CRCT - Certified Revenue Control Technician Fraud and Loss Prevention Questions and Answers

Question 1

An accounts receivable clerk steals a cash payment from Customer A. To hide the theft, they apply a subsequent payment from Customer B to Customer A's account, and then a payment from Customer C to Customer B's account. This fraudulent activity is known as:

Accepted Answer

Lapping

Answer

Lapping is a fraudulent practice where an employee steals an incoming payment and conceals the theft by applying subsequent payments to cover the missing funds, creating a continuous cycle.

Question 2

A cashier and their shift supervisor conspire to process fraudulent refunds for non-existent customer returns. The cashier initiates the refund, the supervisor provides the required authorization override, and they split the stolen cash. This type of fraud is particularly difficult to prevent with standard controls because it involves:

Accepted Answer

Collusion

Answer

Collusion is a secret agreement between two or more individuals to commit fraud, which can effectively bypass internal controls like segregation of duties (e.g., requiring a manager's approval for a refund).

Question 3

A revenue control technician regularly reviews a 'Manual Gate Vends Report' from a parking facility's PARCS. What is the primary purpose of this activity in a loss prevention program?

Accepted Answer

To detect patterns that may indicate fraudulent activity

Answer

Reviewing exception reports, such as manual gate vends or voided transactions, is a critical detective control. It helps identify unusual patterns or high frequencies of non-standard transactions by specific employees, which can be indicators of fraud.

Question 4

Which of the following best describes how maintaining a strict inventory control system for serialized, pre-numbered event tickets contributes to fraud prevention?

Accepted Answer

It creates an audit trail that forces accountability for every ticket, making it difficult to generate revenue without a record.

Answer

Serialization assigns a unique number to each ticket, creating a clear audit trail. By tracking every ticket from issuance to collection, any missing or unaccounted-for tickets indicate a potential loss or fraud, as an employee cannot easily sell a ticket and pocket the cash without a corresponding record being reconciled.

Question 5

While analyzing transaction data from a parking facility, a technician notes that one specific cashier has a significantly higher rate of 'lost ticket' transactions compared to all other cashiers. This pattern is a potential red flag for which type of fraud scheme?

Accepted Answer

The cashier is charging customers the actual (lower) fee, processing it as a 'lost ticket' at the max daily rate, and pocketing the difference.

Answer

This is a common scheme where an employee exploits the lost ticket function. They collect the correct short-term fee from the customer but process the transaction using the high-value 'lost ticket' function, allowing them to steal the difference between the actual fee collected and the lower amount they have to remit from their cash drawer to match the fraudulent transaction.

CRCT - Certified Revenue Control Technician Practice Test

CRCT - Certified Revenue Control Technician Practice Test

CRCT - Certified Revenue Control Technician Fraud and Loss Prevention Questions and Answers