Question

Answer the following questions:

How has technology changed the landscape of consumer fraud?

What may consumers do to protect themselves from the threats identified in these resources?

How may an internal auditor leverage the IoT in a fraud examination? What legal factors does an auditor need to consider?

Which resource did you find the most interesting and why?

Answer 1

Which resource did you find the most interesting and why? in which relevance is this question ?becuase it has got no relevance with the other ones so it is not answered.

How has technology changed the landscape of consumer fraud?

Gaining broader visibility into the entire online user life cycle as well as shared intelligence around the latest threats is essential, allowing extended analysis of the behaviour of humans and devices so that fraud patterns are quickly detected. As a result, only high-risk activities are interrupted and the normal user’s security experience remains transparent.n intelligence-driven fraud prevention strategy is multi-faceted, spanning user behaviour, device fingerprints, known fraudulent entities and threats from the underground. To differentiate a genuine customer from a criminal requires an overview across the entire online consumer life cycle from pre-login through transactions to post-login.

There are three things organisations should do now to adopt an intelligence-driven fraud prevention strategy.

• First, gain broader internal and external visibility to evaluate risk and cyber-crime threats across all online digital channels.
• Second, extrapolate insight from the data to understand normal-state behaviour to spot, investigate and root out anomalies that indicate threats based on your unique risk profile, and immediately see which threats are most damaging.
• Third, responding to malicious anomalies designates the right corrective action to mitigate the specific threat and enforce controls to initiate a remediation process and operationalise the response.

We’re finding organisations that use the fraud and risk intelligence solutions gain visibility into shared intelligence on emerging attacks and threats

What may consumers do to protect themselves from the threats identified in these resources

In this digital age, our country’s retail infrastructure is quickly transitioning from credit cards to one-click shopping. The positive opportunities and rewards for each of us are clear.Here are five key facts

And here's what consumers can do in the future to protect themselves.

1. Set one day a week to monitor your credit card statements:One suggestion that may seem obvious is to carefully review the credit card statements as soon as it is given But once a month means it might be 29 days before the notice fraudulent behavior. Set a specific day once a week to review the statement. When review the bill, if anything stands out as being questionable or suspect, investigate immediately to determine if it was one of the authorized purchases.

2. Sign up for real-time alerts:Most banks and credit card companies have real time notification services that allow them to contact you in the event of a purchase attempt deemed “unusual.”When a purchase attempt is made over that set dollar amount, it can choose to receive a text message notification, an email and/or a phone call to validate the purchase.

3. Keep your private information private :Unfortunately, there is a constant threat to your personal data whether you are on the go (cell phone, wallet, laptop) or at home PC, home phone . The more it is communicated, the more they learn. Many con artists make calls to unwitting consumers and are able to smoothly trick the listener into thinking that they are an authorized vendor.

4. Routinely change passwords and make them strong:Creating strong passwords is important. Coming up with obvious passwords such as your birthdate or initials do not pass muster. Studies have shown that more than fifty percent of Internet users use weak passwords. If the passwords is created using the address, birthday or Social Security number, and this information is acquired via cyber theft, all of the personal data becomes vulnerable.

5. Subscribe to identity protection There are numerous Identity Protection companies who will monitor the credit cards of customers , Social Security number and other data for a fee. Target is currently offering a free year of monitoring service through Experian . The service is legit and it will have the option to continue service at your expense after the complimentary 12 months.

How may an internal auditor leverage the IoT in a fraud examination? What legal factors does an auditor need to consider?

The report confirms what all good internal auditors should know — fraud is still a clear and present danger. It may sound cynical, but the reality is that there will always be someone willing to do evil.

Detecting and deterring fraud, therefore, must remain a significant priority for internal audit and the organization overall. The ACFE survey finds that the presence of anti-fraud controls correlated with lower fraud losses and quicker detection. Not surprisingly, the biggest contributor to fraud was a lack of internal controls followed by overriding existing internal controls.

Other findings provide valuable information on spotting signs of fraud.

Red flags for spotting fraudsters include individuals living beyond their means or having financial difficulties, unusually cozy associations with a vendor or customer, excessive control issues, a general "wheeler-dealer" attitude involving unscrupulous behavior, and recent divorce or family problems. According to the report, at least one of the warning signs was present in nearly eight in 10 of the examined fraud cases.

Fraud must always be on internal audit's radar, and all auditors must be aware of our own biases when it comes to uncovering wrongdoing. Human nature is to try to corroborate, not disprove. We feel better when we find evidence to support instead of contradict.