The rental scam preys on those desperately searching for a place to call home. Whatever the case, small businesses are easy targets for criminals who believe smaller companies don’t have the proper preventative policies in place to recognize fraud. And if the first announced cases are an indication of what is to come, these criminals will be facing years in federal prison. He did so while he was waiting on yet another tax fraud case in which he was sentenced to six years in federal prison. According to the DOJ, Steven Jalloul, a 43-year-old tax consultant from the Dallas area, admitted he defrauded lenders participating in the Paycheck Protection Program (PPP). The DOJ reports he charged these clients a commission of 2 to 20 percent on the PPP loans they received. According to the Federal Communications Commission (FCC), digital information theft has become the most commonly reported fraud, exceeding physical theft. If you are the victim of a fraud scam, it’s essential to immediately report the incident to the Federal Trade Commission (FTC). Here are three common types of fraud and how to protect your small business from falling victim to them. Every time you apply for a new loan or credit card, the creditor requests a copy of your credit report from one or all of the “Big Three” agencies: Equifax, Experian and TransUnion. Payment fraud is characterized in several ways, such as bounced checks, unauthorized transactions, lost or stolen stock, and fake requests for refunds/returns. Most hackers target credit card users and credit card merchant accounts using stolen card numbers. A judge ruled that Cryptsy CEO Paul Vernon and his associates illegally funneled money from client accounts and ordered Vernon to pay $8.2 million to the class of plaintiffs. Conte nt w as gener at ed by GSA C ontent Generator Demoversion.
Paper checks contain confidential information that cybercrooks can use to access your business’s financial information or accounts. Unauthorized individuals can use fake identities to gain access to restricted areas or engage in illegal activities. Going digital reduces the chance of thieving hands having access to the information, and you, your accounting department, or your accountant can easily track every transaction. Plus, your online bank account is at risk for accounting fraud, so limit how and with who you share confidential banking information. Back up critical business data and store the information in the cloud. Train your employees. Establish basic security procedures for employees, including using strong passwords, protecting customer data and other vital information. As a rule, if you don’t have a relationship with the person or organization sending the email or the email address doesn’t match up with the sender, it’s probably one of the many email frauds and scams designed to compel you to click on links or submit sensitive information. By implementing CNIC checks during customer onboarding processes, companies can verify the authenticity of their clients and establish a trustworthy relationship from the start. Go paperless. Paper invoices and checks are a security risk. Many colleges and universities are jumping on the distance learning bandwagon and offering online courses and degree programs. This internet scam could find its way to you as a phone call, LinkedIn message, or unsolicited email that advertises a job requiring little to no real work but offering lots of quick cash.
In part two, I provide further details on the tactics used by Cash App scammers on Instagram, as well as examine videos hosted on YouTube, which claim to provide ways to earn “free money” and “hack” Cash App. And Moore would even work with other authors — like Nina Kelly, Andrew Walker, and Julia Jackson — who have all published about a dozen ebooks each this year as well. We’ll examine the formula behind a Ponzi scheme as well as the recent instances that have popped up in the news. If you need to contact a charity by phone, check the charity’s official website to see if the number you have is legitimate. While most of 2020 was focused on the global pandemic 2020 and the hope for economic relief, businesses need to ensure that they are protecting themselves from additional risks, namely fraud. Businesses of all kinds – even brick-and-mortar stores – sell mailing lists of their customers to others, too. Even worse, if a scammer has somehow gotten hold of a friend’s or acquaintance’s personal details, like a utility bill or some other form of identity confirmation (these can even be counterfeited), and that person does not already have, let’s say, a PayPal account, the fraudster can open a fake or stealth PayPal account in their name. Some quirks, like the keyboard layout, were noticeable but also seemed adaptable given a bit of time.
However, this time around he submitted around 170 falsified PPP loan applications to lenders seeking $23 million on behalf of more than 160 clients. The DOJ says he was filing these applications on behalf of his tax preparation business, Royalty Tax & Financial Services LLC. Technically, yes. Practically, it’d be tough, say tax experts. The New York State tax authority is “vigorously pursuing” an investigation into decades of alleged tax fraud by the Trump family, after the New York Times reported that Donald Trump and his parents avoided nearly $500 million in taxes, partially by underreporting assets and using shell companies. If you suspect someone of committing bankruptcy fraud, immediately contact the nearest office of the United States Trustee using its Nationwide Office Locator. The United States Department of Justice (DOJ) announced a Liberian national plead guilty to $23 million in COVID-19 relief fraud. The Acting U.S. Attorney for the Northern District of Texas, Chad E. Meacham, said, “The Justice Department will prosecute anyone who attempts to exploit pandemic-era financial programs. The Northern District of Texas office said Mr. Jalloul faces up to 10 years in prison for the PPP fraud. The statute of limitation for prosecuting criminal fraud, which requires a high level of evidence and could result in a jail term, has passed; it’s three to six years for federal offenses and several years for New York State offenses. In that case, David Staveley received a 56-month sentence in federal prison followed by three years of federal supervised release.
