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Top 5 NFT Fraud Schemes

Top 5 NFT Fraud Schemes

   Today’s world is plagued by all different kinds of scams, and right now we want to bring to your attention, the top 5 NFT Fraud Schemes to look out for in the new and sometimes scary world of trading NFTs. NFTs, or non-fungible tokens, have taken the ever-growing cryptocurrency world by storm in the last twelve months. The process can be confusing, so allow me to elaborate a bit. In order to trade in NFTs, you first have to …

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Scammers Target Ukraine Donors

Scammers Target Ukraine Donors

At the height of the Russian invasion, scammers target Ukraine donors using various email phishing tactics. This blog was originally written as an article published in the Star Tribune Business Section, on March 13th, 2022. See below. Star Tribune: “How to Guard Against Scammers Preying on Donors to Ukraine” The Russian invasion of Ukraine is a tragedy. Scammers see these types of tragedies as an opportunity to turn your compassion, generosity, sympathy and vulnerability into a money-making venture. Events that have …

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Top 6 Benefits to Receiving an Annual Business Valuation

Top 6 Benefits To Receiving An Annual Business Valuation

After the most unsettling, unpredictable, and economically disastrous period since the Great Depression, the necessity of assessing the value of your business has never been more important. The importance of having a business valuation performed when selling a business is evident, but have you ever contemplated the benefits of having a clear picture of your business’ value, year after year? This article will outline the top 6 reasons you should consider receiving an annual business valuation.   Obtain Market Value  …

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Top 6 Ways Forensic Accountants Help During Divorce

Top 6 Ways Forensic Accountants Help During Divorce

Forensic accounting is the sexy version of accounting that takes facts from behind closed doors, brings them into the open, and provides a sense of truth to individuals and businesses of all types. Without a shadow of a doubt, divorce is one of the most frequent altercations requiring the need for a forensic accountant. In many divorce scenarios, the trust component is in question, at best. Whether or not a spouse has formed a business to conceal assets, started a …

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Top 4 Signs That Your Employee or Business Partner is Committing Fraud

Man Committing Fraud

One of the most commonly asked questions our firm receives is “how do I know if someone is committing fraud?” Well, unfortunately you don’t know until you know. However, the sooner you identify the presence of fraud, the less detrimental to your business it will be. It is important to understand inherent risks your business model holds, and in turn, create awareness around certain parts of your business that are more vulnerable to fraud and how certain employee actions should …

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US Government Crackdown on Financial Crimes: Transparency, the New Normal.

Corporate world, two people shaking hands.

As the laws currently stand in the United States, anonymous companies can be erected easily. In most cases, these are legitimate businesses. In others, the anonymous aspect of creating companies in the U.S. has worked against the interests of America. These companies aren’t active and productive companies. They are a part of money laundering, a way to shuttle money from foreign entities through the United States. These companies are called shell companies, and the United States is one of the …

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4 Tips for Small Business Dealing with the Impact of COVID-19

Tips for Small Businesses Dealing with the Impact of COVID 19

The business world has changed since the beginning of COVID-19, and a certain amount of adaption needs to happen whether we like it or not. One of the apparent categories of issue that many businesses face, are the financial and fraudulent barriers that have been heightened or have arisen during this period. We have four tips to help businesses during this time.

Twitter Was Hacked; What Does This Mean?

password hack

“One of the worst cybersecurity disasters” in history occurred on the social media platform, Twitter, on July 15th, 2020. Twitter, of course, is a ‘microblogging’ site that is the service of choice for many people due to its freedom and personal connection with short word posts. However, Twitter fell victim to a cyberattack that promoted a cryptocurrency scam under Bitcoin. The hackers utilized Twitter’s internal systems to hack multiple Twitter accounts belonging to some of the largest names in the …

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World Leaders in PPE Procurement Advisory & Due Diligence

Intellex Forensics Fraud and Forensic Accounting Industries Photo of busy street in Italy during sunset

In the unprecedented COVID-19 world we now live in, it appears the laws of the “Wild West” have taken effect. Buyers of all sizes are formulating fictitious “Proof of Funds” reports, while sellers are falsifying inventory stock levels, price gouging, “padding” with excessive commissions and creating levels of misrepresentation to conceal the true ownership of the PPE. Since the inception of the 2020 COVID-19 pandemic, Intellex has performed in-depth due diligence and fraud detection on both the buy and sell …

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Does the type of fraud differ between industries and locations?

fraud image

Fraud is an on-going concern for companies of all types and sizes. Certain industries are susceptible to different types of fraud, and can be affected in different ways based on the frequency and size of each fraud occurrence. For example, a company in the banking or financial services industry may experience a multi-million dollar fraud once every few years, where a company in the retail industry may experience fraud occurring on a daily basis. Companies in the retail industry use …

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