...Week 6 Case Study April 14, 2013 Professor Daniel Logan 1. Do you think that this is a legitimate email? Why or why not? This actually happened to me a few months ago with my Online Bank account with Wells Fargo. I was signing into Wells Fargo’s site, and was redirected to another page. On this page I was asked for my social security number, and my driver’s license number. The page itself looked legitimate, but since I had worked in Banking for a number of years, I knew it wasn’t. A Bank will not ask you for personal information such as your social security number once your account has been established. This is also true if Bank personnel contact you by phone. They would never ask your social security number as a means to identify you. This type of fraud that was attempted on my account is called Phising. Here is Wells Fargo’s policy on Phising and email fraud: “Report Phish and Email Scams If you encounter a suspicious email or website that says it's from Wells Fargo, do not respond to it or click any links. What to do Never open attachments, click on links, or respond to emails from suspicious or unknown senders. If you receive a suspicious email that appears to be from Wells Fargo, forward the email to reportphish@wellsfargo.com What is a phish? Phish or fraudulent emails may contain links to phony websites or request you to share personal or financial information by using clever and compelling language, such as an urgent need to update your...
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...by any employee who holds a card or who has access to these funds. The cards for travel or entertainment are for medium to large sized companies. According to PNC, these help reduce time and cost. PNC also offers Active Pay. Active Pay helps maximize payment controls, enhance transaction and data management and increase financial benefit (PNC, 2010.) Although PNC’s website does not expand on how this is done they do have a contact number for any business that is interested in opening an account with their financial institute. PNC also boasts with their cash management programs they help lower fees for payments as well as balance transfers. With businesses transfers and payments off an account may be more than a personal account, so lower costs in bank fees is always appealing to any company. Another bank that offers treasury management services is Wells...
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...research analysts issued biased coverage to help them acquire investment-banking business. Wachovia’s suspected fraud involved two instruments known as collateralized debt obligations, or CDOs (David S. Hilzenrath, 2011), which means that when Wachovia could not find a buyer the company would mark down the value of investments. Later Wachovia would try to sell the investments at a much higher rate to other companies, which, in return they would record, the transaction as a gain in their books. Below I will outline what unethical research behavior was involved, who were the injured parties, how has the unethical behavior affected the organization, the individual, and society, and how could the unethical behavior be avoided or resolved. After a 28 month investigation led by the Securities and Exchange Commission (SEC) where their findings were that Wachovia Capital Markets cheated investors by charging inflated prices on securities tied to home mortgages (David S. Hilzenrath, 2011). Hefty penalties were handed down such as 22 million dollars in penalties along with pay 3 million dollars towards educating investors in spotting the wrong investments. Wachovia will also pay 25 million in settlement fees to the people that were cheated out of their money. After this incident happened, Wells Fargo has taken over the reins of Wachovia but the fines kept going, Wells Fargo agreed to pay more fines of almost 4.5 million dollars along with they had to give up gains that were acquired...
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...Term Paper: Wells Fargo in Ireland | | | | | | Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo and opened for business in the gold rush port of San Francisco. Wells Fargo offered banking (buying gold and selling paper bank drafts as good as gold) and express delivery of the gold and anything else valuable. By the 1860s, Wells Fargo earned everlasting fame and its corporate symbol, the stagecoach. In 1888, Wells Fargo became the country’s first nationwide express company. By 1918, Wells Fargo was part of 10,000 communities across the country, however that year the federal government took over the nation’s express network as part of its effort in the First World War and Wells Fargo was left with just one bank in San Francisco eventually expanding in 1923 to two banking halls. In the 1980s, Wells Fargo expanded into a statewide bank, became the seventh largest bank in the nation, and launched its online service. In the 1990s, Wells Fargo returned to its historic territory throughout the Western, Midwestern and Eastern states. Today, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. According to Forbes.com, as of May 2013 Wells Fargo’s market cap was $201.35 billion. Wells Fargo’s global...
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...performance, and changes that will be made throughout the company that may deter any economic decisions. Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position (Baird, 2007). We will now evaluate the financial health of Bank of America and how it looks compared to previous years and make a prediction on coming years. This should demonstrate the financial strength and weakness of the company. We will also compare Bank of America’s financial statements to JPMorgan & Chase and Wells Fargo to see how each bank compares relatively to the other financially. After review of each of the financial statements, much of which will be gained by looking at the pros and cons of each statement, such as what strategies are used from these statements in moving forward. Not only will we establish a broader range on how these banks really look financially, we will investigate their approaches on a technological level and how they differentiate from another and how they relate. Globalization has taken over a wide range of businesses nationwide, we will take a step closer into seeing how it has affected Bank of America. Among the comparisons of Bank of America and its fellow competitors, a benchmarking analysis will be conducted in reviewing best practices, operational processes, and products and services. All financial statements...
