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Category: Fraud

October 3, 2018

Steps to Strengthen Your Cybersecurity Initiatives

It is very likely that in the past week you have received at least one, if not multiple, phishing emails containing malicious attachments or requesting large-scale wire transfers. As cyberattacks evolve and hackers become more sophisticated, cybersecurity is now more important than ever. Reaching the highest figures to date, the Identity Theft Resource Center reported 1,579 data breaches and 179 million records compromised nationwide in 2017. Hacking (which includes phishing, ransomware/malware, and skimming) continues to rank as the highest attack… Read more ›

July 16, 2018

Auto Dealers: How Secure is Your Customer Information?

Certain businesses ― including auto dealerships ― are subject to the Safeguards Rule, which was designed by the Federal Trade Commission (FTC) to protect customer information from being shared inappropriately as required by the Gramm-Leach-Bliley Act. Warning The FTC has issued a warning to auto dealers stating that the agency does not conduct onsite investigations for privacy violations. This is in response to situations where frauds posed as FTC agents, presumably to gain access to customer information. Practically speaking, however,… Read more ›

July 13, 2018

To Catch a Thief

Many Americans have taken steps in recent years to protect their identity. However, one report found identity theft hit an all-time high in 2016, affecting an estimated 15.4 million consumers. If you haven’t taken measures to protect yourself, it may be a good idea to consider your options.¹ Tip: If You’re a Victim If you think you may have had your identity stolen, take action immediately. Start by contacting the Federal Trade Commission (www.ftc.gov), where you can find information about… Read more ›

January 19, 2018

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But it can be a good idea to file as close to January 29 as possible: Doing so helps… Read more ›

August 9, 2017

Are You Familiar With Fraudulent Transfer Laws?

A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at the lowest possible tax cost. However, if you have creditors, be aware of fraudulent transfer laws. In a nutshell, if your creditors challenge your gifts, trusts or other strategies as fraudulent transfers, they can quickly undo your estate plan. 2 fraud types Most states have adopted the Uniform Fraudulent Transfer Act (UFTA). The act allows creditors to challenge transfers involving… Read more ›

February 13, 2017

Possible Red Flags

The FTC and the regulations cite the following as some examples of identity theft red flags: Unusual account activity. Fraud alerts on a consumer report. An unusual number of recently established credit relationships. Documents presented for identification appear to be altered or forged. A notice of credit freeze on a consumer report. The Social Security number has not been issued, or is listed on the Social Security Administration’s Death Master File. Personal information provided by the customer is not consistent… Read more ›

June 26, 2016

Internal Controls are Vital in Guarding Against Fraud

Many dealerships are riding the wave of an improved economy and the booming automobile industry, which experienced a record sales year in 2015. In the midst of these positive developments, however, there’s one potential risk dealerships should be aware of: internal fraud. Traditionally, many stores have been susceptible to fraud due to their relatively small financial and accounting staffs, the large sums of cash kept on hand, a high volume of transactions, and their highly marketable inventories. Growing sales and… Read more ›

November 20, 2014

CBM Expands Their Professional Services Practice

CBM is pleased to announce the expansion of their professional services division. The firm’s depth of experience goes back to its inception in 1921. Since opening its doors, CBM has served a variety of professional services clients throughout the Washington, DC and Baltimore metropolitan areas. “As a CPA and business advisory firm, we understand the unique needs and day-to-day challenges that other professional service firms encounter,” said Peter B. Reilly, CPA, CVA, President and Managing Partner of CBM. “Our clients vary… Read more ›