Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a bank teller at a savings and loan drive-through

A Bank teller at a savings and loan drive-through accepted a cash payment from customer...

90.2K

Verified Solution

Question

Accounting

A Bank teller at a savings and loan drive-through accepted a cash payment from customer #1 for an auto loan. The teller appeared to process the payment, but told the customer the printer was jammed and she can't print a receipt. The customer accepted the excuse and drove away. The teller pocketed the cash and wrote down customer #1's loan number and payment amount for future reconciling. A couple of days before customer #1's monthly statement was printed, the teller recorded a cash payment from customer #2 as if it were made by customer #1. The teller pocketed the difference between the two payments. The teller continued to steal and misapply customer payments for the next two years without detection.

Identify the type of fraud scheme described. Describe five controls you would implement to address the fraud risk, and label each control as preventive or detective.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Required information List all numeric answers using numbers Example 1 10 100 Ordered Lasix 60...

Basic Math
Q

Determine the activation energy in kJ/mol for a first order reaction if its specific rate constant...

Chemistry
Q

According to Nietzsche, “with the aid of the morality of mores and the social straitjacket, man...

Psychology
Q

Molecular clocks are based prima 1 neutral mutations O2 natural selection 3 horizontal gene transfer...

Biology
Q

You have a set of 10 cards numbered 1 to 10 You choose a card...

Geometry
Q

A shirt was originally priced at $20. The store is having a 25% off sale....

Geometry
Q

Let f(x) =15x + 1Enter antiderivative of f(x)Question Help: Video Message instructor+ C

Calculus
Q

1 1 5 se

Calculus
Q

Prepare the journal entries to record the issuance and first semiannual interest payment on a...

Accounting
Q

Cul de los siguientes podra ser un costo fijo escalonado? a) Costo de material...

Accounting
Q

VAKA: BARRACUDA INC. Barracuda Inc., bir lamba armatr reticisi olarak ilk temelinin tesinde, profesyonellere (r....

Finance
Q

During the Great Recession, one of the most significant disadvantages to real estate investors with...

Finance