CVA Risk Assessment & Fraud Detection Flashcards

What is the primary purpose of risk assessment in CVA verification work?

Answer: To identify areas most likely to contain errors or fraudulent activity

Risk assessment in CVA work focuses on identifying high-risk areas where errors or fraud are most likely to occur, allowing for prioritized scrutiny.

Which red flag is most commonly associated with fraudulent financial verification claims?

Answer: Inconsistent income figures across multiple submitted documents

Inconsistent income figures across documents is a primary indicator of potential fraud or data manipulation in financial verification.

A CVA agent discovers a claimant's bank statements show deposits inconsistent with reported income. What is the best next step?

Answer: Document the discrepancy and escalate for further investigation

Proper CVA protocol requires documenting discrepancies and escalating for investigation rather than making unilateral decisions.

Which method is most effective for detecting identity fraud during verification?

Answer: Cross-referencing government-issued ID with multiple independent data sources

Cross-referencing government-issued ID against multiple independent data sources is the most reliable way to detect identity fraud.

In CVA risk scoring, a high-risk profile is MOST likely triggered by which combination?

Answer: New claimant, multiple prior address changes, and missing employment records

New claimants with frequent address changes and missing employment records collectively signal elevated fraud risk in CVA risk-scoring models.

Which of the following is a passive fraud indicator a CVA agent should recognize?

Answer: Claimant provides overly detailed, rehearsed answers to all questions

Overly rehearsed, excessively detailed responses can indicate coaching or preparation intended to deceive, which is a passive fraud indicator.