Over one weekend in August 2010, the Catholic Diocese of Des Moines, Iowa, fell victim to a $600,000 ACH fraud theft, thus, becoming another in the growing list of businesses and entities that have suffered huge losses as a result of these frauds.
1. Based on the article, what do you calculate as the average estimate per incident of these recent crimes?Â How does the church crime compare?
2. What does ACH stand for? What type of litigation do you anticipate might arise from this incident?
3. Investigate the other victims of the corporate account take-overs mentioned in the article. What type of internal controls do you think were violated in order to perpetrate these frauds? Â