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Verified solutions |2026 Latest!!
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Terms in this set (136)
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.
embezzlement theft or misappropriation of funds placed in one's
trust or belonging to one's employer.
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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.
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.
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Extortion 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 the fraudulent acquisition or stealing of
confidential personal information.
2 categories that encompass Fraud Theft (stealing money, ID, or assests) and
deception (cooking the books, lying to
shareholders, employees or partners)
Myth #1 of the Financial Services "We have very little fraud here" ex: subprime
mortgage fraud
Myth #2 of Financial Services "Ethics and training compliance has us covered"
Fraud is not always covered in ethics policy or
training.
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CFCI Study Guide EXAM Questions & Answers,
Well Elaborated | Already Verified Test |100%
Verified solutions |2026 Latest!!
Save
Terms in this set (136)
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.
embezzlement theft or misappropriation of funds placed in one's
trust or belonging to one's employer.
https://quizlet.com/1153116381/cfci-study-guide-exam-questions-answers-well-elaborated-already-verified-test-100-verified-solutions-2026-latest-flas… 1/17
,3/8/26, 8:07 AM CFCI Study Guide EXAM Questions & Answers, Well Elaborated | Already Verified Test |100% Verified solutions |2026 Latest!! Flash…
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.
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.
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Extortion 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 the fraudulent acquisition or stealing of
confidential personal information.
2 categories that encompass Fraud Theft (stealing money, ID, or assests) and
deception (cooking the books, lying to
shareholders, employees or partners)
Myth #1 of the Financial Services "We have very little fraud here" ex: subprime
mortgage fraud
Myth #2 of Financial Services "Ethics and training compliance has us covered"
Fraud is not always covered in ethics policy or
training.
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