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CFCI Study Guide Questions and Answers Grade A+
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CFCI Study Guide Questions and Answers Grade A+
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1|Page | © copyright 2024/2025 | Grade A+CFCI Study Guide Questions and
Answers Grade A+
Fraud
✓ "Any illegal acts characterized by deceit, concealment, or violation of
trust. These acts are not dependent upon the perpetrated by
individuals and organizations to obtain money, property, or services; to
avoid payment or loss of services; or to secure personal or business ad-
vantage."
Main types of fraud
✓ Internal Fraud and External Fraud
Internal Fraud
✓ which involves the employees of the company against which the fraud
is perpetrated
External Fraud
✓ deceptive conduct by non-employees that
✓ deprives the organization of value, and/or is undertaken for financial
gain.
Master01 | October, 2024/2025 | Latest update
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embezzlement
✓ theft or misappropriation of funds placed in one's trust or belonging to
one's employer.
financial fraud
✓ "cooking the books." This type of
✓ fraud generally refers to falsely representing the financial condition of
the company, so as to inflate the value of stock, fraudulently boost
executive bonuses, or otherwise mislead shareholders, lenders,
employees, investment analysts, or other users of the information.
Skimming (cash larceny)
✓ Accounts receivable fraud, this
✓ involves simply stealing cash before it enters the organization's
accounting system.
Billing Schemes
✓ Perpetrated by employees who cause their employer to issue a
payment to a false supplier by submitting invoices for fictitious goods or
services, inflated invoices, or invoices for personal purchases.
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check tampering
✓ taking advantage of employee access to blank company checks,
using a password to
✓ steal computer-generated checks, or producing counterfeit checks.
Employee reimbursement scheme
✓ making false claims for reimbursement, or inflating or creating fictitious
business expenses. (Travel /meal reimbursement.
corruption
✓ Bribery, illegal gratuities, and/or extortion.
bribery
✓ when something of value is offered or given to influence a business
decision
Illegal Gratuities
✓ when something of value is given to an employee to reward a business
decision.
Extortion
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✓ when a person demands payment or seeks to influence a business
decision by threat of harm through loss of business or personal injury.
Kickback Schemes
✓ involving employees and vendors, often using inflated billing or invoices
for which the employee is paid a portion of the inflated or fictitious
invoice.
credit card fraud
✓ the creation, sale, or use of a counterfeit credit card, or the use of a
stolen credit or debit card.
C.N.P
✓ Card not present transactions
identity fraud
✓ involves the unauthorized use of another person's personal data for
illegal financial benefit. Involves abusing the stolen information to
transact personal business in the victim's name.
identity theft
Master01 | October, 2024/2025 | Latest update
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