Category Archives: Fraud Prevention

Take a Proactive Approach to Thwart Cyber Attacks

September 13, 2022 | Business Plans, Fraud Prevention

The average cost of a data breach has risen to a record high, according to a new study by the independent research firm Ponemon Institute. The study found that the global average cost grew from $4.24 million per incident in 2021 to $4.35 million in 2022, an increase of roughly 2.6%. Moreover, the international average  Continue Reading »

Spotlight on a Critical Anti Fraud Tool: Risk Assessments

August 16, 2022 | Fraud Prevention

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. According to “Occupational Fraud 2022: A Report to the Nations,” published by the Association of Certified Fraud Examiners (ACFE), these tools have become more prevalent in recent years. But although almost 50% of businesses perform fraud assessments, many owners  Continue Reading »

Keep Cybercriminals from Stealing Your Business’s Brand

May 24, 2022 | Business Plans, Fraud Prevention

When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if cybercriminals steal a company’s identity and use it to engage in fraud? This situation can be more complicated — and expensive — to resolve. Fraudsters who  Continue Reading »

The IRS Releases this Year’s Top Tax Scams

August 17, 2020 | Financial Planning, Fraud Prevention, Tax Planning

The IRS compiles and shares a list of common tax scams each year. This year, with the COVID-19 pandemic complicating tax matters in numerous ways, scammers are becoming more aggressive and sophisticated in their methods. Here are some of the scams you should look out for in 2020. Phishing Phishing is a practice that’s been  Continue Reading »

The IRS Tells Employers How to Report W-2 Scams

December 27, 2018 | Fraud Prevention, IRS Regulation

What should you do if your company becomes the victim of a W-2 scam? The IRS recently explained how to report the scam and your next steps (and how to avoid being taken in by this scam!). What Is A W-2 Scam? Any company can be the target of a W-2 scam. These scams have  Continue Reading »

Does Your Business Need a Temporary CFO?

July 2, 2018 | Business Plans, Financial Planning, Fraud Prevention, Uncategorized

Does your Maine company need a chief financial officer but you can’t afford to hire one full time? Or do you need someone to help prepare your business to be sold, handle a special project, or cover for an executive who is ill or left the organization? A temporary, or interim, CFO usually has a variety  Continue Reading »

New Study Reveals Costs, Means and Ways to Stop Fraud

June 25, 2018 | Business Plans, Fraud Prevention

Would you leave the front door of your house unlocked? Probably not. What about your business or not-for-profit organization? Even more unlikely. While we like to think the best of our fellow Mainers, leaving the front door unlocked would welcome in the thieves. Not having strong anti-fraud controls in place at your business to protect  Continue Reading »

Recent Incidents Fuel Concerns over Breach Response

November 6, 2017 | Accounting Standards, Business Plans, Financial Planning, Fraud Prevention

Could your data be hacked? Unfortunately, every organization is vulnerable to cyberattacks today. There are plenty of examples. In September, Equifax reported a data breach that exposed the credit histories and other information of 145.5 million Americans. Shortly thereafter, the Securities and Exchange Commission (SEC) reported a hacking incident that occurred in 2016. Individuals and lawmakers  Continue Reading »

IRS: Beware of Charity Scams Related to Hurricane Harvey

September 13, 2017 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation

Unfortunately, the IRS has once again had to warn about possible fake charity scams that are emerging due to Hurricanes Harvey and Irma. Taxpayers should seek out recognized charitable groups to make donations if they want to help. “While there has been an enormous wave of support across the country for the victims of Hurricane  Continue Reading »

Business ID Theft: Is Your Data at Risk?

September 1, 2017 | Business Plans, Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation

Over the last two years the IRS and state tax authorities have made significant strides in curbing individual identity theft. But cyberattacks against businesses are on the upswing. Here are some simple ways business taxpayers can help protect their data from hackers. Trends in ID Theft The IRS recently announced that the number of individuals reporting identity theft in the  Continue Reading »