In the News - November 8, 2022

This week's "In the News" brings you some exciting acquisitions by 1Password and Bill (formerly Bill.com), an alarming conviction rate for the IRS Criminal Investigation unit, a new study on gender inequity in wealth accumulation, a hidden Facebook Tool you'll want to know about, and a free webinar to help you understand cybersecurity threats!

1Password Acquires Passage Identity to Power a Passwordless Future

TORONTO, Nov. 3, 2022 /PRNewswire/ — 1Password, a leader in human-centric security and privacy, today announced the acquisition of Passage, a developer-first passwordless authentication company. 1Password will use Passage's technology to launch a passwordless authentication platform for enterprises – enabling a safer, simpler, and more secure end-user experience across any platform or device. Read more...

IRS Criminal Investigations stepped up criminal investigations and obtained a 90% conviction rate in 2022

WASHINGTON — IRS Criminal Investigation initiated more than 2,550 criminal investigations in fiscal year 2022. Special agents identified over $31 billion from tax and financial crimes. IRS-CI is the only U.S. federal law enforcement agency that focuses 100% on financial investigations. The IRS-CI Cyber Crime Unit, with assistance from U.S. authorities, traced billions of dollars of Bitcoin stolen from Bitfinex. This led to the February 2022 arrest of Ilya Lichtenstein and his wife for alleged conspiracy to launder stolen cryptocurrency. IRS-CI is the criminal investigative arm of the Internal Revenue Service. The agency has 20 field offices across the U.S. and 12 attaché posts abroad. IRS-CI special agents are the only federal law enforcement agents with jurisdiction over financial crimes. Read more...

Study Shows Women Attain Only Three-Fourths of Men’s Wealth by Retirement

On average, women are expected to reach retirement with just 74% of the wealth accumulated by men. Globally, women in senior expert and leadership roles were found to have less than two-thirds (62%) of accumulated wealth that their male counterparts enjoyed at retirement. In the U.S., pay gaps and delayed career progression are the primary drivers of the wealth disparity between men and women. Nigeria has the highest gender wealth gap in the study at 60%, closely followed by Argentina at 61% and Mexico and Turkey, each at 63%. Read more...

This Hidden Facebook Tool Lets Users Remove Their Email or Phone Number Shared by Others

Facebook appears to have silently rolled out a tool that allows users to remove their contact information. The tool is buried inside a Help Center page about "Friending." It's offered as a way for "Non-users" to "exercise their rights under applicable laws." Read more...

BILL to Acquire Finmark, a Financial Planning and Analysis Software Company

Bill, a provider of financial automation software for small and midsize businesses (SMBs), has signed a definitive agreement to acquire Finmark. Finmark's intuitive financial planning solution makes it easy for SMBs to analyze their business holistically and forecast with confidence. Read more...

One-Third of Cyber Attacks Involve Small Businesses

The total cost of cybercrime jumped from $3.5 billion to $6.9 billion from 2019 to 2021. Smaller businesses are most vulnerable as they are less likely to invest in cybersecurity. The Center for Accounting Transformation is offering a free webinar to help accountants understand cybersecurity threats. It's critical for accountants because they must comply with IRS guidelines or risk sanctions. Read more...