CFCI STUDY GUIDE EXAM 2026 ACTUAL
EXAM PAPER COMPLETE QUESTIONS AND
VERIFIED ANSWERS
⩥ Main types of fraud. Answer: Internal Fraud and External Fraud
⩥ Internal Fraud. Answer: which involves the employees of the
company against which the fraud is perpetrated
⩥ External Fraud. Answer: deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial
gain.
⩥ embezzlement. Answer: theft or misappropriation of funds placed in
one's trust or belonging to one's employer.
⩥ financial fraud. Answer: "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). Answer: Accounts receivable fraud, this
,involves simply stealing cash before it enters the organization's
accounting system.
⩥ Billing Schemes. Answer: 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.
⩥ check tampering. Answer: taking advantage of employee access to
blank company checks, using a password to
steal computer-generated checks, or producing counterfeit checks.
⩥ Employee reimbursement scheme. Answer: making false claims for
reimbursement, or inflating or creating fictitious business expenses.
(Travel /meal reimbursement.
⩥ corruption. Answer: Bribery, illegal gratuities, and/or extortion.
⩥ bribery. Answer: when something of value is offered or given to
influence a business decision
⩥ Illegal Gratuities. Answer: when something of value is given to an
employee to reward a business decision.
, ⩥ Extortion. Answer: 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. Answer: 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. Answer: the creation, sale, or use of a counterfeit
credit card, or the use of a stolen credit or debit card.
⩥ C.N.P. Answer: Card not present transactions
⩥ identity fraud. Answer: 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. Answer: the fraudulent acquisition or stealing of
confidential personal information.
⩥ 2 categories that encompass Fraud. Answer: Theft (stealing money,
ID, or assests) and deception (cooking the books, lying to shareholders,
employees or partners)
EXAM PAPER COMPLETE QUESTIONS AND
VERIFIED ANSWERS
⩥ Main types of fraud. Answer: Internal Fraud and External Fraud
⩥ Internal Fraud. Answer: which involves the employees of the
company against which the fraud is perpetrated
⩥ External Fraud. Answer: deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial
gain.
⩥ embezzlement. Answer: theft or misappropriation of funds placed in
one's trust or belonging to one's employer.
⩥ financial fraud. Answer: "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). Answer: Accounts receivable fraud, this
,involves simply stealing cash before it enters the organization's
accounting system.
⩥ Billing Schemes. Answer: 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.
⩥ check tampering. Answer: taking advantage of employee access to
blank company checks, using a password to
steal computer-generated checks, or producing counterfeit checks.
⩥ Employee reimbursement scheme. Answer: making false claims for
reimbursement, or inflating or creating fictitious business expenses.
(Travel /meal reimbursement.
⩥ corruption. Answer: Bribery, illegal gratuities, and/or extortion.
⩥ bribery. Answer: when something of value is offered or given to
influence a business decision
⩥ Illegal Gratuities. Answer: when something of value is given to an
employee to reward a business decision.
, ⩥ Extortion. Answer: 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. Answer: 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. Answer: the creation, sale, or use of a counterfeit
credit card, or the use of a stolen credit or debit card.
⩥ C.N.P. Answer: Card not present transactions
⩥ identity fraud. Answer: 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. Answer: the fraudulent acquisition or stealing of
confidential personal information.
⩥ 2 categories that encompass Fraud. Answer: Theft (stealing money,
ID, or assests) and deception (cooking the books, lying to shareholders,
employees or partners)
