Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 6, Problem 13FPE
Summary Introduction
To discuss: The steps to be taken by Person S to protect from the identity theft
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
“Identity theft is often applied to a wide range of crimes, including checking account fraud, counterfeiting, forgery, auto theft using false documentation, trafficking in human beings, and terrorism, most policymakers, and researchers agree that identity theft includes the misuse of another individual’s personal information to commit fraud”.
Required:
Where does identity theft fraud happen often? Explain any five steps that victims should need to take once identity theft occurs.
Which of the following is NOT a behavioral red flag of the fraudster?
a) Addictions
b) Switches jobs every 2-3 years
c) Peer pressure
d) Living beyond means
Helen was a very forgetful person, so she had placed her bank code (PIN number) on the back of her debit card. A thief stole Helen’s card and was able to take $100 from an ATM on the day of the theft. That same day, Helen realized that the card was gone and phoned her bank. The following morning, the thief withdrew another $100. For how much, if anything, is Helen responsible? Why?
Chapter 6 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Knowledge Booster
Similar questions
- Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor or use caution?arrow_forwardGo to the internet and search on a recent incident of alleged embezzlement. Explain the facts and circumstances around the case and then put yourself in the shoes of the person who discovered the embezzlement. What actions would you have taken?arrow_forwardDanielle purchased a new car with higher payments expecting a raise from her employer. When the raise didn't occur, Danielle started pocketing a bit of cash from the drawer each week to make up for the higher car payment since her employer didn't give her the raise that she deserved. What element of the fraud triangle is most closely related to Danielle's issue? A) Perceived pressure B) Opportunity C) Rationalization D) All of these answer choices are correct.arrow_forward
- Types of Cyber Crimes. The following situations are similar, but each represents a variation of a particular crime. Identify the crime and point out the differences in the variations. (a) Chen, posing fraudulently as Diamond Credit Card Co., sends an e-mail to Emily, stating that the company has observed suspicious activity in her account and has frozen the account. The e-mail asks her to reregister her credit-card number and password to reopen the account. Chen's action is cyber theft. In this situation, it would be phishing, which is a district form of identity theft. Chen is the perpetrator to find out about Emily’s financial data and passwords by posing as Diamond Credit Card Co. The suspicious activity in her account and the frozen of her account are part of the schemes for the perpetrator to seek information from Emily. He included this information to frighten Emily, so she will immediately respond with information and her account wouldn’t be frozen. When Chen has her…arrow_forwardIdentify whether each of the following is an example of adverse selection or moral hazard.A. Joe begins smoking in bed after buying fire insurance. B. Both of Susan’s parents lost their teeth to gum disease, so Susan buys dental insurance. C. When Gertrude parks her Corvette convertible, she does not bother putting the top up, because her insurance covers theft of any items left in the car.arrow_forwardPreventing Cybercrime and Identity Theft Cybercrime and identity theft have become a growing problem in all aspects of society in recent years. Locate an article about cybercrime or identity theft in an organization from one of the types we have discussed in the course (government, not-for-profit organization, healthcare organization, or college or university). Summarize the case of cybercrime or identity theft in your article. What are the risks of these types of crimes to their organization? How can auditing and internal controls help prevent a company from falling prey to cybercrime? Then, review the examples shared by your peers. What strategies related to auditing and internal controls could you suggest for the organizations they shared?arrow_forward
- Gladys is in charge of receiving all customer payments, recording the payments, and depositing them at the bank. What element of the fraud triangle is best described here? Group of answer choices Opportunity Rationalization Incentive/Pressure Attribution Gladys has large amounts of student loan debt and a crippling gambling habit. She works part-time job in another city. What element of the fraud triangle is best described here? Group of answer choices Opportunity Fraudy fraud Pressure/incentive Rationalizationarrow_forwardHanna works as a teller a bank. One of Hanna's clients, an out of province student, started to consistently deposit large amounts of cash in the form of $5, $10, and $20 Bills. Hanna asked her client the source of these funds. The client said, it is from her parents. Should Hanna report this transaction? If you select A, What are the penalties for not reporting this transaction?arrow_forwardThe following is a list of 10 common security problems. For each problem, describe why it is a problem and choose a control plan from this chapter that would prevent or detect the problem from occurring. Criminals posing as small business owners obtained names, addresses, and social security numbers from an organization whose business is providing such information only to legitimate customers who have a right to the data. An executive of a financial services firm implements a wireless network so that she can work at home from anywhere in her house. After setting up the network, she logs on using the default password. An organization’s top salesman uses a consumer-grade instant messaging (IM) client (e.g., AOL Instant Messaging). Such clients bypass antivirus and spam software, don’t have auditing and logging capabilities, and allow users to choose their IM names. A financial analyst’s laptop was stolen from his car. The laptop contained the names and social security numbers of…arrow_forward
- which of the followingtaxpayers has a deductible loss from identity thief? ashen he hasnt received rent from his tenant for several months because his tenant was a victim of identity theft and had $5000 stolen geraldine she fell victim to a phone scam shegave identitythieves her personal bank account information and$8000 was taken harris he is sole proprietor and was the target of a phishing attempt he does not have a business checking account but the login information for his personal checking account was stolen and thieves took $10000 from the account jessica she owns residential rental property identity thieves impersonated her and took out a $50000 second mortage on her rental property that jessica must now repayarrow_forwardIdentity Theft Resource Center (ITRC) provides consumer and victim support, public education, and advice. Marlena's grandmother is concerned her identity has been stolen. Help Marlena reconcile her grandmother's checkbook and bank statement. The checkbook reflects a balance of $1,245. The bank statement shows a balance of $207. Notes collected were $100 and $210. The bank charged a $25 service fee. Outstanding checks were Number 255, $985; Number 261, $233; and Number 262, $105. There is a deposit in transit of $2,646. Prepare your bank reconciliation.arrow_forward8. Which of the following best illustrates a moral hazard? . Because he has plenty of insurance, Cameron does not take steps to make his property safe when most of his neighbors have been vandalized or burglarized. . The coverage on Carl's residence has increased each year, but the value of his hom has declined due to neighborhood influences and his home's state of disrepair. . Chet purchases actual cash value, rather than replacement, coverage in order to save money on his homeowners insurance premiums. . When Clarke's empty property is vandalized, he moves furniture into the house and damages it in order to submit a larger claim.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
Business Its Legal Ethical & Global EnvironmentAccountingISBN:9781305224414Author:JENNINGSPublisher:Cengage
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
Business Its Legal Ethical & Global Environment
Accounting
ISBN:9781305224414
Author:JENNINGS
Publisher:Cengage
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT