Picture with punchline:- Scamsters Beware, 2010 is Over!


The year 2010 was full of Scams & Frauds across the globe. The article having below picture; which is posted on a blog by Dilip Naidu sir had really caught my glare.

Make 2011 brighter more progressive!

The photo seems to be clicked in Pune city & the punchline poster mentions the courtesy of Nana Chudasam.

“Scamsters Beware, 2010 is Over!” …  Now the people wants to speculate forthcoming years to be less affected by risks of frauds & scams. The comments on Dilip Naidu Sir’s post elaborates much more insights than the article itself. I enjoyed going through the picture as well as comments & I hope you shall emphasise the worthiness of reading through them.

Courtesy: http://dilipnaidu.wordpress.com/2011/01/08/make-2011-brighter-more-progressive

Interestingly fake email sent on behalf of RBI (Reserve Bank of India) via & by fraudualant mail ID


These days, I’ve developed an interim interest in checking out SPAM emails in my mailbox. There are plenty of mails to browse through. be it UK Lottery Scams, International Monetary Fund (IMF) fund Transfer, swiss bank transfers, Break-up notifications from some chick n what not…..

The Symbol of Indian Rupee approved by the Uni...

Indian Rupee Image via Wikipedia

I was very much surprised to read a mail from RBI PLC (rbifundstransfer@rediffmail.com). It didnt take me more than 1/1000 th of a second to think …

“since when RBI has become a PLC”….. Reserve Bank of India Private Limited Company !!!


To add -up some more spice to my entertainment, the mail had email-ID smitha.a24@gmail.com in TO field instead of my emial-ID…. Seems like some Indian Name is used as signatory authority.

ha hhaa haa…… Do go through the mail as copied below…… the language is so funny…. just hang on to the email ahead        🙂

(p.s. DO NOT FALL PRAY to SUCH falsified EMAILS & HELP in CREATING AWARENESS to ERADICATE such ACTIVITIES).

<<<<<<< =================================== >>>>>>

<<<<<<<  =================================== >>>>>>

RESERVE BANK OF INDIA

India ‘s Central Bank

DEPOSITED OF YOUR FUND TO RBI FOR TRANSFER TO YOUR ACCOUNT.

This is to bring to your notice that we have received a cheque of 500,000 Pounds (FIVE HUNDRED THOUSAND POUNDS) on behalf of TOYOTA AUTOMOBILE COMPANY in United Kingdom from (DIPLOMATIC MR MORGAN RICHIE) Pacific courier company some days ago, But we could not inform you due to the investigation that was going on about the cheque of 500,000 pounds

This is a very huge amount and has you know that there is a lot of cheque frauds going on all over the world, that is why he took us some time to confirmed that the cheque we received is okay because we don’t want to be fraud in our bank.

We contact the British Government to be aware of this issue should be incase we later face any problem or fraud regarding this payment but the British Government give us 100% assurance that if any problem occur they will be responsible for it and they agree with us.

On behalf of Reserve bank of India (RBI) want to congratulate you has we have confirmed that the cheque is 100% okay that is why we inform you to let you know that cheque is with us.

This is the information and the batch details that i we received from the pacific courier company in other to claim the money for you….

Ref Number: EUM DN 0508-9T6

Batch Number: EUM QY-3LJ4

Serial Number: 20910

YOU ARE TO GET BACK TO US WITH THIS INFORMATION BELOW..

VERIFICATIONSFORM

FULL NAMES:

CONTACT ADDRESS:

TEL/FAX NUMBERS:

AGE:

SEX:

OCCUPATION:

POST CODE:

COUNTRY /CITY /STATE: INDIA

PLEASE FORWARD YOUR INFORMATION TO THIS EMAIL ADDRESS BELOW: reservebankindia_remittance@yahoo.in

Looking forward to read from you soonest.

Your’s Sincerely,

MR PRAKASH SHARMA

FOREIGN EXCHANGE REMITTANCE DEPT

R.B.I, INDIA

Bloomberg says: Identity Theft Fraud Falls 34%, Victims Pay More (8-Feb-2011)


Identity theft fraud fell 34 percent last year to $37 billion, the lowest since Javelin Strategy & Research began tracking data in 2003.

