...online transactions happened in 2013. In general, there are five payment methods: credit card, debit card, direct deposit and direct debit, online payment services, and electronic bill payment services; in which credit card is the most popular one. Sensitive personal information is required to provide when using these methods, such as names, address, credit card numbers, secure code, and other account numbers. This information is accessed by sellers, credit card companies, banks and other related financial institutions, and easy to become the target of identity theft or cybercriminals. Thus, US government has regulations to protect the personal information of customers. The Fair and Accurate Credit Transaction Act (FACTA), amended in 2003, is aimed to reduce the identity theft by allowing customers to obtain free credit report every twelve months and set alert on their credit histories. However, sometimes people need anonymous online transactions, because we don’t know whether the website is trust-worthy or they will sell our personal information to third parties. There are several anonymous methods for online transactions. * Mask Me, disposable credit cards provided by an company, Abine. With this service, when credit card information is requested at checkout, you can choose “Mask My Card” and add the price to a card, and then you will get a virtual credit card with this amount. (See the pictures below) Sellers won’t get access to your real card information and credit card...
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...IT Act Paper What were the advances in information technology that resulted in new ethical issues necessitating the creation of each act? Do Not Call Implementation Act, 2003 Before the 2003 Do Not Call Act existed so many telemarketers would call at all hours of the day and in turn resulted in so much unsolicited phone calls. People tried everything in their means to stop these calls but had no foundation to rely on. Due to the complaints of so many people to the Federal Communications Commission (FCC) created a Do Not Call Registry. With the registry one can choose online or by telephone at no cost to register their number to be placed on a Do Not Call List. All Telemarketers and sellers are required to search the registry at least once every 31 days and drop from their call lists the phone numbers of consumers who have registered. Also if you have a caller id all telemarketers are required to unblock their numbers when placing a call and you will then have the choice to answer or click. All information provided can be found on the www.fcc.gov website. Fair Credit Reporting Act, 1970 The Fair Credit Reporting Act, 1970 originally the law was primarily of interest to banks and consumer reporting agencies (CRA) and businesses which sent information to them. Today, this law applies to a wide variety of organizations that collect personal information from you directly, as well as from public records. In 2003 the law was amended by the Fair and Accurate Credit Transactions...
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...employees in the company and add additional responsibilities on the CISO and his/her staff. Other laws that affect privacy in the workplace are listed below. Americans with Disabilities Act (ADA) - Primer for business. Children's Internet Protection Act of 2001 (CIPA) Children's Online Privacy Protection Act of 1998 (COPPA) Communications Assistance for Law Enforcement Act of 1994 (CALEA) - Official CALEA website. Computer Fraud and Abuse Act of 1986 (CFAA) law summary. Full text at Cornell Computer Security Act of 1987 - (Superseded by the Federal Information Security Management Act (FISMA) Consumer Credit Reporting Reform Act of 1996 (CCRRA) - Modifies the Fair Credit Reporting Act (FCRA). Electronic Funds Transfer Act (EFTA) Summary Fair and Accurate Credit Transactions Act (FACTA) of 2003 Fair Credit Reporting Act (Full Text). Federal Information Security Management Act (FISMA) Federal Trade Commission Act (FTCA) Driver's Privacy Protection Act of 1994 . Text of law at Cornell Electronic Communications Privacy Act of 1986 (ECPA) Electronic Freedom of Information Act of 1996 (E-FOIA) Discussion as it related to the Freedom of Information Act. Fair Credit Reporting Act of 1999 (FCRA) Family Education Rights and Privacy Act of 1974 (FERPA; also know as the Buckley Amendment) Privacy Act of 1974 - including U.S. Department of Justice...
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...This paper explains the federal Fair Debt Collection Practices Act (FDCPA) and other laws that apply to debt collectors. This paper will provide information about how to stop calls from collectors and how to correspond with them about your account or to dispute a collection action. This paper also explain one’s right to privacy, and how debt collection efforts may affect your job, your credit report, even information in your medical files. This paper will also reflect from the business owner’s aspect and how debt collection agencies can affect their business, especially if the collection agency is not following the law as they should. Why are you being contacted by a collection agency? It usually means that a creditor has not received payment from you for several months. They have negotiated with another company or are using an in-house affiliate called a debt collector to attempt to get you to pay. Third party collectors often purchase your debt for less than you owe, and your debt is now owned by the collector. A collector may also work for the creditor in return for a fee or a percentage of any money collected. In-house collectors that are affiliated with the original creditor work on behalf of the company directly. Because the creditor has taken a loss on your account or because you are late with making payments, this negative information may show up on your credit report. Often the first contact with the debt collector is a telephone call from a representative, a prerecorded...
