In the news: Recently, the malware Wannacry infected many computers worldwide. In order to recover their file, the victims had to pay a certain amount. In what currency was the payment required? a) Bitcoin b) Euro c) Russian Roebel d) US Dollar
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- Explain the German model of reverse money laundering using bitcoins.ASelect the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. The number of incidents and the total dollar losses from computer fraud are increasing rapidly for several reasons: a. Many instances of computer fraud go undetected and many frauds are not reported. b. Many companies are moving to cloud services where there are few data security controls. c. Internet sites offer step-by-step instructions on how to perpetrate computer fraud and abuse. d. Law enforcement is not interested in preventing or prosecuting computer fraud. e. There are no laws against computer fraud so prosecution is difficult
- C. Online Banking is a product that becomes increasingly important with the increase in online business. Customers via online banking can have an access to their fund without having to go to the bank. In order to avoid the customers' fund from becoming vulnerable to scammers while conducting banking activities online, banking institutions have taken several security measures. REQUIRED: Explain FIVE (5) security measures imposed by banking institutions for allowing an online access to customer fund.The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements. (a)In addition, identify other information(other than balance sheet, incomes statement and cash flow statement) that will be helpful in deciding whether to accede to NEST Ltd’s request? (b)You have also noticed that compared to last year, the allowance for bad debt for Nest Ltd has increased from 2% to 4 % of the accounts receivable. Discuss how this information will impact your review.True or false A recent terrorist attack caused the US dollar to rise to unexpectedly high levels relative to all major currencies. To a Japanese investor, this excess return is most likely an example of systematic risks.
- 8. You work for a financial services company. The company is unsure how to interpret the hype in the market about the implications of digital innovation and disintermediation for its own future. You recall having studied some podcasts about the use of digital currency & the use of satellite imaging to disburse financial support during pandemic. Explain to your financial services company: How the digital currency is likely to impact the financial services industry? How the introduction of digital currency is likely to impact the conduct of monetary policy for a country? What is the potential role and prospects for Canada in its attempt to introduce digital currency?Due to the immense failure of banking institutions in response to the global financial crisis haswitnessed an increase of development on risk management. However Islamic banking is much less affected by the destruction for a variety of reasons probably because it is still a very small part of the global system and has yet to develop enough connectivity to catch the cold. Thecurrent wave of financial liberalization and globalization naturally stimulates the question of risk management in Islamic banking. a. As outlined above, critically discuss the issues and challenges of risk management faced by Islamic banking.In anti-money laundering terminology a '"red flag" is: a general banking term used once the balance is negative/overdue the standard flag of countries not cooperative in fighting money laundering a warning sign indicating potentially suspicious, risky transactions or activities an indicator that a customer is listed on an economic sanctions list
- There is much speculation that prior to the recent banking crisis, the Federal Reserve System (the Fed) and the Securities and Exchange Commission (SEC) were not enforcing the regulations they were charged to enforce. True or False True False uttv MacBook PrThe U.S. General Accounting Office (GAO) Office of Special Investigations was responsible for investigating a potential purchase fraud case. The man who allegedly committed the fraud was Mark J. Krenik, a former civilian employee of the U.S. Air Force. Mr. Krenik was the Air Force's technical representative on contracts with Hughes STX. Hughes STX provided hardware, software maintenance, technical support, and training to the Air Force. Part of Mr. Krenik's alleged fraud included opening accounts under his control at banks in Maryland. The accounts were opened under the names Hughes STX and ST Systems Corporation. A section of the GAO report on this fraud investigation reads as follows: On December 15, 1992, Mr. Krenik opened post office box 215 in Vienna, Virginia, in his own name. On December 24, 1992, Mr. Krenik delivered to the Air Force Finance Office 11 bogus invoices totaling $504,941.19. Accompanying the invoices were the respective DD‐250s, on which Mr. Krenik had falsely…"Digital transactions are increasing day by day but on the same pace cybercrimes are also increasing and moreover people are lacking digital financial literacy"