Financial Institution Fraud Flashcards
1
Q
Types of Embezzlement Schemes
A
- False accounting entries
- Unauthorized withdrawals
- Unauthorized disbursements of funds to outsiders
- Moving money from customer dormant/inactive accounts
2
Q
What type of fraud is a construction loan
A
Loan fraud (requesting advances)
3
Q
What should be accompanied with a draw request
A
- Paid invoices for raw materials
- Lien releases from each subcontractor
- Inspections reports
- change orders
4
Q
What is a red-flag of Loan Fraud
A
presence of nonperforming loans
5
Q
Air Loan (Mortgage Fraud)
A
loan for non-existent property
6
Q
Fraudulent sale
A
fraudulent deed
7
Q
Fraudulent second lien
A
assume homeowner identity and take additional loan in homeowner’s name
