CFCI STUDY GUIDE EXAM | NEWEST
ACTUAL EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ | 100% PASS | 2025 UPDATE!
Falsifying receipts. - ✔✔✔ Correct Answer > Receipts for
transportation, hotel, restaurant, and other business travel expenses
are easily obtained and "recycled" by employees either by forgery or by
alteration. It is all too easy, for example, to alter the date or amount on
a receipt before it is submitted. (T&E Fraud).
Duplicate payments - ✔✔✔ Correct Answer > Duplicate payments
are issued for legitimate vendors for legitimate invoices. One check
goes to the vendor and one goes to the fraudster but shows the check
as voided or canceled.
Purchasing Card Fraud (P-Card) - ✔✔✔ Correct Answer > Corporate
card used by legitimate holders who charge non-business expenses to
the employer and falsely document them as legitimate job-related
purchases. (pg 64)
Electronic Payee Alteration - ✔✔✔ Correct Answer > Where an
insider in AP, modifies the Vendor Master File changes the name of a
legitimate business to a name that is similar enough that it wont be
,noticed. The perpetrator simply changes the information back after the
execution of the fraud.
Automated Clearing House (ACH) - ✔✔✔ Correct Answer > An
electronic network for financial transactions in the U.S. The network
processes batches of debits and credits to various financial institutions
allowing for fast, safe and efficient transfer of funds.
Employee ghosting - ✔✔✔ Correct Answer > Basically time card
fraud, where employees clock in for other employees or create a
fictitious employee and collect their pay.
Claiming expenses just below the minimum documentation
requirement. - ✔✔✔ Correct Answer > If receipts are required for
all expenses over $25 for meals, an employee may fraudulently submit
undocumented claims for amounts of $24.99 or $24.95. (T&E Fraud)
Claiming for "out-of-policy" expenses. - ✔✔✔ Correct Answer > A
dishonest employee may test your organization's anti-fraud controls by
submitting a receipt for a personal expense incurred during a business
trip. If the form is complicated the processor may just approve payment
(T&E Fraud)
Forged Check - ✔✔✔ Correct Answer > a check signed by someone
else other than who is specified on the check without that person's
permission
,Theft and Forgery of stolen check - ✔✔✔ Correct Answer > An
employee stealing blank checks ad making them out to him or herself
or cash, and forges the name of the authorized person to sign checks.
Check interception and forgery of endorsement - ✔✔✔ Correct
Answer > Perpetrator steals checks made out to legitimate payee and
are signed. The perpetrator white outs the payee, alters or changes the
payee information to themselves or others.
Check alteration by inserting numbers - ✔✔✔ Correct Answer >
Changing the amount of the check by changing one or more number.
Check alteration by inserting letters - ✔✔✔ Correct Answer >
Changing or washing the check to change the name of the payee by
adding letters or words.
Hidden check fraud - ✔✔✔ Correct Answer > A dishonest employee
puts an unauthorized check in a pile of authorized checks, betting on
the odds that the signer will not check each check and just sign the
unauthorized one.
Check fraud intimiation - ✔✔✔ Correct Answer > A bank employee
using fear or intimidation on a person responsible for issuing the checks
, (such as AP) to write a check without proper invoices, documentation
or signatures etc.
ACH fraud - ✔✔✔ Correct Answer > A perpetrator provides the
routing number and the account number of the victim's account to the
receiving company (utility, car loans, etc) to make the required
payments.
Types of Payroll Fraud - ✔✔✔ Correct Answer > -creation of ghost-
employees (most common)
-altering hourly rate of pay or commission details
-altering employee status so the company does not have to pay taxes
and/or benefits.
-time card alterations, claiming time not really worked, forged
supervisor signatures
Theft of confidential information - ✔✔✔ Correct Answer >
perpetrators (possible employees) steal PII of customers and use the
information to commit identity frauds such as unauthorized loans,
credit accounts (pg 71)
Insider abuse of Computer Systems - ✔✔✔ Correct Answer >
insiders pose a substantial threat by virtue of their knowledge of and
access to their employers' systems and/or databases, and their ability
ACTUAL EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ | 100% PASS | 2025 UPDATE!
