google-site-verification=cXrcMGa94PjI5BEhkIFIyc9eZiIwZzNJc4mTXSXtGRM Food fraud is a growing economic and health problem, but artificial intelligence and blockchain technology can help fight it - 360WISE MEDIA
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Food fraud is a growing economic and health problem, but artificial intelligence and blockchain technology can help fight it



A multi-billion-dollar criminal enterprise lurks among the many shelves of our supermarkets. Food crime not only hurts our wallets, but threatens public health. It includes actions comparable to mislabeling a product, replacing a food or ingredient with one other, inferior substance, and even poisoning.

This is a global problem resulting from the evolution of food crime. The complexity of food supply chains, the globalization of food markets and the shortage of transparency increase the vulnerability of the food sector. Therefore, it is essential to rethink how we combat food crime using technology.

Food related crimes are currently causing is estimated at $40 billion (£31 billion) damage worldwide yearly. British Food Standards Agency defines food crime as “serious fraud and related crime in food supply chains”.

If we take into consideration food crimes with criminal perspective focused on profitwe can understand it double role each as a way for criminals to generate dirty money that should be laundered, and as a strategy to launder illicit funds from other criminal activities.

Seven sorts of food crime explained by the Food Standards Agency.

The food industry is particularly attractive to fraudsters resulting from its great potential profitable. Researchers have discovered two foremost approaches utilized by fraudsters in relation to high demand products.

First, they aim relatively low-cost on a regular basis foods comparable to bottled water and olive oil because they cover a large portion of consumers, which implies they can maximize profits. For example, a Spaniard and an Italian investigation in 2023 led to the confiscation of 260,000 liters of olive oil. Investigators found that olive oil labeled “virgin” or “extra virgin” had been diluted with a low-quality variety.

Another example was Horsemeat scandal in 2013, when beef products were found to contain horse meat across Europe. There was multiple such meat 4 times cheaper produce.

Alternatively, some fraudsters trick undiscerning ‘gourmets’ into paying higher prices for cheaper food masquerading as a higher quality product – for instance low-cost camouflage truffles like exotic Italian truffles.

Unfortunately, our knowledge of those complex financial crimes is often limited, making detecting and stopping food fraud difficult. a demanding task.

Emerging technology

This was stated by the Association of Certified Fraud Examiners, a global anti-fraud body 91% of organizations world wide have used data analytics technology to answer the growing risk of economic crime. This technology is promising because it can dig hidden patterns in huge datasets, leading to raised crime detection and prevention.

For example, machine learning can analyze data and discover suspicious activity. It can also learn and adapt as recent information becomes available. In the context of food crime, this may increasingly include flagging specific locations, people or corporations that will pose a risk.

Evidence on this topic is limited, so we imagine that further research ought to be carried out to research previous cases of food fraud. Identifying recurring themes and patterns using machine learning could enable the event of a higher detection model, which, when combined with the expertise of regulators, food manufacturers, distributors and retailers, may very well be a powerful tool.

A Dutch food inspector carried out a meat inspection in 2013 after receiving information that beef products across Europe contained horse meat.
Images by Erik Van T./EPA

Researchers suggest the food industry is undergoing a potential change blockchain technology could enable consumers to make higher decisions when purchasing food. Blockchain is like a secure public ledger that can’t be manipulated. This technology subsequently enables anyone, from supermarket chains to individual consumers, to simply and reliably trace food back to its origin. Imagine with the ability to make informed selections at the shop, knowing exactly where your food comes from.

IN AustraliaThe adoption of blockchain technology by some manufacturers in recent times is expected to help solve the multi-billion dollar food problem wine fraud. AND recent research found that blockchain data security and data corruption tolerance are essential features underlying its potential to combat food fraud.

Collaboration is key

While recent technologies hold promise within the fight against food crime, they do exist gossip overcome. For example, implementing blockchain across the worldwide food supply chain faces challenges challenges including the shortage of international standards and difficulties in processing huge amounts of information. Blockchain technology may require additional technology, making it expensive for small food producers.

Ultimately, the important thing to combating food fraud is collaboration. We must unite law enforcement, industry professionals, organizations of all sizes and scientists, each with appropriate ethical oversight by their institutions.

Any anti-fraud measures mustn’t make it significantly tougher for consumers to buy food. If the method becomes too burdensome, people may find ways to get around it, which could create recent loopholes within the food system.

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Business and Finance

Delay in filing your tax return? Do this if you’re still not ready




Lying to the tax office or lying about your taxes is a criminal offense punishable by up to a few years in prison. Individuals face fines of as much as $250,000 and corporations as much as $500,000. In addition, chances are you’ll be responsible for costs related to the prosecution. Uncle Sam says don’t try this. Trust us, he’ll get you. It all is dependent upon the formalities and only every week before the tax return submission deadline. However, if you’re still in search of bills, have not made an appointment with your tax advisor, or discovered a serious tax problem that needs resolution, what do you do?

File for extension.

If you actually think there isn’t any way you possibly can file your tax return before the April 15 deadline, you possibly can submit IRS Form 4858, Automatic Extension of Time to File. This half-page form asks for your name, address and Social Security number. It’s so easy. This gives you one other six months to file your tax return.

One caveat: if you owe taxes, you still should pay the quantity you owe or an approximate amount. Do not complete the quantity here. The IRS warns that if it finds your estimate unreasonable, it might invalidate your application, exposing you to penalties for failing to file.