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...after the dust settled from the Enron scandal & the Sarbanes-Oxley Act of 2002…there lies a handful of businesses that don’t seem to mind being unethical in a myriad of ways. The majority of the businesses in that group are in the banking business. My subject is Wachovia Bank, formerly one of America’s six largest banks by assets. In 2012, Wachovia completed what amounted to a year-long probation arising from a March 2010 settlement deal with federal prosecutors who were pursuing criminal proceedings against Wachovia for its facilitating of illegal money transfers from Mexico totaling $378 billion. To put that number in perspective…that is more than the annual budget of the Pentagon, the world’s headquarters of military operations for the U.S. Anyone interested in the happenings of the U.S. congress can research the percentage of U.S. dollars appropriated by our nation’s congress and see that military funding makes up, on average, over 50% of the federal budget. Conversely, an average of less than 10% is spent on education, job training, employment and social services combined! The first percentage is basically what America spends on war, clandestine operations, overthrowing dictators that don’t agree with our international policies, military style propaganda warfare (abroad AND here at home), etc. The other…tiny little percentage…is what’s spent on the welfare and future of the country in regard to the citizens of this nation. To try to wrap your head around the total...
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...of the ones who managed household finances have banked online at least once in the last couple of months, according to the Pew Research Center, and institution dependent on the Federal Reserve. In the light of this data, we took a look at five financial institution that operate in our area to see what tools are they implanting in order to replicate the procedures and provide our customers with a useful and secure online set of services in the near future. The financial institutions chosen were Wells Fargo, First Citizen Bank, Union Bank, High Country Bank and PNC. Regarding their online services, they seem to be pretty standardized and most of them offer a basic service that includes online access, money transfer, bill Payment with an option to receive alerts regarding movement in your accounts, even Wells Fargo Mobile app allows users to deposit their checks online by taking a picture of it. Besides, all of them have been putting effort to provide a safe environment to do online money transactions in a safe way. On the other hand, these institutions try to promote the use of money management tools, for customers to gain greater control over their personal finance. Wells Fargo’s Money Map, and Money Desktop by High Country Bank are examples of such developments. In parallel to their own management tool, most of them offer support for Quicken and Quickbooks, personal finance and money...
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...for the majority of people. Rule utilitarianism requires people to construct and follow an established set of rules that should guarantee the best possible outcome for the majority of the people. Critics of both utilitarianism positions argue that it is extremely difficult to determine future consequences for other people. Another problem of utilitarianism is cost benefit analysis. Essentially, in the quest to please the majority, at what point do the minority’s interest become expendable? Assigning value to individuals in this manner, and using them as a means to an end may not always be considered moral behavior in some situations or circumstances (Kemerling, 2011). In the Palm Beach Post this week was a news article titled, "Royal Palm Beach woman charged with opening fake account, stealing $6,000 from bank" which was about a 50-year-old woman, Anna Papa, of Royal Palm Beach, Florida, that was arrested on charges of grand theft and fraud, and was released after posting a $6,000 bond. Papa opened a business account with the Wells Fargo Bank under the name “The Glass House Company, USA, Inc. Papa deposited three checks into the account from a TD Bank account. The checks were worth $4,100, $4,475, and $3,675. She withdrew $6,000 from the...
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...and either have live appointment or call-backs. It gives consumers more ways to access accounts, provides good security, offers no fees and has easy access. You are able to transfer money from one account to another account without having to go to the bank or be on a computer. It allows you to keep track of all transactions and monitor availability of deposited funds. You are also able to pay bills. One can simply set up text alerts which also allows you to see what you have in your account or when your account is getting low. Another alert is for debit and/or credit card purchases that exceed a set amount. Some offer virtual wallet, so you can see how and where your money is being spent and also offers a savings engine that allows you to set aside money. They also added a feature to where you can take a picture of a check and deposit it that way. The only thing the app cannot do is get cash out but it will help you locate the nearest ATM. With self-service, your able to do a change of address, I lost my card, and what is the routing number. They offer photo bill pay, which is starting to gain momentum with people. You are able to do investments, all in the comfort of your home or office and on the convenience of your phone. It offers portfolio management services, real-time stock quotes and personalized alerts on security prices. The support features it offers are status of requests for credit such as mortgage approval and insurance coverage. You are also able to order checks...
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...Banking Industry To start off with I chose to go with our banking or financial industry. The banking industry is constantly getting attacked by various methods on a daily basis. I chose this industry because I happen to know someone who works in the security sector at Wells Fargo Bank, he was a good person to get information on what he sees on a daily or weekly basis. This paper is the opinion of myself and with gathered information from various resources. The three main threats that face the banking industry are; Organized crime targeting financial institutions, Assault on Authentication, Malware. There are other threats that financial institutions are facing such as; Increased insider threat, Mobile Banking Attacks, and Telephone based fraud. The banking industry is facing more and more threats each day as they become more and more dependent on electronic media, this includes mobile banking, web based banking, atm machines, and any kind of information system that the bank is using. With the rise in technology and banking adapting to the technology banks become vulnerable and constantly have to keep up to date on all security measures and sometimes even invent new ways of protecting the banks data as well as its customers data. The potential risks involved if any of these threats are ever used on the banking industry's computer systems, could be wide spread. The bank or banks could lose all information on all transactions that have happened, they could also lose customers...
