CFE-FT-FS test - CFE Financial Transactions and Fraud Schemes Certified Fraud Examiner Updated: 2023
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Question: 54
Employees with the authority to grant discounts in order to skim revenues may use which authority?
A . False discounts
B . Recording a discount on sale procedure
C . Internal discount sales audits
D . None of the above
Answer: A
Question: 55
Which of the following method is NOT used to detect conflicts of interest?
A . Tips & Complaints
B . Review of vendor ownership files
C . Underbillings of assets
D . Interviews with purchasing personnel
Answer: C
Question: 56
The behavior profile of employees who are involved in bribery schemes may include:
A . Gambling habit
B . Extravagant lifestyle
C . Drug and/or alcohol addiction
D . All of the above
Answer: D
Question: 57
How many accounts are affected in fraudulent accounting entries and therefore same
number of categories on the financial statement?
A . One
B . At least two
C . More than two
D . None of above
Answer: A
Question: 58
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to
as:
A . Inventory larceny scheme
B . Asset receiving scheme
C . Fraudulent purchase
D . Falsify shipping
Answer: A
Question: 59
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some
benefit, contrary to duty and rights of others is called:
A . Conflict of interest
B . Corruption
C . Bribery
D . Overbilling
Answer: B
Question: 60
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
A . Check disbursement
B . Bank confirmation
C . Bank confirmation
D . Cut-off statements
Answer: C
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HUMAN RIGHTS
When Yekaterina Maksimova can't afford to be late, the journalist and activist avoids taking the Moscow subway, even though it's probably the most efficient route.
That's because she's been detained five times in the past year, thanks to the system's pervasive security cameras with facial recognition. She says police would tell her the cameras "reacted" to her — although they often seemed not to understand why, and would let her go after a few hours.
"It seems like I'm in some kind of a database," says Maksimova, who was previously arrested twice: in 2019 after taking part in a demonstration in Moscow and in 2020 over her environmental activism.
For many Russians like her, it has become increasingly hard to evade the scrutiny of the authorities, with the government actively monitoring social media accounts and using surveillance cameras against activists.
Rights advocates say that Russia under President Vladimir Putin has harnessed digital technology to track, censor and control the population, building what some call a "cyber gulag" — a dark reference to the labor camps that held political prisoners in Soviet times.
It's new territory, even for a nation with a long history of spying on its citizens.
"The Kremlin has indeed become the beneficiary of digitalization and is using all opportunities for state propaganda, for surveilling people, for de-anonymizing internet users," said Sarkis Darbinyan, head of legal practice at Roskomsvoboda, a Russian internet freedom group the Kremlin deems a "foreign agent."
Rising online censorship and prosecutions
The Kremlin's seeming indifference about digital monitoring appeared to change after 2011-12 mass protests were coordinated online, prompting authorities to tighten internet controls.
Some regulations allowed them to block websites; others mandated that cellphone operators and internet providers store call records and messages, sharing the information with security services if needed. Authorities pressured companies like Google, Apple and Facebook to store user data on Russian servers, to no avail, and announced plans to build a "sovereign internet" that could be cut off from the rest of the world.
Many experts initially dismissed these efforts as futile, and some still seem ineffective. Russia's measures might amount to a picket fence compared to China's Great Firewall, but the Kremlin online crackdown has gained momentum.
After Russia invaded Ukraine in February 2022, online censorship and prosecutions for social media posts and comments spiked so much that it broke all existing records.
According to Net Freedoms, a prominent internet rights group, more than 610,000 web pages were blocked or removed by authorities in 2022 — the highest annual total in 15 years — and 779 people faced criminal charges over online comments and posts, also a record.
A major factor was a law, adopted a week after the invasion, that effectively criminalizes antiwar sentiment, said Net Freedoms head Damir Gainutdinov. It outlaws spreading false information" about or discrediting" the army.
Social media users 'shouldn't feel safe'
Harsher anti-extremism laws adopted in 2014 targeted social media users and online speech, leading to hundreds of criminal cases over posts, likes and shares. Most involved users of the popular Russian social media platform VKontakte, which reportedly cooperates with authorities.
As the crackdown widened, authorities also targeted Facebook, Twitter, Instagram and Telegram. About a week after the invasion, Facebook, Instagram and Twitter were blocked in Russia, but users of the platforms were still prosecuted.
