiring auditing contracts and hence money. Under this scenario, the auditors try to trick or deceive organizations with auditing results and keep the company in the dark. Since entrusted employees watch each other’s backs, people working in the organization hire their preferred auditors and cover their colleagues. This cover reveals that favoritism exists everywhere. Organizations need to audit their bookkeeping records and business books on their own. If not, then they need to hire a credible auditor themselves. Check out America's Best Bookkeepers

Implementing Internal Control!

To prevent fraud, organizations have to be proficient and hire individuals who can identify discrepancies in business books and statements. When it comes to auditor’s role, s/he needs to make certain spot checks and review the organization’s internal controls and accounting procedures. An auditor gets a clear picture of the company’s finances by systematically confirming the existence and value of the organization’s assets and extent of its liabilities. This way, organizations identify where their employees are stealing from them and what they need to do to prevent fraud.

Undoubtedly, employee fraud exists in almost every organization, making it clear that prevention is ‘must.’ Although in some organizations, the frequency of employee fraud is more significant than a typical organization. Such organizations are mostly related to the retail sector, where stealing from shelves is easy. So, by implementing the right policies and procedures, you can expect to prevent fraud and maintain a healthy growth cycle. The point is that internal growth defines your success, and whosoever learns that leveraging the right internal control never falls behind. Check out America's Best Bookkeepers

Set Up A Reporting System!

Moreover, organizations need to develop or set up the reporting system that would make employees aware of how things are going to be tracked and monitored by the superior management. When employees know that their performance is going to be tracked daily, they would be fair in their dealings and business roles and duties. When hiring employees, it is crucial to do a reference check for evaluating an applicant’s past performance and credibility. In today’s era, organizations cannot afford to hire individuals right away. They need to cross their reputation for judging their character and drive to work.

Understand business vulnerabilities!

On the contrary, organizations need to understand their vulnerabilities and continuously improve their business processes. If organizations desire to prevent fraud, they need to create a strategy and review the company’s fraud exposure risk. If there are loopholes, then organizations should act right away!

Review Business Books—Closely!

Even if organizations have little or no bookkeeping or accounting knowledge, a close watch on books will make bookkeepers aware that they cannot commit fraud. To prevent fraud, you don’t always have to use expensive technology to monitor your employees.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers