...Check Fraud and Check Washing MG 261 Check Fraud and Check Washing Table of Contents Introduction _________________________________________________________3 Check Fraud_________________________________________________________3 Check Washing_______________________________________________________5 Union Planters Bank, N.A. v. Rogers______________________________________6 Conclusion___________________________________________________________7 References___________________________________________________________8 Introduction In 2002 DreamWorks produced a block buster film starring Leonardo DiCaprio and Tom Hanks titled “Catch Me If You Can.” This film portrays the glamorous lifestyle and subsequent fall of perhaps the most infamous check fraud perpetrator of all time, Frank Abagnale. Fraud is defined as “deceit, trickery, sharp practice, or breach of confidence…” (Dictionary.com, 2012). Check washing is when a person would “…erase the ink on a check…and rewrite the check to themselves increasing the amount payable…” (Center, 1995-2009). If you saw “Catch Me If You Can,” this is what you witnessed Mr. Abagnale doing with the Pan Am pilot paychecks. Both of these types of fraud are very simple ways to steal from the consumer when they least expect it. Check Fraud According to the National Check Fraud Center, “check fraud is one of the largest challenges facing businesses and financial institutions today.” With the availability of home computers equipped...
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...operations and urge adherence to company policies. Binary Cafe also access internal control to minimize the risk of fraud and theft. One of the principles of internal control that used by the company is establish responsibilities. Proper internal control means that responsibility for a task is clearly established and assigned to one person. When a problem occurs in a company where responsibility is not identified, determining, who is fault is difficult. For example, in this cafeteria, they have around 2 to 3 cashiers because they have a shift. Cashier will collect and calculate the profit for the whole day and will give to the clerk. The cashier can be more than 1 person because they have not enough staffs or workers to handle all the jobs. Most of us have waited at a retail counter during a shift change while employees swap cash drawers. Separate record keeping from custody of assets. Person who control or access to an asset must not keep assets accounting records. This principle reduces the risk of theft or waste of an asset because the person with control over it knows that another person keeps its records. Also, a record keeper who does not have access to the asset has no reason to falsify records. This means that to steal an asset and hide the theft from the records, two or more people must collude or agree in secret to commit the fraud. Based on interview, it is not the same person who handles the control of asset and accounting records in...
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...ACCT504 Acct Fin: Managerial Use, Analysis Senior Faculty: Anita Wibbert Keller Graduate Rajesh Mahbubani Week 5: Assignment Sunday, December 1, 2013 1. Inform the President of any new internal control requirements if the company decides to go public. (7 points) Instituting a system of internal checks and balances would be foremost in my recommendations to the company president since most internal control systems provide for independent internal verification; this principle involves the review of data prepared by employees. To obtain maximum benefit from independent internal verification: * Companies should verify records periodically or on a surprise basis. * An employee who is independent of the personnel responsible for the information should make the verification. The company should also look at incorporating a Voucher Control System. Most medium and large companies use vouchers as part of their internal control over cash disbursements. A voucher system is a network of approvals by authorized individuals, acting independently, to ensure that all disbursements by check are proper. When looking to hire new employees, it is vital that the company utilize the extensive resources on the web in providing for complete background investigations. A lot of wasted time and energy could be recouped using effective human resource controls. Effective web access controls could likewise prevent embarrassing behavior and lost company time on the part of current...
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...are a lean organization and have a great deal of faith in their long-term employees. This shows that not only do people like the company that they are working for, but that the company also respects the employees. The owner and accountant also show that they have a lot of trust in the employees with the current petty cash scenario. The accountant is also taking the right steps toward maintaining some internal controls by using pre-numbered invoices. The use of the pre-numbered invoices makes it easier to record the invoices and also maintains some order to the system that he is trying to establish. He has expressed interest in purchasing an indelible ink machine to print the checks. The use of indelible ink to print the company’s checks would be a great step towards combating any type of fraud that may happen. The purchase of an indelible ink machine is advised, especially with the company planning to go forward with becoming a public company. Changes to Be Made Before going into the detailed requirements of meeting the guidelines to become a public company, there are some obvious changes that should be made. Since there has been an issue in the...