Marina Novikova, 65, was convicted this month in the Siberian city of Seversk of "spreading false information" about the army for antiwar Telegram posts, fining her the equivalent of over $12,400. A Moscow court last week sentenced opposition activist Mikhail kriger to seven years in prison for Facebook comments in which he expressed a desire "to hang" Putin. Famous blogger Nika Belotserkovskaya, who lives in France, received a nine-year prison term in absentia for Instagram posts about the war that the authorities claimed spread "fakes" about the army.
"Users of any social media platform shouldn't feel safe," Gainutdinov said.
Rights advocates worry that online censorship is about to expand drastically via artificial intelligence systems to monitor social media and websites for content seemed illicit.
In February, the government's media regulator Roskomnadzor said it was launching Oculus — an AI system that looks for banned content in online photos and videos, and can analyze more than 00,000 images a day, compared with bout 200 a day by humans. Two other AI systems in the works will search text materials.
Eyes on — and under — the streets
In 2017-18, Moscow authorities rolled out street cameras enabled by facial recognition technology.
During the COVID-19 pandemic, authorities were able to trace and fine those violating lockdowns.
Vedomosti reported in 2020 that schools would get cameras linked to a facial recognition system dubbed "Orwell," for the British writer of the dystopian novel "1984," with his all-seeing character, "Big Brother."
When protests over the imprisonment of opposition leader Alexei Navalny erupted in 2021, the system was used to find and detain those attending demonstrations, sometimes weeks later. After Putin announced a partial mobilization for Ukraine last year, it apparently helped officials round up draft evaders.
In 2022, "Russian authorities expanded their control over people's biometric data, including by collecting such data from banks, and using facial recognition technology to surveil and persecute activists," Human Rights Watch reported this year.
There are 250,000 surveillance cameras in Moscow enabled by the software, Darbinyan said. Similar systems are in St. Petersburg and other large cities.
He believed the authorities want to build "a web of cameras around the entire country. It sounds like a daunting task, but there are possibilities and funds there to do it."
'Total digital surveillance'
Russia's efforts often draw comparisons with China, where authorities use digital surveillance on a vast scale. Chinese cities are blanketed by millions of cameras that recognize faces, body shapes and how people walk to identify them. Sensitive individuals are routinely tracked, either by cameras or via their cellphones, email and social media accounts to stifle dissent.
The Kremlin seems to want to pursue a similar path. In November, Putin ordered the government to create an online register of those eligible for military service after efforts to mobilize 300,000 men to fight in Ukraine revealed that enlistment records were in serious disarray.
The register, promised to be ready by fall, will collect all kinds of data, political analyst Tatyana Stanovaya said.
Stanovaya believes these restrictions could spread to other aspects of Russian life, with the government "building a state system of total digital surveillance, coercion and punishment."
"The cyber gulag, which was actively talked about during the pandemic, is now taking its real shape," Stanovaya wrote.
Australia has successfully made its first foreign exchange transaction using eAUD as part of a live pilot for the country’s potential central bank digital currency.
It comes amid a rising interest from countries around the world to learn about or launch central bank-issued digital currencies.
Blockchain infrastructure provider Canvas said that on May 17, crypto fund managers DigitalX and TAF Capital traded eAUD against the stablecoin USD Coin (USDC).
Canvas reported the transaction was settled instantly and touted it as a success over what it called the “slow, expensive and prone to errors” traditional FX and remittance networks.
The FX trade was part of a series of tests currently underway as the country explores possible use cases for a CBDC. The pilot program was launched by the Reserve Bank of Australia (RBA) in conjunction with the financial research institute Digital Finance Cooperative Research Centre (DFCRC).
Canvas’ test explored use of eAUD in tokenized FX settlements, which could point toward the benefits of using the CBDC over fiat currencies and existing settlement platforms.
The transaction was done on a decentralized app on Canvas’ “Connect” — an Ethereum layer 2 that uses StarkWare’s zero-knowledge (ZK) roll-up technology.
Canvas CEO David Lavecky called the trade “historic” and added that the digital dollar could potentially address challenges in FX and remittance markets, such as “improving transaction times, reducing fees and providing more open access.”
