What is an example of external fraud?Sélectionnez toutes les réponses applicablesAn employee submitting false overtime claims and sharing the extra money with a colleagueA customer receiving a phone call from someone claiming to be from Revolut's fraud department and transferring money to a fraudulent accountA fraudster using Revolut's products or services with the intention to make financial gain
Question
What is an example of external fraud?Sélectionnez toutes les réponses applicablesAn employee submitting false overtime claims and sharing the extra money with a colleagueA customer receiving a phone call from someone claiming to be from Revolut's fraud department and transferring money to a fraudulent accountA fraudster using Revolut's products or services with the intention to make financial gain
Solution
An example of external fraud is:
- A customer receiving a phone call from someone claiming to be from Revolut's fraud department and transferring money to a fraudulent account
- A fraudster using Revolut's products or services with the intention to make financial gain
These examples involve individuals outside of the organization (hence, "external") attempting to defraud the company or its customers. The first example involves a common scam tactic, where the fraudster pretends to be a representative from a company to trick customers into giving them money. The second example involves a fraudster using the company's products or services in a dishonest way to make a profit.
On the other hand, an employee submitting false overtime claims and sharing the extra money with a colleague is an example of internal fraud, as it involves employees within the organization.
Similar Questions
Jack is a Revolut customer who recently lost his job. He plans to emigrate to another country and needs money to fund his move. He applies for a personal loan with Revolut using the payslips from his old job and lying about still being employed. Once he gets the loan funds into his account, he withdraws it in cash and disappears from his home country never making a single loan payment. This is an example of which type of fraud? Choisissez la meilleure optionInsurance fraud Identity fraud Unsecure Personal Loan Application FraudFirst party fraud
Large frauds are typically associated with all of the following except:1 pointLack of segregation of duties and responsibilities.Placing undeserved trust in key employees.Operating on a crisis basisWorking with management to set realistic goals
Employee fraud typically occurs at levels above where the internal control system is effective.Select one:TrueFalse
An accounting fraud, perpetrated by the company's own employee, is considered an operational risk and is classified as an external source of risk. Select one: True False
How can suspected cases of fraud be reported?Sélectionnez toutes les réponses applicablesThrough the Speak Up! whistleblowing portalTo LM or Head of Regulatory ComplianceSuspicions must be backed by evidence of fraud
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