While tax law doesn’t strictly require you to pay your tax, to get more time to file you must or will owe more in the long term. The IRS will add interest to any tax bill unpaid in April and a late payment penalty.

More information may be found at

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Business and Finance

Understanding the pros and cons of refunds and bills




taxes, Black people

It’s tax season at my busy business in Kansas City, Missouri and across the country. For me and my team, this often means long days and longer nights. The looming query every customer desires to know is: “Will I get my a refund or will I owe Uncle Sam?

Many people consider that the goal is to get a refund. However, in the event you check with any respected financial planning expert, they may let you know that borrowing money for a yr without earning interest is a nasty investment strategy.

This is actually what taxpayers do after they receive a refund. This is shocking to some, but true nonetheless, and here’s why. You can get an instantaneous pay raise by changing your withholdings to get more of your personal money throughout the yr. Save your personal money and earn your personal interest, or repay some of your debt and accrue interest that is still money in the bank.

Typically, the next query is, “How much is my refund? The greater the return, the greater the salary increase may be. Stop! Can we conclude that it is healthier to owe the tax office than to receive a refund? Well, it is determined by your ability to pay at the end. If you owe, you might be expected to pay on or before April 15. Failure to satisfy this condition on time may lead to penalties and interest.

So what’s more useful for you? It is predicated on financial discipline and purpose. If you might be financially sustainable, your goal ought to be to interrupt even or have a small balance left to repay. If you lack financial discipline, a refund may fit to your advantage.

Consider these three quick guides to enable you with this process:

  1. Determine whether you wish your a refund or in case your goal is to interrupt even.
  2. Talk to your tax advisor to find out the mandatory steps to enable you achieve your required profits. These could include things like W-4 adjustments, a brand new business structure, or an income and expense schedule.
  3. If you are eligible for a refund, determine the best plan to make use of it properly. If you are going to break even and get more in a yr, be certain that you employ “your surplus to the advantage of your financial situation.”

Whatever you select, be committed to your plan, follow it and understand that it’s your money. Remember that a refund doesn’t all the time mean a free pot of gold at the end of the rainbow, so be certain that you are not colorblind this tax season and make smart financial decisions. The advice a superb uncle will all the time let you know!

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Business and Finance

6 strategies for making money on any market




So how do you reply to a market milestone?

No one can predict the behavior of the stock exchange. However, there are some immutable facts. Markets will proceed to be driven by uncertainty and volatility. With that said, investors who don’t take part in solid, long-term stock investing are missing out on the chance to construct wealth. If you check historical data, you will find that the typical annual return of the S&P 500 since its inception in 1928 is about 10%.

On BLACK ENTERPRISES, We have at all times advocated long-term investing. Here are some practical investment suggestions no matter market activity. Based on our interviews with countless investing experts over time, we share these basic yet effective strategies for investing in any market:

1. Don’t time the market

In other words, you mustn’t get too excited during huge market increases or panic during market declines.

Our rule of thumb: engage in disciplined, long-term investing. It’s true that the past can never fully predict future outcomes, but it surely serves as a precious reference. Get skilled advice on constructing a long-term portfolio based on your risk tolerance level and financial goals.

2. Engage in dollar-cost averaging

By investing equal dollar amounts at regular intervals, it lets you buy more shares of high-quality firms when the stock price declines, which is a possible event in today’s fickle market. In fact, most mutual funds may be arrange as automatic investment accounts.

We can also’t emphasize enough the worth of contributing to employer-sponsored 401(k) and 401(b) plans. It’s a scientific strategy to construct your retirement savings. As lots of , funds are deducted out of your paycheck and you may spend money on various investment offers for tax-free dollars. An added bonus is that in lots of cases your employer will match a portion of your premium – currently the utmost is $18,000 per yr. Because these tax-deferred vehicles are intended for retirement, you face severe penalties and tax liabilities if you happen to withdraw your funds early.

3. Look for dividend stocks

In an increasingly unpredictable environment, it is best to consider buying shares of firms that distribute money to shareholders every quarter. These stocks are typically high-quality blue chips that may provide more money flow with a yield of two% to three%. Moreover, an everyday dividend can provide downside protection.

4. Invest in what

It’s a tried and true means of spotting opportunities by attacking well-known firms, industries and products. They are frequently market leaders with powerful brands, top-shelf management, and most significantly, you already know their products and business models.

5. Protect your portfolio by being defensive

As the economy continues to indicate an especially slow recovery, look for stocks which might be performing well in any market. Pharmaceuticals, personal care, household products, food and consumer staples – products purchased by consumers in weak or strong economies – will strengthen your farms.

6. Develop an asset allocation strategy

Diversifying your investments between two or more asset classes can allow you to stay ahead within the market in the long term. One way if you happen to don’t need to administer your personal asset allocation is to take a position in so-called target-date funds. For example, if you happen to’re about 20 years away from retirement, you would possibly select a fund with a goal payout date of 2035. These funds can provide investors with the suitable asset allocation over a given time horizon and mechanically shift to a more conservative mix because the goal date approaches.

Additionally, often monitor your stock portfolio and make adjustments to individual sectors. For example, gain overseas exposure; An excellent rule of thumb is to allocate 20% to 30% of your holdings in international stocks.


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