Schneider Downs Business Advisory

?? & ?? ??s? Check out our latest article by James Rumph, CPA, CFE, CAMS, CFI, CIA, CVA, where he dives into the complexities of tracing commingled assets using an analogy of red and green beans. ?? Tainted assets can include the proceeds from a wide variety of criminal activities, such as selling an asset pledged as collateral without the lender’s consent, a fraudulent investment offering or insurance claim, a Ponzi scheme, or an embezzlement from an employer. Discover the four widely accepted methods: - First In, First Out (FIFO) - Last In, First Out (LIFO) - Lowest Intermediate Balance Rule (LIBR) - Pro Rata Distribution Learn how these methods can help differentiate between tainted and untainted assets in various scenarios, from criminal and civil cases to bankruptcy cases. ?? Access the article posted in the comments below! #Litigation #LitigationSupport #Bankruptcy

Did you know that employee fraud risk remains a significant concern even during periods of economic growth? ?? The Schneider Downs Business Advisory team's latest guide dives into the key factors influencing fraud risk amid workforce reduction and provides actionable examples to help your organization effectively manage these risks. ??? ?? Discover how to safeguard your organization – link in the comments! #SchneiderDowns #EmployeeFraud #FraudRisk #BusinessAdvisory

?? Check fraud is a persistent issue, especially for closely held businesses and not-for-profit organizations. In this article, James Rumph, CPA, CFE, CAMS, CIA, CVA highlights a recent case that involved a VFW post in Ohio, where over $35,000 was stolen through fraudulent check issuances. The liability for check fraud can be complex, involving various parties such as the account holder, depository financial institution, and paying financial institution. ?? Key Points: Types of Check Fraud:?Altered checks, forged endorsements, forged maker signatures, counterfeit checks, and fraudulent issuances. Liability:?Primary liability lies with the fraudster, but secondary liability can fall on the account holder or financial institutions. Prevention Tips:?Avoid mailing checks, use high-security check stock, leverage positive pay, segregate duties, implement strong KYC processes and effective fraud risk management strategies. #CheckFraud #FraudRiskManagement #FraudPrevention https://lnkd.in/eJTSaZ_k

?? Check fraud is a persistent issue, especially for closely held businesses and not-for-profit organizations. In this article, James Rumph, CPA, CFE, CAMS, CIA, CVA highlights a recent case that involved a VFW post in Ohio, where over $35,000 was stolen through fraudulent check issuances. The liability for check fraud can be complex, involving various parties such as the account holder, depository financial institution, and paying financial institution. ?? Key Points: Types of Check Fraud:?Altered checks, forged endorsements, forged maker signatures, counterfeit checks, and fraudulent issuances. Liability:?Primary liability lies with the fraudster, but secondary liability can fall on the account holder or financial institutions. Prevention Tips:?Avoid mailing checks, use high-security check stock, leverage positive pay, segregate duties, implement strong KYC processes and effective fraud risk management strategies. #CheckFraud #FraudRiskManagement #FraudPrevention https://lnkd.in/eJTSaZ_k

???Stolen Money Wired Overseas? Here’s How You Might Still Recover It!??? In today’s digital age, cyber-enabled financial crimes like Business Email Compromise (BEC) are on the rise, leading to significant financial losses. But there’s hope! ?? This article by James Rumph, CPA, CFE, CAMS, CIA, CVA highlights the?Rapid Response Program (RRP)?and the?Financial Fraud Kill Chain (FFKC), which have been instrumental in recovering over $1.1 billion for U.S. victims since 2015. These programs leverage international partnerships to freeze and recover stolen funds, even when they are wired overseas. ?? Key takeaways: ?? Immediate Action: Report fraud within 72 hours for the best chance of recovery. ?? Collaborative Efforts: FinCEN, FBI, Secret Service, and international partners work together to intercept fraudulent transactions. ? Proactive Measures: Steps can be taken to help ensure funds aren’t sent out in the first place, as well. Read the full article to learn more about protecting your business and recovering stolen funds. https://lnkd.in/gHDXtvvb #CyberSecurity #FraudPrevention #BusinessProtection #FinancialSecurity #SchneiderDowns

From the entire Schneider Downs Business Advisory team, we hope you have a wonderful holiday season! #SchneiderDowns #HappyHolidays #SchneiderDownsBusinessAdvisors

The word "agile" can mean many things in the business world, but why is agility so important for fraud departments? Check out this The Ohio Society of CPAs article by our Business Advisory Services Director, James Rumph, CPA, CFE, CAMS, CIA, CVA, for insights on how to increase the agility of your fraud department, including ways to get ahead of emerging risks like deep fake-enabled fraud. ?? https://lnkd.in/eZePiR-K #FraudRiskManagement #SchneiderDowns #DeepFakeFraud

#FraudWeek is ending, but our work never stops! Our team is ready to help you rewrite the script by educating, assisting and preparing you to address your unique fraud concerns. ?? If you suspect or have questions about fraud in your organization, contact us at [email protected].

#FraudWeek may be coming to an end, but that doesn’t mean fraud is. Tune into Brian Webster’s article for 6 quick insights from the Association of Certified Fraud Examiners (ACFE)’s 2024 Report to the Nations on steps to enhance your organization’s strategy for preventing, detecting and responding to fraud. ?? Start taking a more proactive approach to fraud at your organization: https://lnkd.in/eWz2--fv #FraudPreventionStrategies

Behavioral red flags are a valuable indicator that something is not right and warrants a closer review. As part of our week-long recognition of #FraudWeek we wanted to share this infographic developed by the ACFE that highlights some red flags and their impact.