CFFE Module III
Workshop on Fraud Investigations and Prevention cheat sheet
Every chapter's key points, formulas and definitions on one page, for the last week before the exam. Each heading links to the chapter that explains it.
Current fraud and corruption trends
- Digital and cyber-enabled fraud (phishing, business email compromise and ransomware) exploits both technical weaknesses and human trust.
- Mobile money and payment system fraud, such as SIM-swap fraud, agent collusion and instant-payment schemes, is especially significant in Kenya's mobile-money-driven economy.
- Remote work widens opportunity, cross-border schemes strain domestic investigative and legal tools, cryptocurrency offers new ways to conceal proceeds outside banking channels, and AI-enabled deception powers impersonation.
- Technology changes the delivery mechanism of a scheme far more often than its legal or accounting character: a business email compromise is still fraudulent misrepresentation executed by new means.
- Connect every trend back to the fraud triangle by asking what new pressure, opportunity or rationalisation it introduces, and illustrate it with a recent, real case.
Key terms
- Digital and cyber-enabled fraud
- Continued growth in phishing, business email compromise (covered in Fraud and Corruption Schemes, under cyber fraud) and ransomware, exploiting both technical weaknesses and human trust.
- Mobile money and payment system fraud
- SIM-swap fraud, agent collusion and instant-payment schemes (covered in Fraud and Corruption Schemes, under payment system fraud), especially significant in Kenya's mobile-money-driven economy.
- Remote work and reduced oversight
- Distributed teams and reduced in-person supervision widening opportunity for both occupational and collusive schemes.
- Sophisticated financial statement fraud
- Increasing use of complex revenue-recognition structures, related-party transactions and non-standard performance metrics to obscure manipulation (covered in Fraud and Corruption Schemes, under trends in financial statement fraud).
- Cross-border and organised fraud
- Growth in fraud and corruption schemes coordinated across jurisdictions, straining domestic investigative and legal tools (covered in Law Related to Fraud, under the legal and justice challenges).
- Cryptocurrency and digital assets
- New avenues for concealing proceeds of fraud and corruption, and for laundering illicit gains outside traditional banking channels.
- AI-enabled deception
- Deepfake audio/video and AI-generated content used in social engineering and impersonation schemes.
The rest of the sheet covers
- Best practice in fighting fraud and corruption
- Exam technique and revision
- Glossary