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... On the average one hundred thousand people are affected by identity theft in the United States per year and over two billion dollars in revenue is stolen as shown in the surveys that were conducted in 2003 -2006 (Anderson, Durbin & Salinger). Because of this threat the consumer becomes skeptical of online transactions which cause loss of business to many retailers as they are based solely on internet sales. For the retailer to make sure that the consumer is protected from fraudulent transactions and the possibility of their personal information to be at risk of being intercepted by others, the retailers need to incorporate special systems onto their site and have special programs that could make the purchasing of items from their business complicated for the consumer and will also raise the price of the goods to offset their loss on the security measures. The way people are committing the crimes of identity theft are only limited by the imagination of the person that commits these types of crimes. The source can be from someone impersonating another person, stealing credit card information, social security information, personnel hacking into computer systems and retrieving valuable personal and account information and then using this information to get credit delivered to them using someone’s else’s identity. In the new multimedia world people are able to forge a complete check with false account information or...
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...Unit 7: Financing the Transaction Real Estate Law, Spring 2016 Chapter 21 Financing is a key to most real estate transactions. Although many changes keep occurring in real estate financing, the mortgage remains the primary method of financing a real estate purchase. This chapter introduces you to the nature and purpose of the mortgage. One purpose of this chapter is to acquaint you with the basic vocabulary of mortgage financing. It also discusses: 1. The legal repercussions of a mortgagor's default and the many different types of mortgage loans. 2. The application of the mortgage in financing the purchase of real estate. 3. The rights and duties of the parties 4. The relationship between mortgages and other liens. 5. The options often available to buyers and sellers when mortgaged real property is sold. Mortgage--a written instrument that uses real property to secure payment of a debt. Deed of Trust--a 3-party written instrument created by statute as follows: 1. Borrower- known in a deed of trust as the grantor 2. Trustee – neutral third party who holds title in trust as long as the debt is unpaid 3. Lender – known in the deed of trust as the beneficiary There are significant differences between a mortgage and a deed of trust. Primarily in how they are foreclosed once the loan is in default.. Mortgages, for the most part, are a thing of the past and have been replaced by modern deed of trust. Following are a few terms with which you should...
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...Internet Privacy Abstract As more and more people continue to use the Internet and disclose their personal information, privacy concerns are paramount. Marketing companies are fiercely competing for their share of the booming e-commerce industry estimated at 75 billion dollars in 2010. Government agencies after 9/11 are using personal communications such as e-mail and social networking sites to scrutinize and evaluate potential threats to the United States. Legislation including the Patriot Act has empowered a new generation of public officials with information gathering capabilities on demand. In some cases a court order is not needed to inspect all of a person’s electronic communications. Exploitation of highly sensitive personal information is a reality as companies routinely sell this information to third parties without an individual’s consent. Opting out is a disclaimer written into privacy statements on websites that are often buried in the fine print. Many Americans assume that privacy is included in the operating system they purchase. It is the collating of personal information from multiple data sources on the Internet that remains a key point of contention among those who view privacy as fundamental American right implicit in the Constitution. In this sense, privacy is deeply personal to the dignity and respect of our society. Yet, the relevance of security issues must seek a balance and address the notion of the possibility of abuse. One significant...
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...our eyes. Privacy Privacy as it pertains to information technology is very relevant and important in today’s society. With inventions like “The Cloud”, Email, and online banking it is very easy for people to have their privacy violated. I have had an old Facebook account get hacked into and various emails were sent out to people on my friend’s list. Whoever hacked into my account obviously had access to my private messages, they could see my entire friends list, and even make posts and send messages as if they were me. This was a clear violation of my privacy. As social media sites and other web based functions are used by young adults and children, their online protection has come into question. The Children’s Online Privacy Protection Act is an example of particular steps being taken to protect the privacy of children online. Accessibility Who can gain access to our information online is another growing concern. How do we determine where to draw the line between allowing access to our personal information for greater security and keeping private things we feel no one but ourselves should be able to access? Currently the ECPA...
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...Good accounting gone bad Principal of Accounting 1 1. Anatomy of a financial sheet a. Assets b. Revenue c. Expenses 2. Financial statement errors a. Enron b. WorldCom c. North Babylon Union Free School District 3. Sarbanes Oxley Act 4. Corporate Accountability Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect organizations. For the financial statements to be of value, it is imperative they are accurate and presented in conformity with accounting standards. As a result, it is eminent that the financial statements are accurate, concise, and presented in a way that allows for a clear comprehension of the organization’s true financial well being. The value of an accurate financial statement is paramount for outside business interest. Financial statements are the windows into the financial health of an organization. With one glance the strengths and weaknesses of the organization can be determined by those with an outside business interest. Financial statements are considered the cornerstone in the process of economic decision-making. Accounting processes document all aspects of a business's financial performance, from payroll costs, capital expenditures, and other obligations to sales revenue and owners' equity. Armed with such knowledge, businesses and those with outside interest in the organization can make appropriate financial...
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...Sarbanes Oxley Companies Abstract Sarbanes oxley act 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges come from the SOX act. Some of them are in favor and some are against the Nortel. ‘SOX’ has manipulated a larger impact on Nortel internal employee and external customers as well as their financial statement. The outcome of the Nortel is clearly different from before implementing the SOX. This paper is to find out the deeper understanding of SOX, how it governs the public corporate, financial disclosure and practice of public accounting in general sense. Besides this it will focus on the outcomes of Nortel network after implementation of SOX and its financial statement. Introduction There have been found a number of corporate financial scandals (e.g. Tyco International) that provides various type of weakness in the governance and auditing practice in the organization. It represents the failures in controlling the reliability and integrity to the stock markets. The scandals cost billions of dollars for the investors when the affected companies were collapsed. As a result, these...
