How Romance Scammers Steal Hearts and Money

 

Online dating has become enormously popular, with couples meeting on social media and dedicated dating sites and apps. According to a 2019 Stanford study, 39% of heterosexual couples met online rather than though a personal connection. As more people look to the internet to find love, scammers are waiting to fake their way into individuals’ hearts and bank accounts.

Romance scams are forms of online impersonation scams and confidence scams—both of which present a risk not only to those looking for love, but to businesses making connections digitally.

 

About the Scams

Online romance fraud typically takes the form of scammers running fake accounts designed to earn people’s trust and maintain phony relationships with the goal of stealing money from the victim. Often, these accounts use pictures found on the internet to create an attractive, convincing persona.

These phony personas use a number of social engineering techniques to overcome individuals’ reservations and reason. Scammers may play to the victim’s desires or create a narrative of urgency as a way to orchestrate a whirlwind romance, ensuring that when they finally ask for money, passion and emotion cloud the victim’s judgment.

Other scammers may opt for a more long-term approach, mimicking a real relationship to overcome suspicion and create a disarming sense of dependence. In these cases, it is common for the scammer to string the victim along, requesting travel expenses to meet in person before cancelling at the last minute.

Typically the fraudulent requests begin with gifts (often requested in Amazon wishlists) before the steeper, more dramatic requests begin. These more significant sums are often the endgame for scammers, sometimes in the form of a phony medical emergencies or travel expense.

 

Spotting an Online Impersonation Scam

Businesses operating in digital spaces face similar risks with impersonation scams. Often online impersonation scams use similar tactics to romance scams, relying on emotional factors – such as hesitancy to ask questions, deference to authority, and desire to please – to trick employees into making unauthorized transfers.

To prevent losses (or heartbreak) to these scams, SDC CPA advises individuals and businesses making connections online take the following steps:

·         Look for red flags, including an insignificant digital footprint, untimely requests for money, and excuses for avoiding simultaneous/non text-based communication.

·         Watch for inconsistencies in answers or a relationship (business or personal) progressing too quickly.

·         Do not let urgency overrule caution.

·         Reverse-image search all pictures received to see if they are stolen.

·         Share details with trusted individuals, they may be able to provide perspective and notice additional red flags.

With the FTC reporting $143 million in online romance fraud losses in 2018, singles risk more than just a broken heart when looking for love. Losses to online romance scams may be claimed as theft in the tax year it is discovered if certain conditions are met. Victims of these scams should check their state’s laws to determine whether the scam would be considered theft and keep documentation to demonstrate the scammer’s intent.

Tips for Eliminating Bias in the Workplace

 

Bias in the workplace can be deeply harmful for any organization. Between turning away talented employees, hurting diversity, and lowering morale, bias can prevent organizations from achieving their goals and reaching their full potential.

Unconscious bias is one of the most damaging forms of bias, yet can be the hardest to address. Based on diversity and inclusion initiatives from Studler Doyle's founder, Dee Studler, SDC CPAs has compiled the following suggestions for recognizing and eliminating unconscious bias in the workplace.

 

Carefully Plan Diversity Programs

While mandatory diversity training may be used effectively, it is a well-documented phenomenon that mandatory diversity programming can create resentment and fuel bias, rather than eliminating it. Other options, such as incentivized or voluntary diversity programming, tend to inspire and encourage employees to recognize and address bias themselves.

 Another key piece of diversity programming is knowing when to rely on experts. When in-house leadership does not have sufficient knowledge or perspective to authentically and effectively discuss an issue, it may be critical to rely on a guest speaker’s perspective and expertise to communicate the message.

 

Create a Culture of Inclusion

Ultimately, the goal of any diversity programming is to help employees recognize bias and become advocates for inclusion. One tool that can help employees and leadership realize and confront their own biases is Harvard’s Project Implicit, a collection of quick tests that assess individuals’ unconscious bias or automatic preference. Seeing these results can spur action and inspire change.

 Leadership’s commitment to diversity is essential for any workplace to improve its handling of bias. Listening to and addressing employees’ ideas and concerns is a major part of demonstrating the organization’s commitment to inclusion. Affecting company culture may start with surveying employee attitudes toward diversity and methods for reporting instances of bias. Having proper channels to ensure employees are comfortable with reporting and discussing bias can be crucial for advocacy and empowerment.

