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Listed here are two scenarios. For each scenario, discuss the possible damages that can occur.
Suggest a preventive control.
A. An intruder taps into a telecommunications device and retrieves the identifying codes and
personal identification numbers for ATM cardholders. (The user subsequently codes this
information onto a magnetic coding device and places this strip on a blank bank card.)
B. Because of occasional noise on a transmission line, electronic messages received are extremely
garbled.
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- Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (c) A criminal remotely accessed a sensitive database using the authentication credentials (user ID and strong password) of an IT manager. At the time the attack occurred, the IT manager was logged into the system at his workstation at company headquarters.1. What does it mean to say that internal control has limitations and what are these limitations? 2. Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented? 3. What is petty cash and what purpose(s) does it serve? 4. What types of controls should be in place to make sure people in the office don't just take from petty cash (for their own personal use) whenever they feel like it? In your opinion, what is an appropriate amount to have in petty cash? 5. Prepare the necessary journal entries for each of the following: (a) On March 1, issued a check to establish a petty cash fund of $1,410 (b)…Types of Cyber Crimes. The following situations are similar, but each represents a variation of a particular crime. Identify the crime and point out the differences in the variations. (a) Chen, posing fraudulently as Diamond Credit Card Co., sends an e-mail to Emily, stating that the company has observed suspicious activity in her account and has frozen the account. The e-mail asks her to reregister her credit-card number and password to reopen the account. Chen's action is cyber theft. In this situation, it would be phishing, which is a district form of identity theft. Chen is the perpetrator to find out about Emily’s financial data and passwords by posing as Diamond Credit Card Co. The suspicious activity in her account and the frozen of her account are part of the schemes for the perpetrator to seek information from Emily. He included this information to frighten Emily, so she will immediately respond with information and her account wouldn’t be frozen. When Chen has her…
- Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (i)To facilitate working from home, an employee installed a modem on his office workstation. An attacker successfully penetrated the company’s system by dialing into that modem.“Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Which of the following statements is (are) true? a. The type of computer fraud that is simplest and most common and that requires the least amount of skill is data b. The type of computer fraud that is the most difficult because it requires the most skill is computer instructions fraud c. The biggest cause of data breaches is organized by hacker groups. d. Losses from the theft of physical assets are much greater than those from the electronic theft of data e. In the absence of controls, it is not hard for a dishonest employee to steal data.
- 1. Automated controls in a computerized system are always more reliable than manual controls. true or false 2. The risk of fraud in a computerized system is lower than in a manual system because of the use of automated controls. 3. What is a potential risk associated with computerized systems? a. Inefficient use of resources b. Unauthorized access to data c. Excessive use of paper-based documents d. Lack of user training 4. The use of computer systems in financial reporting increases the risk of material misstatements. true or false 5. Which of the following is a potential limitation of computer-based systems? a. Increased risk of data loss b. Reduced need for user training c. Reduced need for internal controls d. Increased efficiency and accuracySelect the correct answer(s) for the following multiple choice questions. Note that there may be more than one correct answer. Which of the following statements is (are) true about computer fraud perpetrators? a. They are typically younger and are motivated by curiosity, the challenge of beating the system, and gaining stature in the hacking community. b. They do not see themselves as criminals and rarely, if ever, seek to turn their actions into money. c. They write and sell malicious software that infect computers with viruses or can be used to steal money or data that can be sold. d. They are a top FBI priority because they organize fraud schemes targeted at specific individuals and businesses.The risk of fraud in a computerized system is lower than in a manual system because of the use of automated controls. true or false
- Explains these controls and tell why they are important in any fraud situation: a. Preventive controls b. Detective controls c. Leveraging technologd. Identifying the red flags NB: Answer questions a-dWhich of the following is designed specifically to detect fraud? 1. A surprise visit to the client's warehouse. 2. Looking at little-used or miscellaneous accounts. 3. Testing internal controls for operating deficiencies. 4.1 and 2 only. 5.1 and 3 only. O 1 O 2 0 3 0 4 0 5The best protection for a company against telemarketing scams is: threatening to complain to law enforcement—then actually filing a complaint suing the fraudster prevention both a and b
