Financial Fraud in Canada

Occupational fraud is defined as the use of a person’s job for individual enrichment through the purposeful mishandling or misapplication of his or her employer’s capital or assets (Wells, 2005). Occupational fraud can have a serious impact with far-reaching consequences. In 2004 for the Association of Certified Fraud Examiners (ACFE) conducted a survey that provided 508 usable studies of fraud for a total of over $761 million

According to an online source regarding internet fraud, “tax identification numbers, Social Security numbers, driver’s license information, fingerprints, and similar private and confidential information are now more accessible than ever before” (Saunders). Identity theft is a matter of the lack of security that technology provides and the failure of people to use it safely. With social media at its peak, outsiders can stalk unsecured profiles online and know complete biographies in minutes. An estimated 40,000 people in the United States fall victim to crimes like identity theft every year (Saunders). This high number is most likely due to the lack of precautionary measures taken by people when using technology and the failure of the government to prevent such crimes.

Identity Theft: Identity theft is a major problem with people using the internet for banking services and cash transactions. It results in major financial losses for the victim where the criminal accesses data about a person’s personal information or sensitive information to siphon the

The Proceeds of Crime (Money Laundering) Act was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). They detect and deter money laundering in Canada. They also respond to threats by crimes. Under the law in Canada, money laundering and Terrorist Finance Act is An Act to facilitate combating the laundering of proceeds of crime and combating the financing of terrorist activities, to establish the Financial Transactions and Reports Analysis Centre of Canada and to amend and repeal certain Acts in consequence. If found guilty of not reporting any suspicious transactions may result in criminal and/or administrative penalties. According to the Financial Transactions and Report

Identity theft is one of the fastest growing crimes in Australia especially due to the rising use of online banking and shopping. A study conducted by The Australian Government discovered that one in four Australians have been a victim or know someone who has been a victim of this rapidly rising crime with one in four Australians having been a victim or knowing a victim. The issue of stolen identities has arisen due to various actions taken by both the perpetrator and victims of the crime however they can be stopped if individuals and other stakeholders such as the government and relative

Why is identity theft a growing crime in today’s society? Compared to the start of the 1900s; currently it is difficult to find someone who does not utilize technology in their day to day life. Using technology, especially the internet has become a necessity for everyone. But because of the rising need, people do not realize the dangers associated with technology. Therefore, due to the inevitability of someone needing to use technology, criminals had been able to find targets that are easy to exploit and steal personal identifiable information from to commit identity theft. Some of the issues that should be considered when thinking about identity theft are; how the crime could happen, what kind of impact it makes and what can be done to protect

Occupational fraud is broken down into three main categories with each of them carrying a different risk and associated prevalence. It is also imperative to understand the overall risks as well as which types are more common than others. These realizations are what is needed before it can be detected and prevented. It can help determine specific internal controls are needed to be in place within a company.

A business can not work out without an account system, which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls that companies used to protect themselves such as: Segregation of duties, asset purchases, supervisor review, internal audits and adequate documents and records. This paper will discuss several topics from a case study about And the Fraud

Only within the past few years have there even been reliable estimates of the incidence of identity theft. “The first thorough survey of the extent of identity theft was conducted for the Federal Trade Commission (FTC) in 2003. A similar survey, involving interviews with slightly more than 4,900 randomly selected individuals, was conducted for the commission between March and June 2006” (Anderson, Durbin, & Salinger. ID Theft). Victims of identity theft are commonplace and the resulting monetary losses have been impressive. However, this attention to identity theft is a fairly new phenomenon. With its immense growth, attention and precedence, cyber-criminals are able to infiltrate and depreciate the integral infrastructure of our society which creates a cultural lapse through the declination of economic and cultural growth and double jeopardize an already unstable system to the brink of its destruction. Research has suggested that victims of identity theft spend an average of $1,500 in out-of-pocket expenses and an average of 175 hours per incident of identity theft in order to resolve the many problems caused by identity

According to Daniel F. Dooley (2008), a member of the Commercial Fraud Taskforce, financial fraud with private middle-market companies is on the rise. In fact, Mr. Dooley believes that he has seen more instances of fraud in the past two years than in the previous ten. He notes seven areas in which financial fraud has increased over the past few years:

     In today's society, there is a white-collar crime that has greatly risen in popularity among criminals. This crime is identity theft. Hundreds of thousands of people have their identities stolen each year. Identity theft is when these criminals obtain and use consumers personal information such as credit card numbers, bank account numbers, insurance information, and social security numbers to purchase goods or services fraudulently. According to the Federal Trade Commission, over 1.1 million people were the victim of identity theft. With this number, it is very evident that identity theft is one of the fastest growing crimes in our country. This paper will attempt to more thoroughly define identity theft. It will

Technology has really changed the ways of paying, we can easily buy something online by clicking one bottom of our smartphone, or purchasing a car by swiping our credit card. In another word, modern day financial and identical information are just bunch numbers and letters stored in the digital world. Unlike our unique appearances or finger prints, the numerical information such as our password, credit card numbers and social security numbers can be used for financial gain by some criminals, the identity theft. The United States Department of Justice defines Identity theft as “all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception,

Identity theft is the fastest growing fraud crime in America (Finklea, 2009). Gaining knowledge in preventing theft will better the economy and lower the crime rates in America. There are reported 9.9 million victims of identity theft and this number is increasing rapidly as the years go on. It has been reported that an estimate of fifty billion dollars has been charged to our consumers every year due to identity theft (Finklea, 2009).

Identity theft can occur when someone uses someone else’s identity in an effort to illegally obtain material or other forms of benefits. In all cases, the identity thief victims end up suffering great financial losses along with other undesirable consequences like tainted reputation. While the prevention, detection and dealing with identity theft aftermaths maybe the common focus of every individual, it would much advantageous to have a basic understanding and nature of how identity theft happens. A number of techniques employed in this habit are pretty straightforward such as wallet theft, credit cards and mails. Some are however complex, technological and sophisticated. Thieves all around the globe are determined to develop

“Identity theft: the fraudulent practice of using another person's name and personal information to obtain credit, loans, etc.” In 2014, there were around 95,000 reports of identity theft in the UK alone. However, that enormous figure rose even further in 2015 to a spine-chilling 148,000 - causing identity theft to rise by 58% in one year alone. Someone new becomes a target every day. Every day, someone loses their individuality. Every day, someone gains an online twin. These so-called