 

Reduce Individual Input

Companies can work to mitigate the effects of individual unconscious bias by making structural changes. In hiring, for example, technology can be used to find and hire the best candidates without an individual’s bias working against them. Additionally, personnel decisions come with supporting data and explanations. These decisions being made without sufficient justification can be a sign of bias and should be evaluated.

Assessing the diversity of programs and initiatives can be another crucial step for uncovering bias. For example, mentoring programs that rely upon an individual approaching a mentor tend to favor white employees and male employees. Creating a more formal structure could mitigate bias in these circumstances.

Recognizing and addressing workplace bias takes sustained effort and commitment—there is no one-size-fits-all solution. With time and attention, however, organizations can achieve a more equitable, inclusive future.

History of Women in Accounting – Christine Ross

 

As of the year 2020, approximately 42% of the CPAs in the United States are women. As the profession moves toward a more equal gender distribution, it is important to consider the long history of pioneering women in accounting. In the 1950s, there were approximately 600 female CPAs. Approximately sixty years before that came the first female CPA, Christine Ross.

The Earliest CPAs

 In the late 19^th century, an increasingly wealthy and industrial America needed the services of accountants. Prior to 1887, there were few standards and guidelines for accountants. With an increasing demand for professional, reputable accountants, the American Association of Public Accountants was formed in 1887 to bring stability and consistency to the profession. The American Association of Public Accountants’ solution was to establish professional standards and the designation of “Certified Public Accountant” for accountants who met those standards.

In December of 1896, the New York CPA exam was offered for the first time. Taking this inaugural exam was Christine Ross, age 23 at the time. Ross passed the exam by a wide margin, placing second in her class. Despite her resounding success, the New York Board of Regents was unsure whether a woman should hold the CPA title. This dispute among the board delayed Ross’ certification for nearly 18 months.

Despite these obstacles, Ross was issued her CPA certification in December 1899, making her the first female CPA.

 

A Career of Empowerment

 Ross’ work focused heavily on facilitating opportunities for other women. Her clients included women running businesses and key women in the fashion industry. Working with women in business created a mutually supportive relationship between Ross and her clients: businesswomen seeking women accountants and Ross helping their women-owned businesses succeed.

Wealthy women in New York brought their business to Ross, who could give them financial advice informed by the challenges women faced. Ross’ accounting services helped these women become more financially independent. Ross also used her services to support women’s organizations in New York, including those seeking suffrage for women.

Since Christine Ross’ historic CPA designation, women in accounting have made tremendous strides. The contributions made by trailblazing women in accounting paved the way for today’s women in accounting such Dee Studler and Krista Doyle, founders of SDC CPA, formerly known as  Studler, Doyle & Co.

The Different Functions of Forensic Accountants

 

Crime is as old as society, and the men who had in their hands the power to administer justice have needed to prove the innocence or guilt of those who broke the rules, either to punish the offender or to absolve the innocent. Hence, the search for the truth through the means of evidence has evolved from the old "ordeals" in which the Supreme Judge decided the innocence or guilt of a person. Currently and unanimously, the doctrine indicates that to achieve the consolidation of the Modern Criminal Procedure and the different systems that make it operational, it is necessary to rely on the cutting-edge technologies offered by forensic sciences, which represent a tool for the fight against fraud and corruption.

SDC CPA, a global investigation and forensic accounting company from Aurora, IL, provides the necessary evidence to confront crimes in the public and private sectors through investigations where opinions of technical value are issued that allow the justice to act with greater certainty. This solutions-driven company operating in the financial services arena, is focused on finding solutions for their clients and offers a range of services – from financial forensics and fraud investigation and tax management consulting to fidelity and other insurance claims. SDC CPA solves problems using unique methodologies and best practices and, backed by years of corporate experience and insight, their skilled and insightful multidisciplinary team works in close consultation with their clients to achieve just that.

Below, the forensic accounting experts from SDC CPA review the different functions that characterize Forensic Accounting Expertise. The Forensic accounting experts are auxiliary to justice and their approach is based on the questionnaire or guidelines that resolve the objectives and points decreed by a justice corporation in the midst of an assurance of evidence, litigation or other procedural assistance requirement. Forensic accounting experts help the administrations of justice, either as representatives of the courts or of the parties, in civil and criminal cases (in those jurisdictions that do rely on Private Accounting Experts) for the resolution of Money Laundering cases.

In addition, following the Forensic Anti-Fraud Auditors, they use an anti-fraud approach to clarify, rule out or technically confirm the existence of acts of Fraud, Corruption and / or Money Laundering, relating the people involved in it; issuing its independent report with the evidence of its findings, for the use of the authorities and decision-making. They also have anti-fraud training to prevent, deter and detect these scourges, strengthening the policies, procedures and internal organizational, administrative and operational controls.