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...Paper Timothy A. Owens SCI/220 June 23, 2014 Carlos J. Carmona Public Service Announcement Paper Attention consumers are you aware that foodborne issues can lead to serious illnesses or death. Foodborne illnesses effect more than 48 million people a year. Children are more susceptible to foodborne illnesses than adults are. If one is not concerned about him or herself, think of how quickly germs spread from one child to another. Storage Are you aware that perishable items should be the last items on the cart after selecting other items? This prevents spoilage. Refrigeration of perishables should take place within two hours of purchase and 1-hour of purchase if the temperature is above 90 degrees Fahrenheit. A helpful hint is to check one’s refrigerator or freezer’s thermostat periodically. The temperature of one’s refrigerator should be set at 40 degrees Fahrenheit or lower, and the freeze temperature set at 0 degrees Fahrenheit. Many American are unaware of how long products such as fish, ground meats, and poultry can remain refrigerated or uncooked before bacteria starts to build. As a consumer, are you aware? The cdc.gov website is to freeze or cook these items within two days of purchase. On the other hand beef, lamb, pork, and veal can remain refrigerated a minimum of three to five days before cooking or freezing. The best way to prevent leakage of fluids from meats are to insert them in plastic bags. Plastic bags are normally located in the fruit and vegetable...
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...TANF and the Importance of Welfare Reform The idea of welfare reform is not a new concept. The federal government is responsible for funding subsidy programs for low income Americans. One of these programs is Temporary Assistance for Needy Families (TANF). According to the Office of Family Assistance (1999) the TANF program is intended to assist low income families to achieve self sufficiency. It goes on to explain that states receive block grants for which they are to plan and initiate programs that accomplish one of the purposes of the TANF program. The four purposes of the TANF program are to: * Provide assistance to needy families so that children can be cared for in their own homes. * Reduce the dependency of needy parents by promoting job preparation, work and marriage. * Prevent and reduce the incidence of out-of-wedlock pregnancies. * Encourage the formation and maintenance of two-parent families (Office of Family Assistance, 1999). On the surface, these four purposes seem very competent in promoting the idea that being on welfare permanently is not the idea of the assistance program. However, federal involvement in welfare has only made things worse, complicating matters by the waste of taxpayers' money while doing very little to solve the problem of long-term poverty. The policy pathway being proposed in this memorandum is that the federal government should remove their role in TANF and all related welfare programs and leave these programs to state...
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...Riga Technical University Group Project The Park Turon Subject: Economics of entrepreneurship Date: 02.05.2011 The Park Turon Introduction The 4 star Park Turon hotel opened in 2009 . The newest modern 11 floor building deluxe Hotel of Tashkent, designed to delight guests with its luxurious accommodations, is seeped in the warm tradition of Indian and Uzbek hospitality combined with International standards. Vision statement Every Room - A Home Mission statement Together we provide a caring, consistent and enjoyable experience, always enticing guests to return. To accomplish this, we attract, develop and appreciate talented people who are part of an inspired and dynamic team. Our success is measured by continuously enhancing our reputation, market position and financial performance to set the Tashkent luxury hotel standard. Accommodation Total Number of Rooms: 120 - Superior Guest Room: 56 - Premium Guest Room: 49 - Privilege Guest Room: 8 - Privilege Grand Guest Room: 7 Hotel Facilities * The Lounge Bar * The Park Café * Business center * Two meeting room * Non-smoking rooms * Indoor swimming pool * Sauna (female/male) * Massage rooms * Fitness Center * Outside Parking Organizational structure Board of directors Responsibilities of some positions: Organizational structure of the Park Turon Hotel is hierarchy. General Manager. A General Manager...
