Billy Mitchell is the head cashier for a clothing store that specializes in men’s silk suits. After losing big at the local dog track, Billy was in the hole financially. To cover his gambling debts, he started issuing numerous refund credits to his own credit card for amounts just below the store’s review limit. This is an example of a scheme.

a. Cash larceny
b. Credit card skimming
c. Fictitious refunds
d. Understated reimbursement

Fictitious refunds

Explanation:

A fictitious refund scheme, occurs when a fraudster processes a transaction to look as if a customer was returning a merchandise, even though there was no actual return. While some fraudsters create an entirely fictitious refund, other fraudsters just overstate the amount of a legitimate refund that took place and steal the excess money.

Billy Mitchell covering his gambling debts, issuing several refund credits to his personal credit card for amounts that were below the store’s review limit is an example of fictitious refund scheme.

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