Word: frauds
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Dates: during 1980-1989
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...fast fingers on computer keyboards. The Wells Fargo Bank of San Francisco last week filed suit charging that a group of boxing promoters and a key accomplice inside the bank had pulled off a colossal $21 million embezzlement. The alleged sting was by far the largest computer bank fraud in history and raised some troubling questions: How could such an unlikely ring of conspicuous sports personalities so easily rob a multibillion-dollar bank? How vulnerable is the banking industry to a wave of similar computer capers now that punch cards and print-outs have replaced ledger books...
...monster." No one knows exactly how much computer con men are raking in, but the numbers are big. Federal officials say that the average loss in a bank robbery is $3,200. A typical nonelectronic embezzlement comes to $23,500. But the average computer fraud...
Regardless of party affiliation or prominence, government waste and fraud is constantly in the public eye, hounded and exposed by a well armed array of waste-watchers from Ralph Nader to Jack Anderson to vindictive congressional committees. The public sector is available and accountable to a scruitinizing, sensitive, cost-conscious public. But what of the red tape and bureaucratic mismanagement in the private sector, as rampant if less detectable than public fraud? Who blows the whistle on individual, private rip-offs of the unwary customer...
Unfortunately, policing fraud and waste in the private sector lags far behind its more accessible public cousin, and the many inroads into it today just attack the tip of the iceberg. It is a rare occurence when private companies or corporations are hauled into court. Exceptions like Lockheed and AT&T of several years back cheer the little consumer but remain rarities...
...contrary to popular delusion, the sheltered, self-contained oasis that is Harvard does not exempt its students from the occasional rip-off. Not simply as consumers, but as employees and burgeoning members of the working world, students are potential victims of private fraud and slow death-by-red-tape. Summer employment perhaps enerates the most calamities of all. A classic (and actual) case of summer employment rip-off involved a Harvard student this summer. One student pursued an ad in OCS-OCL's summer jobs file for a head-tennis-pro position, financed her own trip to Washington...