Protect Your Points

Posted by & filed under Fraud, Internal control, Student life.

Description: Cyber thieves stole over 84,000 Scene+ points from Rosalind Ashe, $100 at a time. April Canavan of Vancouver found herself $1,000 short of PC Optimum points after she was targeted by fraudsters. These unfortunate Canadians are victims of data theft in action as criminals enter into individual accounts through “brute force” attacks or information… Read more »

Gambling Sites and Money Laundering

Posted by & filed under Accounting Careers, Fraud, Internal control.

Description: The Financial Transactions and Reports Analysis Centre of Canada – often referred to as Fintrac – is reporting that money from illegal activities is being laundered through online gambling. Fintrac uses “big data” searches of millions of transactions as part of its investigative toolkit. Fintrac’s report focuses on gambling online in Canada between 2016… Read more »

Inside Job

Posted by & filed under Fraud, Internal control.

Description: An auto theft ring appears to have benefited from inside information from Service Ontario, according to news reports. Operation Safari under the direction of the Toronto Police has been looking into an auto theft ring since earlier this year, and it has discovered that the workers inside Service Ontario would provide the thieves with… Read more »

Is Self-checkout in Trouble?

Posted by & filed under Fraud, Internal control, Student life.

Description: The self-checkout may be in a bit of trouble as some retailers are reconsidering the future of this mode. Increased losses due to shoplifting is certainly a factor for retailers to consider. Adrian Beck of the University of Leicester has studied self-checkouts for over ten years, and he notes they may account for one… Read more »

Students Failing on Online Security

Posted by & filed under Data security, Internal control, Student life.

Description: If online security were a university course, many Canadian post-secondary students would have a failing grade, at least according to survey results from RBC’s Students and Fraud Poll. Eighty percent of the students admit to vulnerabilities, including 28% who had shared their passwords on debit and credit cards. With fraudsters becoming more resourceful, it’s… Read more »

Crazy Times at London Drugs

Posted by & filed under Internal control, Student life.

Description: According to Clint Mahlman, CEO of pharmacy chain London Drugs, despite a rise in violent shoplifting incidents in Vancouver, the business has no plan to close any stores in the city. “We are at a crisis point in retail,” Mahlman noted. The losses from theft amounts to “tens of millions” per year, and the… Read more »

Twenty-Year Coding Error

Posted by & filed under Accounting Careers, Internal control.

Description: Injured workers in Ontario may have been surprised this week when the Workplace Safety and Insurance Board (WSIB) announced that more than 100,000 workers would be receiving payments to make up for being “shortchanged” over the last twenty years. These payments will total approximately $42 million. The situation can be attributed to a coding… Read more »

Back to University Challenges

Posted by & filed under Internal control, Student life.

Description: Welcome back to another season of wileyaccountingupdates.ca. New and returning students are arriving on campuses across Canada as another academic year gets started. Of course, there is a certain excitement in the air as classes and other on campus activities start up. Fresh friendships bloom and older ones are brought back after a summer… Read more »

13 Billion on Batteries

Posted by & filed under Accounting Careers, Canadian Government, Internal control, Student life.

Description: The Government of Canada is offering $13 billion in subsidies to Volkswagen to build the first auto battery plant in North America. The federal assistance is to be delivered through tax subsidies, contingent upon Volkswagen meeting agreed upon output targets. VW’s planned plant in St. Thomas, Ontario, is slated to open in 2027. It’s… Read more »