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UWA Masters of Elementary Education Comprehensive Exam _ Questions With Correct
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UWA Masters of Elementary Education Comprehensive Exam _ Questions With Correct
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8/23/24, 6:00 PMCFCI Study Guide - Updated
Jeremiah
Practice questions for this set
Terms in this set (179)
"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
Fraud
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
Activities that may be criminal, committed within an organization, typically by the
Internal Fraud
employee against the employer.
Deceptive conduct by non-employees that
CFCI Study Guide - Updated
External Fraud
deprives the organization of value, and/or is undertaken for financial gain.
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Embezzlement The theft of money, property, or other assets of the employer.
The taking away of the property of another, with the intent to convert it to his/her own
Larceny
use.
"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
Financial Fraud
boost executive bonuses, or otherwise mislead shareholders, lenders, employees,
investment analysts, or other users of the information.
Accounts receivable fraud, this involves simply stealing cash before it enters the
Skimming (cash larceny)
organization's accounting system.
Using false documentation to cause a targeted organization to issue a payment for
Billing Schemes
false services and/or purchases.
Common method (Taking advantage of employee access to blank company checks,
Check Tampering using a password to
steal computer-generated checks or producing counterfeit checks).
Making false claims for reimbursement or inflating or creating fictitious business
Employee reimbursement scheme
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.
When a person demands payment or seeks to influence a business decision by threat of
Extortion
harm through loss of business or personal injury.
Forms of corruption involving employees and vendors, often using inflated billing or
Kickback Schemes
invoices for which the employee is paid a portion of the inflated or fictitious invoice.
The creation, sale, or use of a counterfeit credit card, or the use of a stolen credit or
Credit Card Fraud
debit card.
C.N.P Card not present transactions
The fraudulent acquisition or stealing of confidential personal information through
Identity Theft
social engineering.
Involves the unauthorized use of another person's personal data for illegal financial
Identity Fraud benefit. Involves abusing the stolen information to transact personal business in the
victim's name.
An extreme form of what was called free banking. "A bank that issued notes without
Wildcat Banking adequate security in the period before the establishment of the national banking
system in 1864".
Theft (stealing money, ID, or assets) and deception (cooking the books, lying to
2 categories that encompass Fraud
shareholders, employees or partners)
The failure of about 1000 savings and loan banks as a result of risky business practices.
Savings and Loan Crisis The roots of the S&L crisis lay in excessive lending, speculation, and risk-taking driven
by the moral hazard created by deregulation and taxpayer bailout guarantees.
Myth #1 of the Financial Services "We have very little fraud here" ex: subprime mortgage fraud
"Ethics and training compliance has us covered" Fraud is not always covered in ethics
Myth #2 of Financial Services
policy or training.
"Fraud is an unavoidable cost of doing business" Fraud is usually not serious enough to
Myth #3 of Financial Services
destroy a financial service firm, it is much more than necessary cost of doing business.
CFCI Study Guide - Updated
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