Certified Fraud Examiner -Fraud Schemes and Financial Crimes Exam Questions Pdf & CFE-Fraud-Schemes-and-Financial-Crimes Test Training Demo & Certified Fraud Examiner -Fraud Schemes and Financial Crimes Test Online Engine

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

SectionObjectives
Topic 1: Fraud Schemes- Fraudulent Disbursements
  • 1. Billing schemes
    • 2. Check tampering
      • 3. Billing shell companies
        - Asset Misappropriation Schemes
        • 1. Cash theft and skimming
          • 2. Expense reimbursement fraud
            • 3. Inventory and asset theft
              • 4. Payroll fraud
                Topic 2: Financial Crimes- Money Laundering
                • 1. Placement stage
                  • 2. Integration stage
                    • 3. Layering stage
                      - Financial Statement Fraud
                      • 1. Revenue manipulation
                        • 2. Asset overstatement
                          • 3. Expense understatement
                            - Corruption Schemes
                            • 1. Kickbacks
                              • 2. Conflicts of interest
                                • 3. Bribery

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q24-Q29):

                                  NEW QUESTION # 24
                                  Which of the following is NOT a phase of the bidding process?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The phases of the bidding process include:
                                  * Presolicitation (need recognition/specification stage),
                                  * Solicitation (inviting bids),
                                  * Submission (vendors submit bids). There is no standard phase called Postsolicitation .
                                  * Analysis of Incorrect Options:
                                  * A. Presolicitation - Valid phase.
                                  * C. Solicitation - Valid phase.
                                  * D. Submission - Valid phase.
                                  * B. Postsolicitation - Not recognized as a formal bidding stage.
                                  * Key Concept: Bidding process phases - presolicitation, solicitation, submission.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging and Procurement Phases .


                                  NEW QUESTION # 25
                                  Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?

                                  Answer: B

                                  Explanation:
                                  The correct answer is A. Electronic funds transfer fraud involves the misuse of electronic payment systems to move money improperly. A vendor submitting an electronic bill through a client's online payment system for services not provided is a fraudulent use of electronic bill presentment or payment processes. Option B is payroll fraud, specifically falsified hours or salary. Option C involves theft and misuse of prepaid cards, not EFT manipulation by the payee. Option D describes payment card skimming, where card information is captured for later unauthorized use. The ACFE materials discuss electronic funds transfers, wire transfer fraud, electronic bill presentment and payment, and detection of EFT fraud as part of payment fraud risk.


                                  NEW QUESTION # 26
                                  On the balance sheet, assets must equal the sum of which two components?

                                  Answer: B

                                  Explanation:
                                  The correct answer is D. The balance sheet is based on the fundamental accounting equation: Assets = Liabilities + Owners' Equity. Assets represent resources owned or controlled by the entity. Liabilities represent obligations owed to creditors, while owners' equity represents the owners' residual interest after liabilities are deducted from assets. Because every accounting transaction affects at least two accounts, the equation must remain in balance. Revenues, expenses, cost of goods sold, and gross profit are primarily income statement elements, not the two main components that balance against assets on the statement of financial position. Understanding this equation is essential for fraud examiners because improper entries, concealed liabilities, overstated assets, and equity manipulation can distort financial statements.


                                  NEW QUESTION # 27
                                  Which of the following scenarios describes a card skimming or shimming scheme?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Card skimming/shimming occurs when a fraudster captures payment card data with a hidden device. In this case, the employee secretly scans the customer's card with a small device - a textbook example of skimming.
                                  * Analysis of Incorrect Options:
                                  * A. Server keeps the card - This is theft of the card, not skimming.
                                  * B. Imitation website - This is phishing , not skimming.
                                  * D. None of the above - Incorrect since option C is correct.
                                  * Key Concept: Payment card fraud - skimming/shimming devices.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Credit Card and Check Fraud .


                                  NEW QUESTION # 28
                                  Which of the following options is the BEST example of a technical security control that organizations can use to block unauthorized or unverified transmissions?

                                  Answer: B

                                  Explanation:
                                  The correct answer is A. Firewalls are technical security controls designed to monitor, filter, and control network traffic based on established security rules. They help block unauthorized, suspicious, or unverified transmissions between trusted internal systems and external networks. Application security is also technical in nature, but it focuses on protecting software applications rather than broadly controlling network transmissions. Cipher locks are physical access controls used to restrict entry to facilities or secured areas.
                                  Data classification is an administrative control that categorizes information according to sensitivity and handling requirements. The ACFE computer and internet fraud materials recognize firewalls, routers, logging, monitoring, and technical safeguards as key components of a secure computing environment.


                                  NEW QUESTION # 29
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