Fraud


Colorado has taken what may be a first-in-the-nation approach to combat fraud and ID theft with the creation of the Colorado Fraud Investigators Unit, a division of the Colorado Bureau of Investigation (CBI). While other states have regional fraud units, CBI officials say the new unit is the first of its kind in the nation to be organized statewide. The unit will help train law enforcement agencies in investigating ID theft and financial fraud, and educate banks, merchants and the public.

The law creating the anti-fraud unit, Colorado House Bill 06-1347, was drafted with help from the Colorado Bankers Association. The CBI fraud unit is funded in part by surcharges on Uniform Commercial Code filings, lender licenses and money transmitter licenses. According to the Federal Trade Commission, Colorado is fifth-worst in the nation in fraud and ID theft.

The full text of the enabling statute is available at www.leg.state.co.us .

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.