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... 5 Aces The FBI investigated one of the biggest domestic bribery and bidding scheme in the history of federal contracting cases and the investigation began in the summer of 2009. The fraud had been going on for over 5 years and there was more $30 million that was stolen from federal funds through a ring of crooked public officials and government contractors in the D.C area that used kickbacks and bribery in the scheme. The FBI called the partners of the fraud the 5 aces because that term is used in reference to someone stacking the deck in a card game so they can cheat. The master mind of the fraud was Kerry Khan and there were a total of 15 federal employees and contractors and several companies involved. Some of the people involved in the fraud was Michael L Alexander, former program manager, Lee A. Khan, son of Kerry Khan, Harold F. Babb, former director of contracts at Eyak Technology LLC (Alaska Native-owned small business), Alex N Cho, the former chief technology officer of Nov a Datacom LLC, and Mckinny, the president of Alpha Technology Group Inc., (a provider of program management services). The fraud was committed within the US Army Corps of Engineers where Kerry Khan was employed. The U.S Army Corps has the guiding principle of environmental sustainably and that task is done with approximately 37,000 dedicated civilians and soldiers providing engineering services to...
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...declared legally incompetent are void. ANS: T NAT: AACSB: Analytic TOP: capacity 4. Minors are liable for the reasonable value of necessaries. ANS: T NAT: AACSB: Analytic TOP: capacity 5. Material information is something that would affect the decision to buy or sell. ANS: T NAT: AACSB: Analytic TOP: misrepresentation 6. Misrepresentation must be fraudulent before rescission can be permitted. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 7. Puffing is sufficient grounds for setting aside a contract on the basis of misrepresentation. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 8. "This shirt is 100% cotton" is a statement that is puffing. ANS: F NAT: AACSB: Analytic TOP: puffing 9. Fraud is misrepresentation with intent to mislead or deceive. ANS: T NAT: AACSB: Analytic TOP: fraud 10. Duress requires proof of physical force. ANS: F NAT: AACSB: Analytic TOP: duress 11. Scienter is required for misrepresentation. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 12. Undue influence requires proof of a confidential relationship. ANS: T NAT: AACSB: Analytic TOP: undue influence 13. Competency licensing statutes do not prevent enforcement of contracts by unlicensed parties. ANS: F NAT: AACSB: Analytic TOP: illegality 14. Contracts with illegal subject matter are voidable. ANS: F NAT: AACSB: Analytic TOP: illegality 15. Usury is regulation of licensing. ANS: F NAT: AACSB: Analytic TOP: usury 16. Unconscionability is an illegality defense. ANS: T NAT: AACSB: Analytic TOP: unconscionability...
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...I. INTRODUCTION: TYPES OF NEGOTIABLE INSTRUMENTS Money: UCC defines money to mean a “medium of exchange currently authorized or adopted by a domestic or foreign government” 1-201(24). * * The Functions of Money (1) Medium of Exchange Cures two problems with bartering: Double coincidence of wants, e.g. you have a horse you want to trade, and you want a cow—now you need someone who has a cow, and wants a horse. Depreciable commodities (2) Store of Value Money may be used as a store of value. Not all stores of value are money. (3) Unit of Account Unit in which prices are stated and accounts maintained. (4) Statement of Deferred Payment Measure of what must be paid in long-term transactions like loans and annuities. What is Payment Systems? Concerned with the law governing the payment component of commercial transactions. This is the law applicable not to money itself, but to the various substitutes for money. Payments law is not derived from principles of “higher law.” Instead, it is instrumental—designed to facilitate commercial transactions. One way to view payment law is as creating a set of default rules. These rules are designed to establish what the parties would otherwise do for themselves, if they were able to bargain about what the rules would be. Presumably, people would like to reduce transaction costs. So how do we determine what the parties would have chosen? We engage in a “thought experiment” and imagine what kind of bargain parties...
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...firms that collect customer information and route it to other firms. Much of this transaction information is able to be associated with a specific person making these seemingly friendly actions potential threats to consumer privacy. Many of the issues and countermeasure discussed here come from experiences derived with consulting with clients on how to maintain secure e-commerce facilities. These methods and techniques can be useful in a variety of client and server environments, also serving to alert e-commerce users of potential threats. 1. Introduction For the effective operation of the web and e-commerce applications, security is a key issue. The security threats include access control violations, integrity violations, sabotage, fraud, privacy violations, as well as denial of service and infrastructure attacks. All of these threats collectively...