Related: BIS issues comprehensive paper on offline CBDC payments
An April pilot test from Australia and New Zealand (ANZ) bank used the CBDC to trade carbon credits.
ANZ used eAUD to back its A$DC stablecoin to trade the credits on a public blockchain and reported the settlement happened “in near real-time.”
Other use cases being tested include offline payments, distribution, custody, tax automation, use in “trusted Web3 commerce,” and even livestock auctions.
The pilot started on March 31 and is set to finish on May 31. A report assessing the various use cases is set to be published on June 30.
Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable
What Are the Generally Accepted Accounting Principles (GAAP)?
Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.
GAAP is guided by ten key tenets and is a rules-based set of standards. It is often compared with the International Financial Reporting Standards (IFRS), which is considered more of a principles-based standard. IFRS is a more international standard, and there have been recent efforts to transition GAAP reporting to IFRS.
Key Takeaways
- GAAP is the set of accounting rules set forth by the FASB that U.S. companies must follow when putting together financial statements.
- GAAP aims to Excellerate the clarity, consistency, and comparability of the communication of financial information.
- GAAP may be contrasted with pro forma accounting, which is a non-GAAP financial reporting method.
- The ultimate goal of GAAP is to ensure a company's financial statements are complete, consistent, and comparable.
- GAAP is used mainly in the U.S., while most other jurisdictions use the IFRS standards.
Understanding GAAP
GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP aims to Excellerate the clarity, consistency, and comparability of the communication of financial information.
GAAP may be contrasted with pro forma accounting, which is a non-GAAP financial reporting method. Internationally, the equivalent to GAAP in the U.S. is referred to as International Financial Reporting Standards (IFRS). IFRS is currently used in 166 jurisdictions.
GAAP helps govern the world of accounting according to general rules and guidelines. It attempts to standardize and regulate the definitions, assumptions, and methods used in accounting across all industries. GAAP covers such subjects as revenue recognition, balance sheet classification, and materiality.
The ultimate goal of GAAP is to ensure a company's financial statements are complete, consistent, and comparable. This makes it easier for investors to analyze and extract useful information from the company's financial statements, including trend data over a period of time. It also facilitates the comparison of financial information across different companies.
The 10 Key Principles of GAAP
There are 10 general concepts that lay out the main mission of GAAP.
1. Principle of Regularity
The accountant has adhered to GAAP rules and regulations as a standard.
2. Principle of Consistency
Accountants commit to applying the same standards throughout the reporting process, from one period to the next, to ensure financial comparability between periods. Accountants are expected to fully disclose and explain the reasons behind any changed or updated standards in the footnotes to the financial statements.
3. Principle of Sincerity
The accountant strives to provide an accurate and impartial depiction of a company’s financial situation.
4. Principle of Permanence of Methods
The procedures used in financial reporting should be consistent, allowing a comparison of the company's financial information.
5. Principle of Non-Compensation
Both negatives and positives should be reported with full transparency and without the expectation of debt compensation.
6. Principle of Prudence
This refers to emphasizing fact-based financial data representation that is not clouded by speculation.
7. Principle of Continuity
While valuing assets, it should be assumed the business will continue to operate.
8. Principle of Periodicity
Entries should be distributed across the appropriate periods of time. For example, revenue should be reported in its relevant accounting period.
9. Principle of Materiality
Accountants must strive to fully disclose all financial data and accounting information in financial reports.
10. Principle of Utmost Good Faith
Derived from the Latin phrase uberrimae fidei used within the insurance industry. It presupposes that parties remain honest in all transactions.
Compliance With GAAP
If a corporation's stock is publicly traded, its financial statements must adhere to rules established by the U.S. Securities and Exchange Commission (SEC). The SEC requires that publicly traded companies in the U.S. regularly file GAAP-compliant financial statements in order to remain publicly listed on the stock exchanges. GAAP compliance is ensured through an appropriate auditor's opinion, resulting from an external audit by a certified public accounting (CPA) firm.
Although it is not required for non-publicly traded companies, GAAP is viewed favorably by lenders and creditors. Most financial institutions will require annual GAAP-compliant financial statements as a part of their debt covenants when issuing business loans. As a result, most companies in the United States do follow GAAP.
If a financial statement is not prepared using GAAP, investors should be cautious. Without GAAP, comparing financial statements of different companies would be extremely difficult, even within the same industry, making an apples-to-apples comparison hard. Some companies may report both GAAP and non-GAAP measures when reporting their financial results. GAAP regulations require that non-GAAP measures be identified in financial statements and other public disclosures, such as press releases.
Selecting GAAP Principles
The hierarchy of GAAP is designed to Excellerate financial reporting. It consists of a framework for selecting the principles that public accountants should use in preparing financial statements in line with U.S. GAAP. The hierarchy is broken down as follows:
- Statements by the Financial Accounting Standards Board (FASB) and Accounting Research Bulletins and Accounting Principles Board opinions by the American Institute of Certified Public Accountants (AICPA)
- FASB Technical Bulletins and AICPA Industry Audit and Accounting Guides and Statements of Position
- AICPA Accounting Standards Executive Committee Practice Bulletins, positions of the FASB Emerging Issues Task Force (EITF), and subjects discussed in Appendix D of EITF Abstracts
- FASB implementation guides, AICPA Accounting Interpretations, AICPA Industry Audit, and Accounting Guides, Statements of Position not cleared by the FASB, and accounting practices that are widely accepted and followed
Accountants are directed to first consult sources at the top of the hierarchy and then proceed to lower levels only if there is no relevant pronouncement at a higher level. The FASB's Statement of Financial Accounting Standards No. 162 provides a detailed explanation of the hierarchy.
GAAP vs. IFRS
GAAP is focused on the accounting and financial reporting of U.S. companies. The Financial Accounting Standards Board (FASB), an independent nonprofit organization, is responsible for establishing these accounting and financial reporting standards. The international alternative to GAAP is the International Financial Reporting Standards (IFRS), set by the International Accounting Standards Board (IASB).
The IASB and the FASB have been working on the convergence of IFRS and GAAP since 2002. Due to the progress achieved in this partnership, the SEC, in 2007, removed the requirement for non-U.S. companies registered in America to reconcile their financial reports with GAAP if their accounts already complied with IFRS. This was a big achievement because prior to the ruling, non-U.S. companies trading on U.S. exchanges had to provide GAAP-compliant financial statements.
Some differences that still exist between both accounting rules include:
- LIFO Inventory: While GAAP allows companies to use the Last In First Out (LIFO) as an inventory cost method, it is prohibited under IFRS.
- Research and Development Costs: These costs are to be charged to expense as they are incurred under GAAP. Under IFRS, the costs can be capitalized and amortized over multiple periods if certain conditions are met.
- Reversing Write-Downs: GAAP specifies that the amount of write-down of an inventory or fixed asset cannot be reversed if the market value of the asset subsequently increases. The write-down can be reversed under IFRS.
As corporations increasingly need to navigate global markets and conduct operations worldwide, international standards are becoming increasingly popular at the expense of GAAP, even in the U.S. Almost all S&P 500 companies report at least one non-GAAP measure of earnings as of 2019.
Key Differences
There are some important differences in how accounting entries are treated in GAAP vs. IFRS. One major issue is the treatment of inventory. IFRS rules ban the use of last-in, first-out (LIFO) inventory accounting methods. GAAP rules allow for LIFO. Both systems allow for the first-in, first-out method (FIFO) and the weighted average-cost method. GAAP does not allow for inventory reversals, while IFRS permits them under certain conditions.
When a company holds investments such as shares, bonds, or derivatives on its balance sheet, it must account for them and their changes in value. Both GAAP and IFRS require investments to be segregated into discrete categories based on asset type. The main differences come in recognizing income or profits from an investment: under GAAP it's largely dependent on the legal form of the asset or contract; under IFRS the legal form is irrelevant and only depends on when cash flows are received.
Other differences appear in the treatment of extraordinary items and discontinued operations. In practice, since much of the world uses the IFRS standard, a convergence to IFRS could have advantages for international corporations and investors alike.
GAAP is only a set of standards. Although these principles work to Excellerate the transparency in financial statements, they do not provide any certain that a company's financial statements are free from errors or omissions that are intended to mislead investors. There is plenty of room within GAAP for unscrupulous accountants to distort figures. So even when a company uses GAAP, you still need to scrutinize its financial statements.
