Bait Record

Dictionary Says

Definition of 'Bait Record'

An internal control used in accounting to detect fraud and improper usage. Bait records are planted in computerized files so that if the files are improperly accessed, it will be possible to track who accessed them. Bait records get their name because the parties intent on fraud and misuse are tempted to “take the bait.”
Investopedia Says

Investopedia explains 'Bait Record'

For example, financial services firms are often the target of “phishing” email attacks from hackers and criminals looking to perpetrate identity theft. Bait records - consisting of fictional identities - planted in the firms’ databases may enable law-enforcement agencies to better track who may be committing such fraud.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Identity Theft

    The crime of ...
  2. Identity Fraud Reimbursement Program

    A financial ...
  3. Phishing

    A method of ...
  4. Skimming

    An electronic ...
  5. Spoofing

    A type of ...
  6. Liquidator

    In the most ...
  7. Economic Profit (Or Loss)

    The difference ...
  8. Profit

    A financial ...
  9. Operating Income

    The amount of ...
  10. Price-Earnings Ratio - P/E Ratio

    A valuation ...

Articles Of Interest

  1. Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  2. Identity Theft: Who To Call For Help

    If your identity is stolen, it's critical to act fast. Find out what to do if it happens.
  3. Credit Scams To Watch Out For

    More than 30 million people were victims of fraud in 2007. Will you be next?
  4. What is a "phishing scam" and how can they be avoided?

  5. 5 Horrific Things That Can Haunt Your Finances

    Check out a few of the scariest financial disasters and find out what you can do to protect yourself.
  6. The Impact Of Combining The U.S. GAAP And IFRS

    The convergence of accounting standards is changing the attitudes of CPAs and CFOs toward harmonization of international accounting.
  7. Analyze Cash Flow The Easy Way

    Find out how to analyze the way a company spends its money to determine whether there will be any money left for investors.
  8. Digging Into Book Value

    This calculation will serve up your portion of the shareholder pie.
  9. CPA, CFA Or CFP® - Pick Your Abbreviation Carefully

    A couple of letters can mean a big difference. Find out which designation you need and how to get it.
  10. Using Enterprise Value To Compare Companies

    Learn how enterprise value can help investors compare companies with different capital structures.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center