2026 CFCI Study Guide Questions With Complete
Answers LATEST UPDATE GRADED A+
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.
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.
Accounts receivable fraud, this involves simply stealing
Skimming (cash larceny) 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 making false claims for reimbursement, or inflating or creating
scheme 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.
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
Answers LATEST UPDATE GRADED A+
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.
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.
Accounts receivable fraud, this involves simply stealing
Skimming (cash larceny) 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 making false claims for reimbursement, or inflating or creating
scheme 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.
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