About 8.1 million identities were stolen in 2010, the fewest since 2007, according to a Javelin study released today. Out-of-pocket costs to victims rose to $631 in 2010 from $387 in 2009, according to the Pleasanton, California-based market- research firm.

Image representing Bloomberg as depicted in Cr...

Image via CrunchBase

“There are fewer cases of identity fraud than there were in previous years. The bad news is there’s more consumer cost,” said James Van Dyke, Javelin’s president and founder. “That’s really due to a shift in the types of fraud.”

Debit-card fraud accounted for 36 percent of crimes committed with cards already in circulation in 2010, up from 26 percent in 2009. Debit-card fraud is generally more expensive for consumers than credit card because zero-liability policies, which protect consumers from losses if their cards are stolen, are less common for debit cards, according to the study.

“There’s been a shift from credit to debit in all kinds of transactions, and unfortunately as you have more debit transactions you have more debit fraud,” said Van Dyke.

New-account fraud, in which a criminal opens an account in the individual’s name rather than exploiting an existing account, also contributed to the rise in costs. Out-of-pocket losses for consumers on new-account fraud averaged $1,267 in 2010, up from $787 in 2009.

Consumer Education

Better consumer education and the success of systems that monitor customer accounts for unusual activity have helped to reduce fraud rates and losses, according to Erik Stein, a vice president of Brookfield, Wisconsin-based Fiserv, a financial services technology company and a sponsor of the survey.

High-income households, or ones earning $150,000 or more a year, had the highest fraud rate of 7.3 percent compared with an average of 3.5 percent across all income levels, the study said.

Consumers should regularly check their free credit reports and monitor their bank and credit-card statements for unfamiliar charges, said Linda Sherry, a spokeswoman for Consumer Action.

“I’m always amazed when I hear from people who don’t read their credit-card statement, they just pay the bill,” said Sherry, who is based in Washington. “If they don’t catch something right away it can be an endless torment.”

Opinion Access Corp., a Long Island City, New York, research firm, surveyed 5,004 people by phone between September 2010 and November 2010 on behalf of Javelin.

To contact the reporter on this story: Elizabeth Ody in New York eody@bloomberg.net

To contact the editor responsible for this story: Rick Levinson at rlevinson2@bloomberg.net.

India’s Black Money 2011: Finance minister Pranab Mukherjee said the tax department would launch prosecution proceedings in relevant cases from the names of account holders given by foreign banks


The news headline in Livemint & Hindustan Times reveals latest update on India’s Black Money…… here is the full article

*****  The PIL claims this is a “colossal failure to enforce the law” due to influential politicians in various parties being involved in the offences. *****

New Delhi: Ahead of a Supreme Court hearing on a public interest litigation (PIL) on black money, finance minister Pranab Mukherjee at a press conference on Tuesday detailed the government’s strategy to deal with black money and said the tax department would launch prosecution proceedings in relevant cases from amongst names of account holders given by foreign banks.

Pranab Mukherjee, Indian politician, current F...

Image via Wikipedia

 

The government has the names of account holders in Liechtenstein’s LGT Bank and information given by German banks.

Mukherjee refused to name account holders citing secrecy clauses attached to legal frameworks with different countries which are used to obtain information on Indian account holders in foreign banks.

The information, however, has been given to the Supreme Court in a “sealed envelope,” Mukherjee, said. The names would be revealed when the tax department launches prosecution proceedings in relevant cases, he added.

The Supreme Court on 27 January resumes hearing a PIL on black money being held in European banks by Indians, initiated by senior lawyer Ram Jethmalani along with some former civil servants, who want the court to examine the issue as well as the falling standards of administration on the part of the government.

The PIL claims this is a “colossal failure to enforce the law” due to influential politicians in various parties being involved in the offences.

According to Mukherjee, the press conference had its roots in a suggestion by Prime Minister Manmohan Singh asking the finance ministry to place in public domain the strategy to deal with black money. Singh had made the suggestion during a recent cabinet meeting which discussed amendments India had signed with its tax partners to elicit information on foreign bank accounts of Indians.