Some Key Differences Between IFRS and GAAP
Where Are Generally Accepted Accounting Principles (GAAP) Used?
GAAP is a set of procedures and guidelines used by companies to prepare their financial statements and other accounting disclosures. The standards are prepared by the Financial Accounting Standards Board (FASB), which is an independent non-profit organization. The purpose of GAAP standards is to help ensure that the financial information provided to investors and regulators is accurate, reliable, and consistent with one another.
Why Is GAAP Important?
GAAP is important because it helps maintain trust in the financial markets. If not for GAAP, investors would be more reluctant to trust the information presented to them by companies because they would have less confidence in its integrity. Without that trust, we might see fewer transactions, potentially leading to higher transaction costs and a less robust economy. GAAP also helps investors analyze companies by making it easier to perform “apples to apples” comparisons between one company and another.
What Are Non-GAAP Measures?
Companies are still allowed to present certain figures without abiding by GAAP guidelines, provided that they clearly identify those figures as not conforming to GAAP. Companies sometimes do so when they believe that the GAAP rules are not flexible enough to capture certain nuances about their operations. In that situation, they might provide specially-designed non-GAAP metrics, in addition to the other disclosures required under GAAP. Investors should be skeptical about non-GAAP measures, however, as they can sometimes be used in a misleading manner.
What Is the Difference between IFRS and GAAP?
Conceptually, GAAP is more rules-based while IFRS is more guided by principles. GAAP is used mainly in the U.S. and IFRS is an international standard. The two standards treat inventories, investments, long-lived assets, extraordinary items, and discontinued operations, among others.
Educational Testing Service (ETS) recently announced significant changes to the Graduate Record Examinations (GRE), the standardized test many graduate programs use as part of their admissions process. Starting in September, the test will be significantly shorter, with a duration of less than two hours, approximately half its current length. The decision aims to Excellerate the test-taker experience while maintaining the exam’s rigor and validity.
The ABA’s Section of Legal Education and Admissions to the Bar approved the use of the GRE as an admissions test for law schools in addition to the Law School Admission Test (LSAT) in 2021. This development expanded the options available to prospective law students and increased the flexibility in their application process.
The changes to the GRE include the following:
- The removal of the argument analysis task in the writing section.
- A reduction in the number of questions in the quantitative and verbal reasoning sections.
- The elimination of the unscored section.
These modifications ensure that the question types and score scales remain consistent while streamlining the test experience. Additionally, ETS aims to shorten the turnaround time for score reporting, allowing test-takers to receive their results in a timelier manner
Amit Sevak, CEO of the Educational Testing Service, emphasized the organization’s commitment to maintaining the exam’s rigor and improving the test-taker experience. This balance is at the forefront of their product innovation efforts. By implementing these changes, ETS seeks to create an assessment that accurately evaluates candidates’ abilities, making the testing process more efficient and manageable.
Regarding study plans and test preparation, Craig Harman, senior manager of content and curriculum for Kaplan’s GRE programs, advises test-takers to continue their existing strategies. He reassures them that the exam’s question types and computer-adaptive format will remain the same. Therefore, individuals preparing for the GRE can continue their efforts without significant alterations.
The announcement of a shorter GRE test has garnered attention and sparked discussions among students, educators, and professionals in the legal field. The reduced duration is expected to alleviate some of the stress associated with standardized testing, making the GRE a more attractive option for prospective graduate students.
This update aligns with ongoing efforts in the educational community to enhance the testing experience and adapt assessments to meet the evolving needs of students. By implementing changes that reduce the time required to complete the exam, ETS acknowledges the importance of efficient and effective evaluation methods.
As the new format is introduced in September, graduate school applicants will have the opportunity to experience a streamlined GRE that provides a comprehensive assessment of their academic abilities within a shorter timeframe. The modifications aim to strike a balance between evaluating candidates effectively and respecting their time and commitment to their academic journey.
Educational Testing Service’s announcement regarding the shortened duration of the GRE reflects a commitment to improving the test-taker experience while upholding the exam’s rigor and validity. These changes, set to take effect in September, will streamline the test and offer a more efficient evaluation process for prospective graduate school applicants. With the support of educators and test prep companies like Kaplan, students can continue their preparations using existing study plans, confident that the exam’s question types and format will remain consistent. This significant development in standardized testing is expected to positively impact the graduate school admissions landscape, providing students with more accessible and manageable assessment options.
