In the new 2003 ranking, several new scams have reached the top of the consumer watch list, including offshore banking and identity theft schemes.

At the top of the list is offshore transactions, which some people use to avoid paying income tax. Use of an offshore credit card, trust or other arrangement to hide or underreport income or to claim false deductions on a federal tax return is illegal.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access