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Accounting fraud remains one of the most critical and prevalent issues facing the financial industry.
The internet is a double-edged sword. On the one hand, it makes much of our lives insanely easy, . On the other hand, it allows internet fraud to reach right into our offices, our homes, and and into our daily lives.

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Markkula Center for Applied Ethics at Santa Clara University

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Issues in Financial and Accounting Fraud

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Jim O'Toole, Senior Fellow at The Markkula Center for Applied Ethics, discusses financial fraud with David Jolley, Managing Partner for Markets, Ernst & Young. How is it that "good people" do "bad things?" Three criteria are typically in play, according to Jolley: pressure, opportunity, and incentive.

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More than one third of all security incidents start with phising emails. An e-mail scam can rely exclusively on a false assertion of authority, particularly if the scam can target a group of people who are more vulnerable or susceptible to that assertion.

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People can be easily scammed by “too good to be true” bank offers that might guarantee large amounts of money and have already been pre-approved by the bank.

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There are thousands of websites out there that provide false information and might redirect you to malicious links, giving hackers access to your most valuable data.

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Internet fraud can be defined as any type of scheme that uses one or more components of the internet (e.g., chat, email, website) to publish fraudulent solicitations, conduct fraudulent transactions, or transmit proceeds obtained through fraud.

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Accounting fraud is the intentional manipulation of financial statements to create a false appearance of corporate financial health. Furthermore, it involves an employee, accountant, or the organization itself misleading investors and shareholders. A company can falsify its financial statements by overstating its revenue, not recording expenses, and misstating assets and liabilities.

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Accounting fraud is a crime under state law and federal law. If the accountant, employee, or officer who committed the fraud is found guilty, then this person can be subject to prison time, in an action brought by the federal Department of Justice.

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If you are convicted of online fraud , the maximum prison sentence is five (5) years

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When the federal government alleges that you have been involved in Internet fraud, it is common for your home and computer files to be searched.

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There are lots of internet and accounting frauds that are happening day by day and unaware public get trapped by the fraudsters and destroy their hard-earned money and wealth. Prevention and Detection of stock market frauds are complement and supplement of each other, however prevention is always better than detection, but both are difficult tasks because fraudsters always come up with newer ideas of frauds whenever old ideas get detected by fraud detectors, thus it is also difficult job for detectors to detect new type of fraud pattern.

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