A group of major banks and the Federal Reserve Bank of New York have started to test the use of digital tokens representing digital dollars to Excellerate how central bank money is settled between institutions.
Citigroup (C), HSBC (HSBC), BNY Mellon (BK) and Wells Fargo (WFC) are among the banks taking part, along with payments giant Mastercard (MA), the New York Fed announced Tuesday.
The 12-week proof-of-concept pilot program will explore the use of a platform known as the regulated liability network, or RLN, whereby banks issue tokens that represent customers' deposits that are settled on a central bank reserve on a shared distributed ledger.
The project will be conducted in a test environment using only simulated data.
While many central banks are developing or considering developing retail central bank digital currencies, which are forms of digital money for use by the public, many are also testing wholesale CBDCs, which are fiat money in token form for exchange among financial institutions to Excellerate existing clearing and settlement processes.
The Swedish central bank says it wants to look at how a new e-krona could stimulate "smart payments" that some say are the future of money.
In a report published on Wednesday, the Riksbank deemed tests to integrate state-backed digital money into conventional banking systems a success – but said it was still examining claims of the promised benefits the new technology could bring.
The ability to program or control transfers – such as triggering a payment when a contract is fulfilled, or giving pocket money that can not be spent on sweets – are cited as a potential benefit of central bank digital currency (CBDC), but Swedish officials want to probe that further.
“Concepts such as programmable money, smart money and smart payments are often said to be the future of payments, and this is used as an argument in favor of the new technology,” the central bank said in the report.
Though no decision has yet been taken about the design or issuance of an e-krona, in the next phase, “we want to test and explore how such solutions can be used to create new payment services, and why they would be more effective than more traditional technologies,” the central bank said.
A trial to integrate existing intermediaries such as banks to distribute the CBDCs to regular citizens was deemed “successful” by the report, as were off-line solutions in which the asset can be stored locally on someone’s phone.
Like the European Central Bank (ECB), Sweden, which is in the European Union but does not use the euro currency, is looking at whether to allow those offline payments – which could aid privacy, but also bring the same kinds of risks of cash, like theft, or use of the funds for illicit purposes.
Because the pilot version of the e-krona verifies tokens using a transaction history, more data gets shared among participants than would normally be the case, meaning the idea could fall foul of tough privacy laws, such as the EU’s General Data Protection Regulation (GDPR).
“Consultation with both the Swedish and the European Data Protection Authorities may be necessary to clarify how a solution based on DLT/block chain technology relates to data protection regulations," the report said.
That relates to an ongoing debate on whether crypto-style blockchain technology would aid or hinder user confidentiality.
Blockchain “might ultimately be the only solution left, in terms of being able to embed privacy by design” into a potential new digital euro, Marina Niforos, fffiliate professor at HEC Paris, told CoinDesk. Cryptographic mechanisms are potentially able to ensure that data is only accessed by those who need to see it, she added.
But the Bank for International Settlement’s Hyun Song Shin warned in a webinar on Wednesday that blockchain could also lead to a free-for-all of payment data being made public.
In systems that use people’s real names, “we cannot use blockchains as in cryptocurrencies, because we don't want to post all the transactions in a public way, so that everyone can see what transaction someone has made with whomever," Shin said.
VLADIVOSTOK, October 14. /TASS/. North Korea (DPRK) and Russia will consider creating an Asian trading house to make the first test transactions before the end of 2015; the mechanism provides for synchronization of the two countries’ trading floors and support of transactions in national currencies through partner banks, the press service of Russia’s Far East Development Ministry reported on Wednesday.
"In the view of the Russian side, one of the ways to optimize bilateral trade relations could be the establishment of an Asian trading house. This mechanism involves the synchronisation of Russian and Korean trading facilities, as well transaction support through the partner banks authorised to carry out trade in the national currencies of the two countries. The parties have agreed to consider creating a trading house to ensure the first test transactions before the end of this year," the press service said.
