Credit Card Chips

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Did you ever wonder why so many retailers have chip-readable machines for credit cards, but tell you to swipe your card anyway? This article explains this frustrating issue for retailers. Questions: 1. Merchants have spent incredible amounts of money to get new chip-reading machines, so what is the reason for not using them? 2. Since… Read more »

To PIN or not to PIN?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Some big U.S. retailers are stepping up efforts to use personal identification numbers, or PINs, with new credit cards embedded with computer chips in a bid to prevent counterfeit card fraud. Questions: 1. Why is this being resisted by banks? 2. Which retailers are leading the movement? 3. Discuss the costs and benefits of the… Read more »

Let’s Have Pizza!

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According to the New York Times, the uptick in pizza sales in Brooklyn at Domino’s Pizza is due to stolen credit card numbers being used to order to see which cards were still active and could be used for bigger purchases. Questions: 1. Explain why the article called this a blend of high-tech fraud and… Read more »

Target hit by credit-card breach

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

On December 19, 2013, Target admitted that it was hit by an extensive theft of its customers’ credit-card and debit-card data over the Black Friday weekend. The theft was national in scope and happened in stores, not online. Questions: 1. When and what happened with respect to a card breach at T.J. Maxx and Marshalls… Read more »

Expensive Steaks

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Fifty diners at some of the better steakhouse restaurants in New York City, including the Capital Grille, Smith & Wollensky, JoJo and Wolfgang’s Steakhouse, became victims of a scam perpetrated by seven waiters using lipstick-size electronic “skimmers” to extract data from the magnetic strips of American Express Centurion, or “black,” cards and other high- and… Read more »