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Exam (elaborations)

CFCI Study Guide – Updated With Correct Answers.

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  • CFCI

CFCI Study Guide – Updated With Correct Answers.

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  • August 3, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CFCI
  • CFCI
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CFCI Study Guide –
Updated With Correct
Answers

Fraud b- b(CORRECT bANSWER)-"Any billegal bacts bcharacterized bby bdeceit, bconcealment, bor

b violation bof btrust. bThese bacts bare bnot bdependent bupon bthe bperpetrated bby bindividuals

b and borganizations bto bobtain bmoney, bproperty, bor bservices; bto bavoid bpayment bor bloss bof

b services; bor bto bsecure bpersonal bor bbusiness bad-vantage."



Main btypes bof bfraud b- b(CORRECT bANSWER)-Internal bFraud band bExternal bFraud



Internal bFraud b- b(CORRECT bANSWER)-Activities bthat bmay bbe bcriminal, bcommitted bwithin

b an borganization, btypically bby bthe bemployee bagainst bthe bemployer.



External bFraud b- b(CORRECT bANSWER)-Deceptive bconduct bby bnon-employees bthat

deprives bthe borganization bof bvalue, band/or bis bundertaken bfor bfinancial bgain.

,Embezzlement b- b(CORRECT bANSWER)-The btheft bof bmoney, bproperty, bor bother bassets bof

b the bemployer.



Larceny b- b(CORRECT bANSWER)-The btaking baway bof bthe bproperty bof banother, bwith bthe

b intent bto bconvert bit bto bhis/her bown buse.



Financial bFraud b- b(CORRECT bANSWER)-"Cooking bthe bbooks." bThis btype bof bfraud bgenerally

b refers bto bfalsely brepresenting bthe bfinancial bcondition bof bthe bcompany, bso bas bto binflate bthe

b value bof bstock, bfraudulently bboost bexecutive bbonuses, bor botherwise bmislead bshareholders,

b lenders, bemployees, binvestment banalysts, bor bother busers bof bthe binformation.



Skimming b(cash blarceny) b- b(CORRECT bANSWER)-Accounts breceivable bfraud, bthis binvolves

b simply bstealing bcash bbefore bit benters bthe borganization's baccounting bsystem.



Billing bSchemes b- b(CORRECT bANSWER)-Using bfalse bdocumentation bto bcause ba btargeted

b organization bto bissue ba bpayment bfor bfalse bservices band/or bpurchases.



Check bTampering b- b(CORRECT bANSWER)-Common bmethod b(Taking badvantage bof

b employee baccess bto bblank bcompany bchecks, busing ba bpassword bto

steal bcomputer-generated bchecks bor bproducing bcounterfeit bchecks).

,Employee breimbursement bscheme b- b(CORRECT bANSWER)-Making bfalse bclaims bfor

b reimbursement bor binflating bor bcreating bfictitious bbusiness bexpenses. b(Travel b/meal

b reimbursement.



Corruption b- b(CORRECT bANSWER)-Bribery, billegal bgratuities, band/or bextortion.



Bribery b- b(CORRECT bANSWER)-When bsomething bof bvalue bis boffered bor bgiven bto binfluence

b a bbusiness bdecision.



Illegal bGratuities b- b(CORRECT bANSWER)-When bsomething bof bvalue bis bgiven bto ban

b employee bto breward ba bbusiness bdecision.



Extortion b- b(CORRECT bANSWER)-When ba bperson bdemands bpayment bor bseeks bto binfluence

b a bbusiness bdecision bby bthreat bof bharm bthrough bloss bof bbusiness bor bpersonal binjury.



Kickback bSchemes b- b(CORRECT bANSWER)-Forms bof bcorruption binvolving bemployees band

b vendors, boften busing binflated bbilling bor binvoices bfor bwhich bthe bemployee bis bpaid ba

b portion bof bthe binflated bor bfictitious binvoice.



Credit bCard bFraud b- b(CORRECT bANSWER)-The bcreation, bsale, bor buse bof ba bcounterfeit

b credit bcard, bor bthe buse bof ba bstolen bcredit bor bdebit bcard.



C.N.P b- b(CORRECT bANSWER)-Card bnot bpresent btransactions

, Identity bTheft b- b(CORRECT bANSWER)-The bfraudulent bacquisition bor bstealing bof

b confidential bpersonal binformation bthrough bsocial bengineering.



Identity bFraud b- b(CORRECT bANSWER)-Involves bthe bunauthorized buse bof banother bperson's

b personal bdata bfor billegal bfinancial bbenefit. bInvolves babusing bthe bstolen binformation bto

b transact bpersonal bbusiness bin bthe bvictim's bname.



Wildcat bBanking b- b(CORRECT bANSWER)-An bextreme bform bof bwhat bwas bcalled bfree

b banking. b"A bbank bthat bissued bnotes bwithout badequate bsecurity bin bthe bperiod bbefore bthe

b establishment bof bthe bnational bbanking bsystem bin b1864".



2 bcategories bthat bencompass bFraud b- b(CORRECT bANSWER)-Theft b(stealing bmoney, bID, bor

b assets) band bdeception b(cooking bthe bbooks, blying bto bshareholders, bemployees bor bpartners)



Savings band bLoan bCrisis b- b(CORRECT bANSWER)-The bfailure bof babout b1000 bsavings band

b loan bbanks bas ba bresult bof brisky bbusiness bpractices. bThe broots bof bthe bS&L bcrisis blay bin

b excessive blending, bspeculation, band brisk-taking bdriven bby bthe bmoral bhazard bcreated bby

b deregulation band btaxpayer bbailout bguarantees.



Myth b#1 bof bthe bFinancial bServices b- b(CORRECT bANSWER)-"We bhave bvery blittle bfraud

b here" bex: bsubprime bmortgage bfraud

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