Finance Accounting and Banking (Essay Sample)

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Finance Accounting and Banking- Case Study
According to the information provided for the case study, the three most common fraud schemes that Scott should be concerned about are (1) credit card fraud, (2) identity theft, and (3) e-mail spoofing. As the information in the chapter shows, all three of these schemes are usually perpetrated by dishonest employees or former employees of the company that is being defrauded. Therefore, Scott's best strategy for preventing and detecting these types of fraud is to train his employees to be on their guard against any possible cheating. For example, he could ask his employees to periodically check the physical inventory of any expensive items that are likely to be targeted for theft or counterfeiting. Also, Scott should instruct his employees to watch their backup checks for signs that some employees may be embezzling funds from the company's accounts payable system.
When it comes to Impersonation by customers, Scott should be concerned about the following issues: (1) purchasing an item with stolen credit card information; (2) buying items that are impossibly cheap; and (3) requesting special treatment for transactions. According to the information, the first problem is usually solved by requiring victims of theft or fraud to provide su