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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionObjectives
Financial Crimes- Banking and Payment Fraud
  • 1. Wire fraud and electronic transfers
    • 2. Check and credit card fraud
      - Money Laundering
      • 1. Placement, layering, integration stages
        Fraud Schemes- Financial Statement Fraud
        • 1. Revenue recognition manipulation
          • 2. Asset overstatement and liability concealment
            - Asset Misappropriation Schemes
            • 1. Skimming and cash larceny
              • 2. Billing and expense reimbursement fraud
                Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q59-Q64):

                    NEW QUESTION # 59
                    Which of the following statements describes a best practice for preventing procurement fraud?

                    Answer: D

                    Explanation:
                    The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.


                    NEW QUESTION # 60
                    Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?

                    Answer: B

                    Explanation:
                    The ACFE Fraud Examiners Manual (2020 International Edition) , under the section on Information Security in Electronic Commerce Systems , describes the three primary security goals that must be achieved to protect users and account holders:
                    * Confidentiality
                    * Integrity
                    * Availability
                    These three goals form the cornerstone of information system protection and are often referred to as the CIA triad .
                    1. Confidentiality
                    Confidentiality ensures that sensitive information is accessible only to authorized individuals. The Manual highlights that e-commerce systems must protect customers' personal and financial data from unauthorized access.
                    2. Integrity
                    Integrity requires that the information in the system is accurate and has not been improperly altered. This prevents fraudulent manipulation of records, transactions, and account balances.
                    3. Availability
                    Availability ensures that systems and data are accessible to authorized users when needed. This includes preventing disruptions caused by system failures, denial-of-service attacks, or internal sabotage.
                    These three goals are explicitly documented in the ACFE Manual as essential security requirements for safeguarding electronic financial systems.
                    Why Option C is the Correct Answer
                    "Penetrability of data" is NOT an information security goal.
                    In fact, it is the opposite of what an information security framework seeks to achieve. No section of the ACFE Manual identifies "penetrability" as a required or legitimate objective. Instead, systems should be resistant to penetration attempts.
                    Thus, Option C does not belong to the CIA model or any ACFE-described security framework.
                    ACFE Manual Reference
                    These concepts are covered in the Financial Transactions and Fraud Schemes section discussing information security objectives for e-commerce environments, which identifies confidentiality, integrity, and availability as the foundational goals of secure systems.


                    NEW QUESTION # 61
                    Skimming is:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Skimming is defined as the theft of cash before it is recorded in the books . Because the stolen funds are never entered into the accounting system, this is often referred to as an "off-book" fraud. It is distinct from cash larceny , which occurs after cash has been recorded.
                    * Analysis of Incorrect Options:
                    * B. The addition of cash - Incorrect; skimming involves removal, not addition.
                    * C. Removal after entry - This describes cash larceny, not skimming.
                    * D. None of above - Incorrect since option A is correct.
                    * Key Concept: Skimming schemes - off-book cash theft.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes .


                    NEW QUESTION # 62
                    People commit financial statement fraud to:

                    Answer: C

                    Explanation:
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Motivations and Incentives .


                    NEW QUESTION # 63
                    Which of the following terms BEST describes a property and casualty insurance scheme that involves filing an insurance claim for destroyed items, such as a boat or expensive equipment, that never actually existed?

                    Answer: D

                    Explanation:
                    The correct answer is B. A paper property scheme involves an insurance claim for property that exists only
                    "on paper," meaning the claimed property never actually existed or was never owned by the claimant. The question describes a claim for destroyed items, such as a boat or expensive equipment, that did not exist. This differs from a staged theft, where an actual event is falsely created or arranged to appear like a theft. It also differs from an inflated theft or inflated inventory scheme, where property might exist but the claimant exaggerates the quantity, quality, or value of the loss. The ACFE insurance fraud material identifies property schemes, including phony or inflated thefts and paper boats, as property and casualty insurance fraud methods.


                    NEW QUESTION # 64
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