Question

On behalf of our tax, financial advisory and medical service clients, we thank you again for taking the time to review our accounting processes. Our business continues to grow despite the impact that COVID-19 is having on our economy. In fact, the sound and reliable guidance that you and particularly members of ACC 331 provided to address previous concerns is needed more now than ever before.
Based on your experience and insight, please help us identify six recent scams (occurring after March 1, 2020) directly related to medicine (COVID-19) or the stimulus check payment process, and state what we should or can do to avoid becoming a victim.
Specifically, for each scam, identify (1) a specific target group or person (e.g. the elderly, retirees or anyone), (2) specific action steps taken by the scammer(s) or fraudster(s) and (3) what we could do to avoid becoming a victim.
For each scam, try to address parts (1), (2) and (3) by limiting your answer to 100 words.

Answer 1

1.ANS : The COVID-19 pandemic has taken root in nearly every country on the globe, upending personal and economic lives. Six months into the crisis, some countries have managed to control new cases, while in others the spread remains rampant. While many countries have reopened their economies, allowing a cautious return to work, play, and economic life, the pandemic seems likely to remain a fact of life for the foreseeable future.the immediate effects of COVID-19 on financial sentiment, behaviors, needs, and expectations among household financial decision makers around the globe. The survey covers 30 countries, together accounting for 70 percent of the global population,

In other areas, customer views of banks’ service quality and how they will engage with banks changed little since the May survey. In this stressed environment, what customers continue to want most from their banks is tangible support on credit terms—waiving late fees, reducing minimum payments, or permission to skip a loan payment. At the same time, use of cash is decreasing and digital forms of payment are increasing, perhaps as people quarantine or avoid those interactions more likely to transmit disease. Against this backdrop, in most countries consumers indicate that banks are meeting their expectations—but generally not exceeding them, at least on a net basis.

Each month, more consumers expect the impact of COVID-19 on the economy will last a year or longer

We also asked decision makers to look ahead and call the duration of the downturn (Exhibit 2). In April, more than 60 percent of respondents in most of the 16 countries expected the impact of COVID-19 to last at least a year or so (India and Indonesia were the exceptions).

2 ANS :Crooks use clever schemes to defraud millions of people every year. They often combine new technology with old tricks to get people to send money or give out personal information. Here are some practical tips to help you stay a step ahead.

1. Spot imposters. Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a company you do business with. Don’t send money or give out personal information in response to an unexpected request — whether it comes as a text, a phone call, or an email.
2. Don’t pay upfront for a promise. Someone might ask you to pay in advance for things like debt relief, credit and loan offers, mortgage assistance, or a job. They might even say you’ve won a prize, but first you have to pay taxes or fees. If you do, they will probably take the money and disappear.
3. Consider how you pay. Credit cards have significant fraud protection built in, but some payment methods don’t. Wiring money through services like Western Union or MoneyGram is risky because it’s nearly impossible to get your money back. That’s also true for reloadable cards (like MoneyPak or Reloadit) and gift cards (like iTunes or Google Play)
4. Be skeptical about free trial offers. Some companies use free trials to sign you up for products and bill you every month until you cancel. Before you agree to a free trial, research the company and read the cancellation policy. And always review your monthly statements for charges you don’t recognize.
5. Hang up on robocalls. If you answer the phone and hear a recorded sales pitch, hang up and report it to the FTC. These calls are illegal, and often the products are bogus. Don’t press 1 to speak to a person or to be taken off the list. That could lead to more calls..