According to the New York Times, executives at Volkswagen made a commitment to electric vehicles that now is paying off after the diesel scandal five years ago. Questions: According to the article, what is the ID.4 and when will it be available to customers? Why did the article say that Volkswagen’s entrance into the electric… Read more »
Posts Categorized: Fraud Accounting
Ransomware Update
According to Techrepublic.com, cybercriminals have attacked hospitals and other healthcare organizations with double-extortion ransomware attacks during the COVID pandemic. Questions: What is a double-extortion ransomware attack and how many different ransomware variants are now using the double-extortion plot? Why are cybercriminals focusing on hospitals and other healthcare organizations with these even bolder types of attacks?… Read more »
Account Takeovers Increase in the Finance Industry
According to statistics of events detected by Kaspersky Fraud Prevention, the share of account takeovers in the finance industry have increased from 34% in 2019 to 54% in 2020. Questions: What are the two most common schemes to get access to a bank account? How often are legitimate remote administration tools misused to gain access… Read more »
New SEC disgorgement provisions
According to the Insights Commentary, the U.S. Congress recently passed the National Defense Authorization Act (“NDAA”) for Fiscal Year 2021, which includes important changes to the Securities and Exchange Commission’s (“SEC”) ability to seek disgorgement. Although President Trump vetoed the bill, the House of Representatives and Senate voted to override the veto on December 28,… Read more »
Watch this FDIC development
According to Bloomberg, Amazon, Facebook, Walmart and other corporate giants may soon give Wall Street a run for its money as a key U.S. regulator smooths the path for nonbanks to get into lending. Questions: Why is the banking industry against this? List at least two reasons. What is the loophole that the article talks… Read more »
Scamdemic
According to the Department of Justice, three family members were arrested in New York for misrepresenting employee payroll figures to receive COVID-19 loan funds for a chain of family-owned nail salons. Questions: According to the report, how was the payroll misrepresented by this family? What federal organizations were involve in the identification of these fraudsters?… Read more »
What Type of Accounting Firm Would You Like to Start?
Kyle Walters asks the question: ” As an accountant, would you rather be a dentist or a surgeon?” Questions: What does Walters’ question have to do with establishing an accounting firm? Which structure of an accounting firm best fits your goals and work habits? What is scope creep? What are the three components to consider… Read more »
Next Time Wear a Cold Water Wetsuit
According to CBS, Sacramento, a fleeing Ponzi scheme suspect is now in custody after a daring escape on a submersible scooter from FBI agents. Questions Who is the subject and what is alleged? Where did this take place? How long had the subject been under FBI surveillance? What is the sentence that the subject faces?… Read more »
A new model for distillery owners
Through entrepreneurial spirit, craft distilleries are moving into a new business model during the pandemic. Questions: Roughly, how many craft distilleries are there in the U.S.? Why has the pandemic closed or limited tasting room sales? Based on the entrepreneurial spirit of the craft distilleries and according to the article, what does the new model… Read more »
Cyber Security Breaches increase 300 percent for CPAs during Pandemic
With many accounting practices rushing to provide access for remote employees and clients (without fully understanding security implementations), cyberattacks on CPA practices of all sizes has increased 300 percent during the COVID pandemic. Questions: What do the cybercrimals do as part of a ransomware attack? Why are firewalls and antivirus software no longer enough to… Read more »