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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Corruption Schemes
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Answers <<
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NEW QUESTION # 79
Mario performs surgery on a patient to replace a bone. The surgery should be billed using one code, but Mario bills the surgery using three codes (one for the entire surgery, one for the removal of the bone, and another for the insertion of the artificial bone), which increases the cost. Which of the following BEST describes Mario's scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is unbundling , where services that should be billed under a single comprehensive code are split into multiple components to inflate reimbursement.
* Analysis of Incorrect Options:
* A. Fictitious services - Charging for services not performed.
* B. False diagnosis - Fabricating diagnoses to justify billing.
* C. Upcoding - Billing for more expensive services than provided.
* Key Concept: Health care billing fraud - unbundling .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Health Care Billing Schemes .
NEW QUESTION # 80
A client contacts Emma, a Certified Fraud Examiner (CFE), and explains that they prepaid a commission to a broker for help with obtaining a loan. However, after sending the payment for services, the client did not receive a response from the broker and is unable to contact them. This type of fraud is known as a(n):
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An advance-fee scheme occurs when fraudsters request upfront payments (fees, commissions, or deposits) for services or opportunities that never materialize. The broker taking the fee without providing services is a classic case.
* Analysis of Incorrect Options:
* A. Bait and switch - Advertising one product/service but delivering another, not applicable here.
* C. Split deposit scheme - Involves diversion of payroll or deposits, not loans.
* D. Scavenger scheme - Charging for unnecessary services, often debt collection or foreclosure help, not applicable.
* Key Concept: Advance-fee frauds as common financial scams.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Advance-Fee Schemes .
NEW QUESTION # 81
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?
Answer: B
Explanation:
The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
Customer complaints about late account postings relate more to cash receipts or accounts receivable.
Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.
NEW QUESTION # 82
Which of the following statements regarding using front businesses as a method of laundering money is MOST ACCURATE?
Answer: A
Explanation:
The correct answer is D. Front businesses are attractive for money laundering because they allow illegal proceeds to be mixed with legitimate revenue, especially where cash sales are common and expenses are variable. Bars, restaurants, nightclubs, and similar businesses can make it difficult to reconcile actual customer activity with reported revenue and operating costs. This makes it easier to overstate revenues, inflate expenses, or insert illicit funds into the business records. Option A is inaccurate because money launderers might pay taxes on falsely reported income to make the funds appear legitimate. Option B is incorrect because a front may show high income despite low visible customer activity. Option C is too narrow and inaccurate because these businesses often involve variable purchases and pricing.
NEW QUESTION # 83
Which of the following is one of the sections on the statement of cash flows?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The statement of cash flows has three standard sections:
* Cash flows from operating activities
* Cash flows from investing activities
* Cash flows from financing activities Thus, option B is correct.
* Analysis of Incorrect Options:
* A - No section called "purchasing activities"; such outflows fall under investing or operating.
* C - No section called "earnings activities"; related cash flows are operating.
* D - "Strategic activities" is not a formal category in GAAP or IFRS.
* Key Concept: Structure of the statement of cash flows.
Reference: ACFE Manual, Accounting Concepts - Financial Statements Overview .
NEW QUESTION # 84
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