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CFCI EXAM LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
Fraud committed by a person responsible for paying company
invoices, thus giving them ample opportunity to send checks to
fake invoices or shell companies. - ANSWER-Accounts Payable
(AP) or Billing Fraud
Setting up shell companies and submitting invoices to be paid,
usually a high person who approves third-party payments. The
company appears real and legit. - ANSWER-Shell company
and/or phony invoice fraud
Employees with access to VMF can generate phony invoices,
enter bogus vendors, and obtain approval of fraudulent
transactions. - ANSWER-Vendor Master File (VMF) manipulation
dishonest vendors typically involves a bribery or kickback scheme
jointly perpetrated by a bank employee and a crooked supplier. -
ANSWER-Collusion with Vendors
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pre-solicitation, solicitation, and submission. (pg 62) - ANSWER-
Three-stages of collusion with vedors
Dishonest insiders accept bribes or kickbacks
from a specific vendor in exchange for recognizing the need for
the vendor's product or services by his
or her organization. (Pre-solicitation phase) - ANSWER-
Purchasing of unnecessary goods.
Vendors pay corrupt bank employees to write contract
specifications that favor their particular goods or services. (Pre-
solicitation phase) - ANSWER-Specification schemes.
when competitive bidding is required only for contracts or
purchases over a minimum amount., a corrupt procurement
employee may accept a bribe from a vendor to split the contracts
so that each of the two amounts falls below the competitive
bidding threshold. (Pre-solicitation phase) - ANSWER-Bid
splitting.
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a dishonest procurement employee may be paid off to permit a
collusive vendor to create nonexistent "competitors" and submit
phony bids in their names, with pricing that ensures that the
actual vendor wins the business. (Solicitation phase). - ANSWER-
Creating phony suppliers.
A dishonest purchasing employee may accept a corrupt vendor's
offer for payment in exchange for advance access to the contract
specifications. The crooked vendor obtains a competitive (and
illegal) advantage over rival bidders and essentially is
guaranteed to win the business.(Solicitation phase). - ANSWER-
Pay-per-view schemes.
A dishonest buyer accepts something of value from a crooked
vendor in exchange for receiving advance access to the contract
specifications. The preferred vendor gains extra time to prepare
its bid, thereby putting the competition at a disadvantage.
(Solicitation phase) - ANSWER-Early-start schemes.
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providing a preferred (i.e.,bribe-paying) vendor with the details of
already-submitted bids, in order to give the corrupt vendor a leg
up in tailoring a bid in a way that ensures he or she will win the
business. - ANSWER-Submission Phase
A process by which several bidders conspire to split contracts,
thereby ensuring that each gets a certain amount of work, which
does not require collusion with an insider (Submission phase). -
ANSWER-Bid pooling.
Employees using traveling and entertainment expenses as a way
to defraud the company. - ANSWER-Travel and Entertainment
fraud (T&E)
When two or more employees dine together
while on the road, each may submit a forged claim for
reimbursement for his or her own meal even
though a single member of the group paid the entire bill. Similar
practices often occur with shared
taxis, airport shuttle services, and other expenses. (T&E Fraud) -
ANSWER-Making multiple reimbursement claim submissions.
CFCI EXAM LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
Fraud committed by a person responsible for paying company
invoices, thus giving them ample opportunity to send checks to
fake invoices or shell companies. - ANSWER-Accounts Payable
(AP) or Billing Fraud
Setting up shell companies and submitting invoices to be paid,
usually a high person who approves third-party payments. The
company appears real and legit. - ANSWER-Shell company
and/or phony invoice fraud
Employees with access to VMF can generate phony invoices,
enter bogus vendors, and obtain approval of fraudulent
transactions. - ANSWER-Vendor Master File (VMF) manipulation
dishonest vendors typically involves a bribery or kickback scheme
jointly perpetrated by a bank employee and a crooked supplier. -
ANSWER-Collusion with Vendors
,2|Page
pre-solicitation, solicitation, and submission. (pg 62) - ANSWER-
Three-stages of collusion with vedors
Dishonest insiders accept bribes or kickbacks
from a specific vendor in exchange for recognizing the need for
the vendor's product or services by his
or her organization. (Pre-solicitation phase) - ANSWER-
Purchasing of unnecessary goods.
Vendors pay corrupt bank employees to write contract
specifications that favor their particular goods or services. (Pre-
solicitation phase) - ANSWER-Specification schemes.
when competitive bidding is required only for contracts or
purchases over a minimum amount., a corrupt procurement
employee may accept a bribe from a vendor to split the contracts
so that each of the two amounts falls below the competitive
bidding threshold. (Pre-solicitation phase) - ANSWER-Bid
splitting.
,3|Page
a dishonest procurement employee may be paid off to permit a
collusive vendor to create nonexistent "competitors" and submit
phony bids in their names, with pricing that ensures that the
actual vendor wins the business. (Solicitation phase). - ANSWER-
Creating phony suppliers.
A dishonest purchasing employee may accept a corrupt vendor's
offer for payment in exchange for advance access to the contract
specifications. The crooked vendor obtains a competitive (and
illegal) advantage over rival bidders and essentially is
guaranteed to win the business.(Solicitation phase). - ANSWER-
Pay-per-view schemes.
A dishonest buyer accepts something of value from a crooked
vendor in exchange for receiving advance access to the contract
specifications. The preferred vendor gains extra time to prepare
its bid, thereby putting the competition at a disadvantage.
(Solicitation phase) - ANSWER-Early-start schemes.
, 4|Page
providing a preferred (i.e.,bribe-paying) vendor with the details of
already-submitted bids, in order to give the corrupt vendor a leg
up in tailoring a bid in a way that ensures he or she will win the
business. - ANSWER-Submission Phase
A process by which several bidders conspire to split contracts,
thereby ensuring that each gets a certain amount of work, which
does not require collusion with an insider (Submission phase). -
ANSWER-Bid pooling.
Employees using traveling and entertainment expenses as a way
to defraud the company. - ANSWER-Travel and Entertainment
fraud (T&E)
When two or more employees dine together
while on the road, each may submit a forged claim for
reimbursement for his or her own meal even
though a single member of the group paid the entire bill. Similar
practices often occur with shared
taxis, airport shuttle services, and other expenses. (T&E Fraud) -
ANSWER-Making multiple reimbursement claim submissions.