As a leading provider of forensic accountancy services, SDC CPA has been providing forensic accounting services to almost every type of company, such as financial organizations, law firms, government institutions, insurance companies, equity firms, corporate counsels, venture capitalists, and the top management of companies.

Forensic Accounting vs Auditing

 

The field of accounting operates with many specializations, and forensic accounting and auditing are two of the most common. Although forensic accounting and auditing seem similar specialties, there are significant differences between the two job functions. Forensic accountants specifically search for fraudulent activity within organizations; auditors verify that companies comply with federal regulations and organization policies. Companies in need of accounting assistance must understand the difference between the two specialties.

Located in Aurora, Illinois, SDC CPA specializes in providing adjusters and attorneys global investigation and accounting services dedicated to crime, fidelity (employee dishonesty and employee theft), lack of faithful performance and commercial surety insurance claims. SDC CPA forensic auditors and accountants assist in legal processes and technical defense of a criminal, commercial, civil, administrative and judicial nature, through adversarial investigative applicability that includes knowledge and methodologies of Forensic Auditing, Forensic Accounting, Law, Theory of Evidence, Chain of Custody and Criminalistics, thus helping to promote the interests of the client.

SDC CPA - Protecting Your Business

Forensic accounting is a set of specialized accounting skills used to investigate innumerable accounting and financial matters for purposes related to legal proceedings. SDC CPA, a global investigation and forensic accounting company based in Aurora, Illinois, has its own team of forensic accountants.

Whether on a professional or personal level, sometimes things don't go as planned. This team of professional forensic accountants is on hand to help you through difficult times, providing you with ethical and detail-oriented investigative accounting services.

Forensic Audit

Forensic Audit should preferably be defined as: "technical methodology that, by combining criminal, accounting, legal, procedural and financial knowledge, is used to counter financial crimes, fraud, corruption and money laundering". It can be also defined as: a technique that aims to participate in the investigation of fraud, committed consciously and voluntarily, by people who are part of the government or companies, including individuals, through the avoidance or evasion of legal regulations.

Experts from SDC CPA, a forensic accounting firm explain that, forensic auditing is carried out as an integral part of an environment made up of a multifaceted range of professionals. These professionals include accountants, lawyers, graphical technicians, computer engineers, cryptographers, expert personnel in investigations of different security forces or organizations. These professionals operate in specialized areas such as legal offices, police, prosecutorial and judicial investigations areas.

They contribute, to the clarification of potential illegal acts or crimes, and must define or select the techniques to be used for the investigation and the creation of the technical-legal reports in which the results will be presented. SDC CPA experts point out that the financial crimes that are investigated include prevarication, concussion, blunder, illicit enrichment, ghosts operations, bribery, fraud, legal breaches, nepotism, money laundering. However SDC CPA experts indicate that the forensic audit currently extends to other areas.

Detective forensic audit

SDC CPA experts claim that the essential purpose of the forensic detective audit is to specify the occurrence of fraud through a technical analysis and in-depth investigations, in order to indicate, among other aspects, the following:

• When the fraud occurred

• How it was executed

• The defrauded amount

• Prequalification of the type of fraud

• What are the direct and collateral damages

• Identification of those who committed the fraud

• Accomplices and concealers.

The audit report

SDC CPA forensic auditors (read the reviews from clients about them), explain that the forensic auditor generally issues an audit report, which is intended to be considered in court. The court will analyze, judge and pass the respective sentence. That is why in the detective forensic audit the type of fraud is indicated, but it is not established as a financial crime. This is because the prosecutors and the courts are competent to definitively classify the fraud as a specific financial crime which is punishable, according to the corresponding laws.

SDC CPA forensic auditors share that the report must contain at least the following:


• Detailed explanation of what happened, specifying violations of internal and government manuals, anti-corruption and anti-fraud regulations, and money laundering prevention systems, pre-qualifying the typologies detected

• The amount contemplated in criminal transactions

• The supporting annexes, which verify the findings and evidence of each operation. SDC CPA forensic auditors point out that at this point, the chain of custody of the evidence must be guaranteed, in order to preserve the legal nature of the evidence.

• The persons related to the fraudulent event, internal, external, direct and indirect.

If you are interested for more details, contact the forensic auditors from SDC CPA, which have decades of experience in forensic accounting.