ID Theft and Social Security Numbers: Protect Your Bank Account

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In my opinion, I think banks do not do enough to protect our accounts. We are not sure whether, they just don't have the technology to prevent the activity or that they are not sure how to do it or they just do not care. Ultimately, the bottom line is,  it is the responsibility of the public to do all we can to protect ourselves and our bank accounts. I agree that we do get reimbursed if we are defrauded through no fault of ours, but, we all pay for it at the back end. Banks do not loose money.

They will recover the losses no matter what,  by all means necessary. Again, banks do not loose. I know because I was a banker for over 20 years.  It could be through exorbitant fees paid for bank services they offer us, or increases in interest rates for loans, credit cards, lines of credits etc. So, let's save our selves the frustration and stop helping the banks make huge profits on our backs. Unfortunately, having a bank account is a necessary evil because at times we do need it to conduct business. Let's protect it. No one can protect You but You.

ID Theft and Social Security Numbers: Protect Your Bank Account

FRAUD IS A VIOLENT CRIME - PREVENT IT

 Do Not Take This Warning For Granted. Be Proactive.

 I understand that sometimes we believe issues such as these are or can be blown out of proportion. Unfortunately,  we cannot take anything for granted anymore. Yes, we cannot prevent everything that happens in the world today, but I am an avid believer in taking action to mitigate. I rather suffer ten percent of the consequences rather than a hundred percent. Everything in life can be mitigated if not prevented.

Small and midsized businesses, you are the most vulnerable to all the mayhem that is going on today. Take preventive measures to protect your businesses. You want to be able to continue doing business before, during and after the disaster. Therefore, if you currently do not have a Disaster and Recovery plan in place for Business Continuity, get one now. Below are 4 basic steps to begin with:-

Establishing a disaster recovery plan can be done in the following four steps:

1) Take a potential risk inventory. Make a list of every potential cause of data loss and the solutions to each. Your list should include losses that won't affect the business very much, and those that would shut the business down temporarily or permanently. Information Technology experts can assist you with creating the potential risk inventory - as they will have the knowledge and experience to identify possibilities that you are not likely to think of but need to plan for all the same. These IT experts will also be able discuss preventative solutions to guard against each type of potential data loss.

2) Rate each of your potential data loss situations. How likely is it for each of the items on your risk inventory to occur? Rating them in order of importance and likeliness to occur will help you determine where to focus your disaster recovery plan efforts.

3) Develop your disaster recovery plan. Go through each of your potential risks and their solutions, and determine how long it would take you to recover from the loss of data for each risk. Could your business be offline for 24 hours? A week? Depending on the nature of your business, being offline for even just 24 hours could result in your losing customers to your competition. Look at ways to reduce the length of time it would take you to recover from each type of data loss risk.

4) Put your disaster recovery plan to the test. Once you've created your plan of action for recovering lost data, you should test your solutions. A disaster recovery plan is just a plan until it can be tested and proven.
                                                                                (Content by Managed Services Provider University)

Once you have completed these steps, call in your IT personnel and get the controls implemented. Hope this helps.

http://news.yahoo.com/u-homeland-chief-cyber-9-11-could-happen-215436518.html

FRAUD IS A VIOLENT CRIME - PREVENT IT

Fewer investors sued companies for fraud in 2012

 Is this a good thing and a bad thing? but the real question is why the decline and is it authentic? Like to know your thoughts.


http://www.usatoday.com/story/money/business/2013/01/23/securities-class-action-lawsuits/1858939/

FRAUD IS A VIOLENT CRIME - PREVENT IT

A Bad Apple in the Accounting World

This is has to stop. We cannot have someone who we entrust with fiduciary responsibility to abuse that trust. Business owners, this is one great reason why you need Certified Fraud Examiners.(CFEs) to come into your business to review and your company and  implement your internal controls so a situation such as this can be mitigated. Unfortunately, we have bad apples that spoil the rest. Enjoy the ar

 

 http://www.themorningsun.com/article/20130121/NEWS01/130129957/accountant-accused-of-embezzlement-fraud-forgery

FRAUD IS A VIOLENT CRIME - PREVENT IT

Identity fraud rings in the U.S. target wireless companies, banks

Identity fraud rings in the U.S. target wireless companies, banks

 There are more than 10,000 identity fraud rings in the U.S., according to a report issued by San Diego-based ID Analytics. The study examined about 1.7 billion identity risk events, including more than a billion applications for bankcards, wireless services and retail credit cards; changes in personally identifiable information such as name, address, date of birth and Social Security number; and other third-party data. The data was collected in ID Analytics' ID Network from Jan. 2009 to Sept. 2012.(Sargent)

Identity fraud rings in the U.S. target wireless companies, banks

FRAUD IS A VIOLENT CRIME - PREVENT IT

Is identity theft insurance worth the cost?

Experts warn some policies may be a form of fraud

 Would like to hear your points of view on this. IS IT?

 http://www.courier-journal.com/article/20130120/BETTERLIFE05/301200010/Is-identity-theft-insurance-worth-cost-

Fraud is a violent Crime - Prevent IT