Issues of economic cooperation between the two countries were discussed at a meeting between Russian Minister for Far East Development Alexander Galushka, who is on a working visit to DPRK, and DPRK Minister of Foreign Trade Ri Ryong Nam in Pyongyang. The sides reached the understanding on the need to optimize the foreign trade operations between Russian and Korean companies. So, the two countries have the possibility to carry out mutual settlements in rubles, and the opening of accounts in Russian banks by North Korean companies will allow the sides to conduct calculations more efficiently and reliably, without the participation of third countries in these transactions.
Economic cooperation between Russia and North Korea should comply with the level of the two countries’ political relations, Ri Ryong Nam said on Tuesday. "We should double our efforts to make economic cooperation between the two states comply with political relations level," the minister said at Pyongyang’s closing ceremony of Russia-North Korea friendship year marking the 70th anniversary of the World War Two Victory and Korean liberation.
Galushka said on Tuesday that the trading house would be concurrently registered in Russia and in DPRK and the corresponding agreement should be implemented by the end of this year. The trading house "will be an important factor promoting the trade turnover between our countries," Galushka said. "An organization commercially interested in the growth of the goods turnover will be established," the minister added.
In particular, Russian goods account for up to one-third of China’s exports to DPRK (up to $900 million). Minimizing the mediation of third countries in the supply of goods from Russia to North Korea, in the view of Alexander Galushka, would bring down prices and Excellerate control over the quality of goods.
"The Russian side has requested the DPRK Foreign Trade Ministry to instruct the North Korean Customs Service to analyze and assess the volume and range of North Korea’s imports coming from Russia via third countries," the statement says.
CEBU, Philippines — As consumers continue to embrace the convenience of digital transactions, cybersecurity provider Utimaco warned banks and financial service institutions of a riskier environment that may affect a larger number of consumers if not properly addressed.
“Now that banking transactions are increasing; data security and identity protection are more at risk from cybercriminals,” warned Deval Sheth, Utimaco managing director for Asia Pacific.
In the Philippines, Utimaco is working with several stakeholders, such as Securemetric and Coreware Technology, to ensure a guarded digital future.
The company is intensifying its move to protect consumers in the Philippines from cyber criminals, such as the introduction of Hardware Security Modules (HSMs) to banking and financial institutions to curb hacking incidents.
HSMs are devices to create, protect, and manage cryptographic keys in a secure domain during transactions. And HSM applications differ in the four key parties of the data ecosystem. The chip for EMV transactions in its payment card serves as a micro-portative HSM for a card owner.
However, for the merchant side, the use of HSMs depends on the scale and nature of a business. Smaller vendors can rely on point-of-sale (POS) terminals built with secure memory and cryptographic hardware that can act as HSMs.
Major retailers, on the other hand, would require network-attached HSMs to ensure secure transactions.
Meanwhile, the issuing bank needs robust HSMs to generate, protect, and manage the keys to activate and process payment cards. For the acquirer, HSMs handle all the merchant’s financial channel keys and process the cryptographic flow in the issuer’s direction.
“HSMs are essential to protect the ciphered transactions across the four corners of the data ecosystem. It acts as a safe in a financial institution’s network and houses the keys needed to decrypt consumers’ critical data. Now that banking transactions are increasing; data security and identity protection are more at risk from cybercriminals. This makes HSMs vital to the key parties in the data ecosystem,” Sheth reiterated.
Sheth mentioned that Utimaco offers reliable HSMs that can securely process transactions in the financial industry. One of these devices is the Atalla AT1000, a FIPS 140-2 Level 3 and PCI PTS v3 certified payment HSM. Among the financial institutions that integrated this HSM is a digital payment services platform and an e-money company in Pakistan called NayaPay.
With this, the financial institution aims to secure customers’ data, identities, and finances while adhering to compliance and regulation standards. After integrating Atalla AT1000, NayaPay gained robust and flexible protection at every transaction, cut the cost of ownership through consolidated HSM infrastructure, and met security and compliance requirements, among others.
In today’s digital world, banks and financial service institutions (FSIs) are responsible for protecting consumers’ critical data to avoid economic and reputational loss. However, existing infrastructures continue to evolve due to the industry’s digitalization, and more consumers are now utilizing digital platforms for their daily transactions. According to the Bangko Sentral ng Pilipinas (BSP), such situations risk data security and identity protection.
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