During a hearing on 19 January, the Supreme Court took a tough position against the union government, asking it why it was not disclosing the names of Indian citizens who allegedly stashed away large sums of unaccounted money in European banks from 2002 to 2006.

The main pillar of the government’s strategy to deal with the problem is to amend tax treaties with different countries to allow for information on bank details to be shared.

Indian Money

Image via Wikipedia

According to Mukherjee, a change in international opinion in the wake of the 2008 financial crisis had played a positive role in amending treaties. 

The G-20 countries had decided to jointly take on countries or tax jurisdictions, which were reluctant to share critical information, Mukherjee, said.

sanjiv.s@livemint.com

http://www.livemint.com/2011/01/25144003/Black-Money–Pranab-says-can.html?h=E

http://www.hindustantimes.com/Black-money-Pranab-to-appear-before-Parliamentary-panel/H1-Article1-655117.aspx

US Government Launches Anti-Fraud Site (StopFraud.gov) (via economics)


Here we get to read about the interesting & much required initiative taken by Obama’s US Government by launching StopFraud.gov
a website to educate individuals & reveal various actions of Financial Fraud Enforcement Task Force.

stopfraud.gov

President Obama’s Financial Fraud Enforcement Task Force has introduced a new Web site to educate Americans about how to protect themselves from fraud and report instances of fraud. The site, StopFraud.gov, will also provide information about the task force’s work. Obama established the interagency task force to wage a coordinated effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of f … Read More

via economics

Q&A by an Asst. Manager, Forensic Accounting/Audit….a profession that provides VARIETY & requires skillful common-sense & Multi-Tasking !


Q & A session with Matt Sevenoaks, Asst Manager, Forensics @ KPMG.

This reading provides excellent insight to the uncommon path of Forensic Accounting / Audit. Hardly anyone is aware about this fantastic & challenging profession. I’m sure this article would inspire a lot of individuals to follow the info about Forensics.

Forensic Accounting is trigger based logical stream of Accounting & Finance that provides an additional ‘human brain’ touch to the traditional business techniques & practices. It not only engages a professionals’ ability to multi-task & carry out trigger based investigation, but also cultivates his/her CREATIVITY. One needs to be an innovative &  a little creepy thinker to crack a case. “As thy say, you need to step into the shoe of a FRAUDSTER, so as to trap him even before he think of committing the crime!”

Journal of Forensic Accounting

Image via Wikipedia

“Be As Sly As A Fox, But As Innocent As A Lamb.”

Q & A

Name of Employer: KPMG

Location (city): London

Name of Employee: Matt Sevenoaks

Title: Assistant Manager

Department/Division: Forensic

Number of years at firm: 5 years

Number of years in current role: 2 (3 years in audit practice, financial services audit)

Degree (s): Economics and Mathematics BSc from Bristol University.

How did you first decide to enter your industry?

I wanted to train for the chartered accountancy qualification. I wanted a job that provided variety and that was business relevant. Audit would be a good way of doing that, I thought. I also wanted to be in a job that added value to the client.

What first attracted you?

The people. I met a lot of the people at graduate fairs and got a strong impression that it would be a supportive and friendly environment. In audit I knew I’d be working on lots of different teams, so I wanted to be confident that they were people I’d get on with very quickly. I also wanted to progress through a firm and have a career, and knew I’d need support from colleagues, to do things like secondments. I was confident that I’d get that here.

I was attracted to the accountancy qualification because I wanted to gain a professional qualification that would expand my career horizons and offer variety. I wanted something that would add value to me and expand my options, the ACA does this.

What are the typical education requirements?

The requirements are very broad. You need a 2:1 or higher in any discipline to do the ACA. You also need an A in Maths and an A in English at GCSE (please don’t quote me on this, you can confirm the entry requirements on http://www.kpmgcareers.co.uk). Stamina is also important – the ACA qualification is very, very tough. It’s well regarded internationally because it’s so tough. Combining that with doing a day job is quite demanding.

No trend in the degrees people here have done. It’s very broad.

