Tag: 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...
Take five minutes to secure your tax return from identity theft
The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....
Report finds fraud hits small businesses harder
According to the recently released 2018 Report to the Nations on Occupational Fraud and Abuse, occupational fraud continues to drain a significant amount of money from businesses worldwide, with smaller organizations being hit particularly hard. The Journal of Accountancy recently...
Monitoring fraud risks in the supply chain
Supply chain professionals face significant challenges with fraud, waste, and abuse; however, not all companies have measures in place to detect or prevent these issues. Key strategies to mitigate risks include meticulous tracking of labor unit data to prevent fraudulent...
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...
Red flags of employee fraud
Dealing with employee fraud can be a distressing experience for business owners. Understanding how fraud happens and recognizing warning signs can help manage and prevent such incidents. The National Association of Certified Valuators and Analysts identifies four key components necessary...