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...Individual assignment # 2 Answer ALL questions Read this newspaper article before answering the questions. Submission date: 16 December 2015 1) AirAsia plan to be region’s biggest carrier Budget airline AirAsia Bhd has drawn up a six-year business plan that will see it carry 70 million passengers a year from 2014, which will make it Asia’s biggest carrier. The figure is 3.5 times higher than this year’s target of 20 million passengers. Group chief executive officer Datuk Tony Fernandes is optimistic of achieving the target, which will in turn make the low-cost carrier terminal at the KL International Airport the regional hub for budget travel, given the foundation laid out over the past six years. Factors going for the airline include its extensive regional network comprising 90 routes and its huge order of 175 Airbus A320s. “Six years going forward, I think things will look rosy and optimistic. This is mainly because we have worked to build the necessary foundation for the airline, namely in terms of network and the brand, and we have already acquired the aircraft to support our growth,” Fernandes told Business Times in an interview. “With the recent inclusion of Singapore in our network, we are basically connected to all points within the region; and what we are going to do now is to further develop each of these existing routes. We are indeed in a strong position now, stronger than we have ever been,” he said. From an unknown airline which started operations...
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...CHAPTER III TECHNICAL ASPECT OF THE BUSINESS PRODUCT AND ITS PROCESS ADMINISTRATIVE The Administrative Team Leader will oversee and coordinate department workflow, resolve workflow problems and manage process improvement initiatives. This position has responsibility for oversight, direction and coaching of the department administrative staff. This individual will also provide support to Managers (as assigned) and department staff in achieving their objectives. Work is generally varied and administrative or project oriented. It involves developing alternatives and determining solutions for handling recurrent assignments that range in complexity. He/ She is responsible for all resort departments and supervises all "resort" department heads to ensure company standards and procedures are being upheld, in an effort to maximize guest service and satisfaction. Oversees staff morale onboard and allocates staff. They are directly involved in the maximization of resort revenues and will monitor and control expenses and requisitions of all resort departments. The Resort Director ensures all group functions and our guests are looked after. FRONT OFFICE DEPARTMENT To ensure that all Departments under his supervision are successful and as independent profit center as possible, ensuring maximum guest satisfaction consistent with our resort standards, through planning, organizing, directing and controlling all aspects...
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...Jessica Precious 30020625 Unit 3 Health, Safety and Security in Health and Social Care Legislation, Policies and Procedures in Health and Social Care Settings Jessica Precious 30020625 Unit 3 Health, Safety and Security in Health and Social Care Legislation, Policies and Procedures in Health and Social Care Settings Health and Safety at Work Act 1974 The Health and Safety at Work Act provides security of the health, safety and welfare of people at work, with the protection against risks to health or safety of an individual in connection with work activities. It sets out employers’ duties to staff where more than 5 staff are employed, and to the community, in addition to the duties of employees towards themselves and others. Health and Social Care Setting: Preschool The Health and Safety at Work Act aims to protect staff in relation to their health, safety and security in the workplace. It provides awareness in the workplace, so children and adults are aware of the health and safety issues. Within the preschool, the employer has a duty of providing induction training to staff which involves a clear and understandable explanation of health and safety concerns so that all adults are able to adhere to the policy and procedures as they understand their shared responsibility. The induction covers employees’ wellbeing, including safe lifting, and storage of hazardous substances. This also involves regular discussion of health and safety at staff...
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...INFO1410 Fundamentals of E-Commerce Systems Business Coursework Mayur Vadher P08145881 Rakhee Savani P07257445 Will Baker P08272620 Contents Page Page(s) Legal Issues 3-5 Business Processes 6-11 Real World Example 12-28 Appendix 29-31 Legal Issues Legal Issues E-commerce is when buying and selling of goods and/or services takes place over electronic systems, most likely the internet. An e-commerce business has the same laws that all businesses have, and also has to suffer the same penalties for breaking these laws. There are a number of laws for businesses in the UK such as the Data Protection Act and Disability Discrimination Act to name a couple. The Data Protection Act prevents unauthorised use of personal data; it is illegal for companies to use personal data for anything other than its intended use, e.g. when a transaction is made and the consumer gives their address so goods can be shipped directly to them, the provider cannot use this address for any other purpose, such as a marketing campaign, without the customer’s knowledge and consent. The Disability Discrimination Act makes it illegal for a service provider to discriminate against a disabled person; it is illegal for companies to deny access to goods to disabled...
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