Tag: fighting fraud
IRS may legitimately ask for taxpayer ID verification with Letter 5071C
The IRS uses various methods to verify taxpayers' identities as part of its ongoing efforts to combat identity theft. One method involves a mailed notice called Letter 5071C, which requests taxpayers to confirm their identity to either proceed with processing...
Understanding and minimizing the chance of employee fraud
Have you ever considered the possibility of one of your employees engaging in fraud? Trusted individuals can betray that trust when three conditions converge, commonly known as the “Fraud Triangle”: Pressure: There exists a hidden need for money, often driven...
Fraud controls may be lacking at smaller organizations
Small organizations, defined as those with fewer than 100 employees, lag significantly behind larger counterparts in adopting formal anti-fraud measures, as revealed by a global survey conducted by the Association of Certified Fraud Examiners (ACFE). Industries most susceptible to fraud...
Are your business assets vulnerable to theft?
Employee dishonesty, particularly when individuals have excessive control over cash and accounting functions simultaneously, poses the greatest risk of theft and fraud. By implementing fundamental internal controls and maintaining vigilant oversight of accounting procedures, business owners can reduce opportunities for...
The many ways scammers can get their hands on your money
Scams often share key traits that can help you spot them and protect yourself: 1. **Guaranteed Returns**: Scams promise high profits with little or no risk. 2. **Unrealistic Claims**: They offer extraordinary returns through supposed special expertise or systems. 3....