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...addition to these causes, management incentives, as well as certain US accounting standards, contributed to the financial crisis. We outline the significant effects of these incentive structures, and the role of fair value accounting standards during the crisis, and discuss implications and relevance of these rules to practitioners, standard-setters, and academics. This article is based on a presentation by Deputy Dean and Professor SP Kothari of the Sloan School of Management, Massachusetts Institute of Technology, at Baruch College on October 25, 2010. 1 Electronic copy available at: http://ssrn.com/abstract=1972354 The Role of Accounting in the Financial Crisis: Lessons for the Future I. Introduction The Great Recession that started in 2008 has had significant effects on the US and global economy; estimates of the amount of US wealth lost are approximately $14 trillion (Luhby 2009). Various causes of the financial crisis have been cited, including lax regulation over mortgage lending, a growing housing bubble, the rise of derivatives instruments such as collaterized debt obligations, and questionable banking practices. In addition to these and many other reasons, we explain two factors that partially contributed to the crisis: certain management incentives and fair value accounting standards. This article discusses the causes of the financial crisis, with particular focus on...
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...SPEECH Indian Derivatives Market - A Regulatory and Contextual Perspective Shyamala Gopinath Indian Derivatives Market - A Regulatory and Contextual Perspective* Shyamala Gopinath Let me first thank Euromoney for inviting me for this seminar on Indian derivatives market. The esoteric world of derivatives has come into sharp focus in recent times precisely on account of their complexity and recent events have triggered a debate on their impact on the financial system stability. My discussion today will be confined to the regulatory framework in India in regard to forex, debt and credit derivative markets and the regulatory imperatives arising in dealing with these instruments and their future development, particularly in the context of global developments. The financial markets, including derivative markets, in India have been through a reform process over the last decade and a half, witnessed in its growth in terms of size, product profile, nature of participants and the development of market infrastructure across all segments - equity markets, debt markets and forex markets. Derivative markets worldwide have witnessed explosive growth in recent past. According to the BIS Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity as of April 2007 was released recently and the OTC derivatives segment, the average daily turnover of interest rate and non-traditional foreign exchange contracts increased by 71 per cent to US $ 2.1 trillion in April 2007...
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...mother looking forward to advancing her financial situation comes across what appears to be the opportunity she has been waiting for. A real estate agent has provided her with the fortune of owning her own home and without skepticism of any impending dangers or foul play, even though he displayed what appeared to be proper credentials, she relinquished all of her personal data and information, willingly. While acquiring the home that she patiently awaited, unbeknownst to her, behind the scenes her personal information has been stored and filed for future use, “the agents’ future use”. With the feeling of liberation on the horizon, the single mother and her children are enjoying their new home. Suddenly, she tries to make purchases with her credit card, only for the...
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...Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing the laundry, vacuuming, dusting, grocery shopping, meal preparing, and dishes so I had time complete the needed research for my paper. I appreciate the sacrifices you made to support me in my efforts of obtaining a Bachelors Degree in Accounting. Table of Contents Page Abstract 5 Chapter 1: Introduction 6 1.1 Background 6 1.2 Problem 7 1.3 Purpose 7 1.4 Scope 8 Chapter 2: Review of Literature 9 Chapter 3: Methodologies 12 3.1 Perspective 12 3.2 Research Procedure 12 Chapter 4: Development of Accounting Principles 17 4.1 History of Accounting Differences 17 4.1.1 Ancient Recordkeeping 17 4.1.2 Double-Entry Accounting 19 ...
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...105:JWQD032:bajch05: 5 CONSUMER CREDIT Credit Cards and Consumer Loans Starting Point Go to www.wiley.com/college/bajtelsmit to assess your knowledge of consumer credit. Determine where you need to concentrate your effort. What You’ll Learn in This Chapter ▲ Consumer credit options ▲ Credit card types ▲ Credit card risks After Studying This Chapter, You’ll Be Able To ▲ Compare advantages and disadvantages of using consumer credit to make purchases ▲ Assess the various types of consumer credit ▲ Take steps to protect and establish good consumer credit ▲ Evaluate credit card alternatives, including terms and costs ▲ Predict the hazards of credit card use, including the risk of identity theft baj01275_c05_106-133 02/09/2007 17:01PM Page 107 EPG_Team-C 105:JWQD032:bajch05: 5.1 WHAT IS CONSUMER CREDIT? INTRODUCTION Learning how to manage consumer credit effectively by reducing reliance on high-cost borrowing is an important component of financial success. In this chapter, we first look at the types of consumer credit and then how to apply for credit. This chapter examines the advantages and disadvantages of credit and how to protect your credit and correct credit mistakes. Finally, it discusses credit cards in more detail, including their risks. 5.1 What Is Consumer Credit? Any time you receive cash, goods, or services now and arrange to pay for them later, you are buying on credit. If you use credit for personal needs other than ...
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