Falsifying receipts. - ✔✔✔ Correct Answer > Receipts for
transportation, hotel, restaurant, and other business travel expenses
are easily obtained and "recycled" by employees either by forgery or by
alteration. It is all too easy, for example, to alter the date or amount on
a receipt before it is submitted. (T&E Fraud).
Duplicate payments - ✔✔✔ Correct Answer > Duplicate payments
are issued for legitimate vendors for legitimate invoices. One check
goes to the vendor and one goes to the fraudster but shows the check
as voided or canceled.
Purchasing Card Fraud (P-Card) - ✔✔✔ Correct Answer > Corporate
card used by legitimate holders who charge non-business expenses to
the employer and falsely document them as legitimate job-related
purchases. (pg 64)
Electronic Payee Alteration - ✔✔✔ Correct Answer > Where an
insider in AP, modifies the Vendor Master File changes the name of a
legitimate business to a name that is similar enough that it wont be
,noticed. The perpetrator simply changes the information back after the
execution of the fraud.
Automated Clearing House (ACH) - ✔✔✔ Correct Answer > An
electronic network for financial transactions in the U.S. The network
processes batches of debits and credits to various financial institutions
allowing for fast, safe and efficient transfer of funds.
Employee ghosting - ✔✔✔ Correct Answer > Basically time card
fraud, where employees clock in for other employees or create a
fictitious employee and collect their pay.
Claiming expenses just below the minimum documentation
requirement. - ✔✔✔ Correct Answer > If receipts are required for
all expenses over $25 for meals, an employee may fraudulently submit
undocumented claims for amounts of $24.99 or $24.95. (T&E Fraud)
Claiming for "out-of-policy" expenses. - ✔✔✔ Correct Answer > A
dishonest employee may test your organization's anti-fraud controls by
submitting a receipt for a personal expense incurred during a business
trip. If the form is complicated the processor may just approve payment
(T&E Fraud)
Forged Check - ✔✔✔ Correct Answer > a check signed by someone
else other than who is specified on the check without that person's
permission
,Theft and Forgery of stolen check - ✔✔✔ Correct Answer > An
employee stealing blank checks ad making them out to him or herself
or cash, and forges the name of the authorized person to sign checks.
Check interception and forgery of endorsement - ✔✔✔ Correct
Answer > Perpetrator steals checks made out to legitimate payee and
are signed. The perpetrator white outs the payee, alters or changes the
payee information to themselves or others.
Check alteration by inserting numbers - ✔✔✔ Correct Answer >
Changing the amount of the check by changing one or more number.
Check alteration by inserting letters - ✔✔✔ Correct Answer >
Changing or washing the check to change the name of the payee by
adding letters or words.
Hidden check fraud - ✔✔✔ Correct Answer > A dishonest employee
puts an unauthorized check in a pile of authorized checks, betting on
the odds that the signer will not check each check and just sign the
unauthorized one.
Check fraud intimiation - ✔✔✔ Correct Answer > A bank employee
using fear or intimidation on a person responsible for issuing the checks
, (such as AP) to write a check without proper invoices, documentation
or signatures etc.
ACH fraud - ✔✔✔ Correct Answer > A perpetrator provides the
routing number and the account number of the victim's account to the
receiving company (utility, car loans, etc) to make the required
payments.
Types of Payroll Fraud - ✔✔✔ Correct Answer > -creation of ghost-
employees (most common)
-altering hourly rate of pay or commission details
-altering employee status so the company does not have to pay taxes
and/or benefits.
-time card alterations, claiming time not really worked, forged
supervisor signatures
Theft of confidential information - ✔✔✔ Correct Answer >
perpetrators (possible employees) steal PII of customers and use the
information to commit identity frauds such as unauthorized loans,
credit accounts (pg 71)
Insider abuse of Computer Systems - ✔✔✔ Correct Answer >
insiders pose a substantial threat by virtue of their knowledge of and
access to their employers' systems and/or databases, and their ability
