Fraud

Cloud Computing: Oracle Falls on Lawsuit Alleging Accounting Irregularities

Grazed from Zacks. Author: Editorial Staff.

Shares of Oracle Corporation fell 3.97% in yesterday’s trading session, after the company was named in a lawsuit by a former employee. On Wednesday, Oracle’s former senior Finance Manager, Svetlana Blackburn filed a lawsuit against the company. Blackburn alleged that the company had terminated her service when she resisted some manipulative accounting practices in Oracle’s cloud-computing business.

Oracle in its defense stated that “We are confident that all our cloud accounting is proper and correct. This former employee worked at Oracle for less than a year and did not work in the accounting group. She was terminated for poor performance.” However, Blackburn, a certified financial analyst, claimed that she had received a positive performance review just a couple of months before she was fired in Oct 2015...

Fraud Detection/Prevention SaaS offers near real-time analysis

Grazed from BICS. Author: PR Announcement.

BICS introduces first real crowd-sourcing model for anti-fraud processes developed through strategic partnership with cVidya. BICS, the strategic international wholesale partner to over 400 mobile operators worldwide, today announced the launch of FraudGuard, a fraud detection and prevention solution based on a crowdsourcing model, which drives shared experience and insights across the extensive BICS wholesale network. This approach creates an active community of telecoms companies which as a whole gains insights on suspicious activities reported by BICS or any of its members. The platform is delivered as a SaaS service to carriers and operators.

FraudGuard gives operators and carriers a robust means of combatting fraudulent practices in the telecoms world which can increase in effectiveness from the participatory nature of the crowd sourcing arrangement. FraudGuard is equipped with revenue analytics provided by cVidya to deliver a fully integrated solution to help carriers combat telecoms fraud. FraudGuard's end-to-end surveillance capabilities across the network offer real-time detection and optimum coverage of a wide range of fraud types...

Dimension Data Cloud Chief: Cloud Platform Providers Must Fight Fraud, Cybercrime

Grazed from CRN. Author: Robert Westervelt.

Attacker access to cloud-computing platforms has become an epidemic and may need a global consortium to better educate cloud providers and help reduce the problem, according to a cloud expert who leads Dimension Data's global cloud initiatives.

Account fraud, account hijacking and the use of stolen credentials to gain criminal access to cloud-computing resources has been a longstanding issue, which is becoming a serious problem that impacts all cloud providers, said John Rowell, formerly chief technology officer at cloud provider OpSource, who now leads global research and development, and service operations in Dimension Data's Cloud Solutions Business Unit. Rowell said his firm works constantly to weed out fraudulent accounts and address the issue, but other providers may lack the desire or the wherewithal to deal with the problem...

The Autonomy saga: Clouds over Britain's tech stars

Grazed from The Independant.  Author: Gideon Spanier.

The scandal over alleged financial irregularities at Autonomy has shaken confidence across the British technology industry. The Cambridge-based company was a rare home-grown tech success, the biggest computing firm on the FTSE 100 until it was bought last year by United States giant Hewlett-Packard for $11.1bn (£8.9bn).

Autonomy was the company that was held up as a shining star by ministers of all political stripes, who hailed founder Mike Lynch as a leader and inspiration for other tech entrepreneurs. No wonder, when Britain is sorely lacking in tech success stories that can compare even remotely with the likes of Apple, Google, Amazon, Microsoft and IBM...

Cloud Computing: Feds look into HP claims of Autonomy fraud

Grazed from GigaOM.  Author: Barb Darrow.

The Federal Bureau of Investigation is looking into HP’s allegations that former Autonomy management misled the company about its books, according to a Bloomberg News report. The SEC brought in the FBI because criminal acts have been alleged by HP management.  The FBI is looking into Hewlett Packard’s allegations that Autonomy execs lied about their company’s books prior to HP’s $11.1 purchase of the company last year, according to Bloomberg.

The Bloomberg article cites a “person familiar with the matter” saying that the Securities and Exchange Commission brought in the FBI because criminal acts have been alleged. The news comes a day after HP CEO Meg Whitman charged that Autonomy executives mislead HP about the company’s finances, failed to disclose key information and otherwise behaved badly.  HP said it had referred the matter to the SEC in the US and the UK’s Serious Fraud office...

Cloud Computing: HP requests fraud investigation into Autonomy claims

Grazed from GigaOM. Author: Barb Darrow.

Hewlett Packard charges Autonomy with accounting improprieties, misrepresentations and disclosure failures and is pushing US and UK authorities to pursue criminal action. The company said $5 billion of an $8.8 billion charge is related directly to Autonomy’s misbehavior.

Hewlett Packard CEO Meg Whitman said “outright misrepresentations” about the state of Autonomy’s financial health led to HP overpaying for that company last year and Whitman is recommending civil and criminal investigations into that issue. HP took a loss of $6.85 billion ($3.49 per share) for the year ending Oct. 31, mostly related to a previously announced $8 billion charge related to the company’s Autonomy business...