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METROPOLITAN UNIVERSITY OF EDUCATION, SCIENCE AND TECHNOLOGY (UMECIT)
FACULTY OF ECONOMIC, SCIENCE AND ADMINISTRATIVE
BACHELOR DEGREE IN ACCOUNTING
PROFESSOR: MAGISTER VIELKA ITZEL CORNEJO ARDINES
ENGLISH LEVEL III
UNIT NO.V
ACCOUNTING FRAUD AND INTERNET FRAUD
NAME:
CHEYSKA ORTIZ 8-977-419
LEYDA BALOY 8-935-5
ANA NÚÑEZ 3-748-2117
DATE: NOVEMBER 21 TH, 2020

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Scammers use a variety of methods to try to steal your personal and financial information. They use trusted logos of legitimate companies when sending email. Or, they pretend to be a family member or friend so they can trick you into giving them sensitive information. Internet fraud refers to any type of fraud scheme that uses email, web sites, chat rooms or message boards to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions or to transmit the proceeds of fraud to financial institutions or to others connected with the scheme.Internet fraud may include spam, scams, spyware, identity theft, phishing or internet banking fraud.
Instead, 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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DESCRIBES ACTIONS THAT ARE HAPPENNING NOW IN INTERNET FRAUD AND ACCOUNTING FRAUD

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DESCRIBES ACTIONS THAT ARE HAPPENNING NOW IN INTERNET FRAUD AND ACCOUNTING FRAUD

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• Mortgage Fraud
includes various illegal schemes involving some type of misrepresentation or misstatement on mortgage documents. For example, a home buyer, mortgage broker and/or other real estate professional who submits fake W-2 forms or procures an inflated property appraisal has engaged in mortgage fraud.
In general, fraud involves two parties: the party providing false information and the party that relies on that information to complete a transaction.
• Internet Identity Fraud
Cyber identity fraud is another common type of online fraud. Internet identity fraud usually involves using phishing websites or email scams in order to obtain personal identifying information from online web users. The information may be used to obtain credits or secure benefits or services. Personal identifying information obtained through online fraud can also be sold.
• Unrecorded Expenses:
Another type of accounting fraud takes place when a company does not record its expenses. The company's net income is overstated, and its costs are understated on the income statement. This type of accounting fraud creates a false impression of how much net income a company is receiving. In reality, it may be losing money

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IDENTIFY KEY INFORMATION IN AN FRAUD SCENE

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IDENTIFY KEY INFORMATION IN AN FRAUD SCENE

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Accounting Fraud:
accounting fraud and financial crimes are a form of theft, theft that occurs when a person or entity takes money or property, or uses it in an illicit way with the intention of obtaining benefit from it. These crimes involve some form of deception, subterfuge, or abuse of a position of trust.

Internet Fraud:
Violators who conduct their illegal activities through Internet fraud use a combination of tricks involving the web, email, and malicious software to steal personal information and financial account credentials. The most widely used means is email, criminals posing as a trusted company or institution and using information and communications technology, try to trick the attacker into providing him with confidential information, which is later used to carry out some kind of fraud.

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IDENTIFY PUNISHMENTS FOR PEOPLE INVOLVED IN AN INTERNET FRAUD OR ACCOUNTING FRAUD

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IDENTIFY PUNISHMENTS FOR PEOPLE INVOLVED IN AN INTERNET FRAUD OR ACCOUNTING FRAUD

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• for mortgage fraud crimes:
The Fraud Enforcement and Recovery Act (FERA) enacted in 2009 expanded the reach of federal law enforcement officials in enforcing mortgage fraud laws. Sentences under FERA can include $1 million fines and 30-year prison sentences.

• Internet Identity Fraud:
Penalties for identity theft can include 15-years imprisonment and substantial monetary fines. The offense is an offense against the victim whose identity was stolen, and you can be charged for each person whose identifying information was taken and/or for each instance in which unlawful identifying information was used in connection with an unlawful act.

• Bank fraud:
Bank fraud can result in a term of imprisonment as long as 30 years, as well as a fine up to $1,000,000

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Internet Fraud

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With everything seen throughout the work we can draw a series of conclusions, this crime of internet fraud is presented to date as inexhaustible because it is in an unlimited field. The crime methodology changes but its final objective does not. Any user can be a scammer, both buyers and sellers, the security barriers are insufficient.
We must all row in the same direction with the sole objective of ending fraud on the internet, if not, we will always leave an open path for these acts to continue to be perpetrated. Leaving interests behind and creating an effective awareness among users by making them see that every device with a connection to the global internet tool is at risk of being violated by these events as relevant as others.
Concluding with accounting fraud the recommendations to identify possible fraud risks, we are guided by the procedures prior to understanding the entity and its environment in order to assess these fraud risks based on their probability of occurrence as well as impact.

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Internet fraud

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Accounting Fraud

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https://criminal.findlaw.com/criminal-charges/credit-debit-card-fraud.html
https://www.investopedia.com/ask/answers/032715/what-accounting-fraud.asp
https://www.usa.gov/online-safety
https://nyccriminallawyer.com/white-collar-crimes/cybercrime/internet-fraud/