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...the social structure can come into being as well as how they can be maintained. The rational choice theory will explain how the human race behaves for the most part. There are some limits to the theory. Rational choice theory is based on the idea that individuals act for a particular purpose, that is to maximize their utility. In the simplest way, rational choice theory will say the given number of different options that people will do, because they believe that it will have the best outcome. The field of political science rational choice theory is usually used. Rational choice theorists argue that the study of political analysis need not necessarily include every detail of political information, such as dates, names and places, but that an alternative view can offer a distinctive insight into the nature of political life. An assumption made by rational choice theorists is, every human is motivated by self-interest and will figure out their own moves so that they can maximize their own interests. The rational choice theories are more likely to deter property crimes than to violence crimes if increased sanctions are put in play. The increased sanctions will make the individual re think the process at what they are doing, they will change the cost benefit and it will reduce the likelihood of them doing the crime again (Brown, 2013). As far as the violent crimes, these people are more likely going to do the crime no matter what the outcome may be. Identity theft is...
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...Wells Fargo Group Marketing 304 Professor Kiesler 2:00 P.M. – 3:15 P.M. T/Th 9 May 2007 [pic][pic] Wells Fargo: Marketing Plan Kevin De Place Bill Ho Ryan Neal Diana Suranyi Kevin Yetter Executive Summary Our team constructed a marketing plan of the company Wells Fargo. The first half of the report covers the company background by finding information about it, its competition, and the environment to see how the company stands. The second half of the report deals with a new product, tax preparation, and how it will be implemented into Wells Fargo. When analyzing the company, we found that it is viewed as the largest bank in the United States by physical size. The company have “2000” child companies and their advertising style is very recognizable with the stagecoach theme. The biggest competition to Wells Fargo is Bank of America. There are many trends that are looked at that could affect the banking industry. Some trends include the environment, government policies, technology, and much more. These trends show how the industry should view what is going on in the market that could affect how consumer’s perceptions are changing in the market. After the trends were analyzed, our team analyzed the customers and put them into segments. These segments are relevant because of the different ways that consumers look at the bank industry. The segments were then used to make the target market...
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...Wells Fargo Group Marketing 304 Professor Kiesler 2:00 P.M. – 3:15 P.M. T/Th 9 May 2007 [pic][pic] Wells Fargo: Marketing Plan Kevin De Place Bill Ho Ryan Neal Diana Suranyi Kevin Yetter Executive Summary Our team constructed a marketing plan of the company Wells Fargo. The first half of the report covers the company background by finding information about it, its competition, and the environment to see how the company stands. The second half of the report deals with a new product, tax preparation, and how it will be implemented into Wells Fargo. When analyzing the company, we found that it is viewed as the largest bank in the United States by physical size. The company have “2000” child companies and their advertising style is very recognizable with the stagecoach theme. The biggest competition to Wells Fargo is Bank of America. There are many trends that are looked at that could affect the banking industry. Some trends include the environment, government policies, technology, and much more. These trends show how the industry should view what is going on in the market that could affect how consumer’s perceptions are changing in the market. After the trends were analyzed, our team analyzed the customers and put them into segments. These segments are relevant because of the different ways that consumers look at the bank industry. The segments were then used to make the target market...
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...excluded from the definition of "securities"? A. Investment contracts. B. Convertible debentures. C. Nonconvertible debentures. D. Certificates of deposit Sam, a Harlingen business owner, sued a local shopping mall and accused it of conspiring with a former partner of Sam's to put Sam out of business. Sam lacked resources to pay his lawyers and otherwise fund the lawsuit. Sternberg formed Plaintiff's Funding Corp. (PFC) and came to Sam’s aid. Sternberg and PFC induced 10 people to put up $5,000 each to buy an 11% stake in the litigation. Sam used the $50,000 to fund the lawsuit, which recovered $5.4 million. The ten investors were entitled to $594,000, but were never paid. They sued Sternberg and PFC for securities fraud. Defendants claimed that no "securities" were involved in this case. Which is true? A. Defendants are correct; there were no "securities" involved in this case. B. The investors should win; these were securities in the form of an "investment contract." C. These interests were securities because they were stock derivative...
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...phishing scam occurred with AOL users in the late 1990s, and was very successful, simply because users did not know any better. Once users became aware of such scams, security meaures were increased, but that did not stop thieves from becoming more creative. Today, the most common phishing scams consist of “an e-mail message [that] tells the victim to click on a link to what purport to be the Web site of a well-known bank or online company” (Baase, 2008). It has become increasingly important for Internet users to be alert and aware of the type of scams that are designed to steal information and potentially identities. Internet users that fall into phishing traps quickly become victims of identity theft and credit card fraud. On average, these scams cost individuals about $1200 (SonicWALL, 2012). To avoid these scams, Internet users should be extra careful when opening emails and clicking on links that ask for personal information. 1.) PayPal I correctly answered that this email is an example of phishing. I did not initially read all of the email. I took a couple of glances at the way it was set up. What stood out to me was the fact that the email said, “click here to login to your PayPal account”. I knew right instantly that I probably should not click on...
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