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Fraud - ANSWER✅✅"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 - 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
Premiuim Expert Update(2024-
2025)|Brand New Verified Exam
Questions With (100%) Correct
Answers All Graded A+,Guaranteed
Success
Fraud - ANSWER✅✅"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 - 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