What skills and/or experience are important for success?

We have eight or nine different global skills and behaviours that everyone here needs. Number one is business focus. Being out on an audit talking to a client about the banking industry, you need to be reading the papers so you know what’s going on and stay up to date with current affairs. That adds to your credibility. Number two is building relationships. Working in teams is very important, and you often work alongside the client. Three: making an impact is important. As you progress throughout the firm you’re expected to coach people that are junior to you. Likewise if you have an issue with the client, you need to be able to communicate with some conviction.

Four: leadership is important as need to supervise people and allocate work effectively. As you become more senior you have more and more meetings with the client in which you need to demonstrate strong leadership to increase their confidence in you. Five: problem solving is quite important. There’ll be issues where you’ll need to work out quick work-arounds. For example sending a report if the internet is down at the client’s office. It can also get very technical if you are dealing with clients operating in complex industries such as financial service. Six: you need drive and resilience. Sometimes you’ll be combining your working day with studying at home. You need to take a very a strong positive attitude. Also, you might have engagements where you’re working long hours, or away from home.

You need to make your own way through the firm. It’s such a large organisation — about 11,000 people work here — and there are lots of different departments: tax, audit, forensic and so on. If you’re in audit and you want a secondment in another area, it takes you to make those contacts. Within forensic, when I wanted a secondment, I identified people I needed to speak to, had meetings with them, then spoke with my department. You need to be self-motivated and do things yourself.

What is the typical career path in your industry?

The main trend is to do training for three years and get your qualification. You can’t really do secondments until you’ve passed all your exams. Then you can either move within the firm, or work in another area – work in forensics for example. Lots of people go abroad, while other people work in corporate recovery, corporate finance, etc. Some people leave and work in industry.

The two main paths are to either move into other departments within the firm, or move into industry. Some people from my old office went to work for investment banks.

What is your favourite part of the job?

Variety. If you do push for things and make the right contacts, you can get very varied work. Every six months I present an audit business game to university students. I also take part in a numeracy programme that we run, going through exercises with some secondary school students some lunch times. Working in forensics is also very interesting, checking whether people are working within regulations etc – also quite varied.

What is your least favourite part of the job?

If you want to have that much variety you have to manage your own time a lot. I’m expected to deliver on certain commitments, so I have to inform people that I won’t be available for an hour here or there. You do feel guilty if you have to disappear for an hour here or there when you’re trying to give 100 percent to the job.

How relevant is your education to what you are doing today?

In terms of my experience, Maths and Economics, Economics has helped me get a broader understanding of what I’m doing. In terms of Maths, I can’t really relate things like calculus to what I’m doing, but it makes you more numerate. The things you learn outside of the classroom at university help, like being independent and self-driven. Also socialising, making friends and joining groups. That’s what makes you a good employee. It’s not all about knowing your subject thoroughly. The soft skills I learned help the most.

Can you offer any advice to graduates seeking a career in the accounting profession?

Do your research and make sure you understand what working day is like. The resources are a hell of a lot better than they were when I was doing research six years ago. Find out about the qualification itself. I’d also say speak to people who are already doing it, if you can get in touch with people at the companies, do that. I’m on a contact database so people at university can get in touch with me.

Go to careers fairs where you can speak to someone face to face and get a good idea of the culture from that. The experience can be very different with different firms, even though it’s the same qualification. It’s very important that you can see whether you’d like to work in that environment and whether it’s an employer that you want to work for.

What is something unusual that they might not know?

It may no longer be an issue, but if you live in the regions and don’t request which market sector you want to work in within KPMG, you’re allotted to a department. I wasn’t aware that’s what happened. I then didn’t get to select which area I worked in. In interviews you should ask if it’ll be divided by market, and whether you can choose which area.

In the London office, because it’s so large, that option is built in.

What is your favourite perk?

25 days of holiday and the opportunity to buy a week extra.

courtesy: http://www.vault.com/wps/portal/usa/vcm/detail/Career-Advice/Q&A/Q&A:-Assistant-Manager-at-KPMG?id=4906&filter_type=0&filter_id=0

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