100% Pass Quiz High-quality CFE-Fraud-Schemes-and-Financial-Crimes - Exam Certified Fraud Examiner -Fraud Schemes and Financial Crimes Answers

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q201-Q206):

                                  NEW QUESTION # 201
                                  White used a company vehicle for unauthorized, personal purposes while working in a different city. He provided false written and oral information regarding the use of the vehicle. The vehicle was returned without damages. What type of fraud did White commit?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Misuse of noncash assets occurs when employees use company assets for personal purposes without authorization. Even though the vehicle was returned undamaged, unauthorized use and concealment by false statements makes it a fraud scheme under asset misappropriation.
                                  * Analysis of Incorrect Options:
                                  * A - Incorrect; unauthorized use with deception constitutes fraud.
                                  * B - Expense reimbursement involves falsified claims for travel/expenses, not vehicle misuse.
                                  * D - Financial statement fraud involves misstating accounting entries, unrelated here.
                                  * Key Concept: Misuse of company assets (noncash) as part of asset misappropriation.
                                  Reference: ACFE Manual, Asset Misappropriation - Misuse of Noncash Assets .


                                  NEW QUESTION # 202
                                  Aja is implementing measures to help ABC Company detect signs that its proprietary information has been stolen. Which of the following practices would be MOST HELPFUL for Aja to implement?

                                  Answer: D

                                  Explanation:
                                  The best practice is to identify employees leaving the company who have downloaded an unusually large number of data files. Departing employees present a heightened risk of proprietary information theft because they might take customer lists, pricing data, product designs, research, formulas, source code, or strategic plans for use with a competitor or new venture. Monitoring abnormal downloading activity is a targeted detective control that focuses on actual access and extraction of sensitive data. Options A and C rely on external competitor activity and might reveal only indirect indicators after damage occurs. Option B is too broad because permitted access alone does not show theft. The ACFE material emphasizes insider threats, safeguarding proprietary information, and monitoring unusual access or transfer of sensitive data.


                                  NEW QUESTION # 203
                                  Which of the following is a TRUE statement about counterfeit payment cards?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Blank plastic cards are a common basis for counterfeit card production. Fraudsters encode stolen magnetic stripe or chip data onto blank cards.
                                  * Analysis of Incorrect Options:
                                  * A - False; holograms are designed to be difficult to reproduce.
                                  * B - False; high-speed printers and embossers make counterfeiting easier, not harder.
                                  * D - Incorrect, since A and B are false.
                                  * Key Concept: Counterfeit card fraud methods.
                                  Reference: ACFE Manual, Financial Transactions - Payment Card Fraud .


                                  NEW QUESTION # 204
                                  Which of the following measures will MOST LIKELY prevent cash larceny schemes from occurring?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Cash larceny involves the theft of incoming cash after it has been recorded. Strong segregation of duties is critical to prevent concealment. By separating cash deposit responsibilities from bank reconciliation duties , one employee cannot both steal funds and cover their tracks.
                                  * Analysis of Incorrect Options:
                                  * A. Restricting substitution - Weakens controls; job rotation and cross-training help prevent fraud.
                                  * C. Same register use - Reduces accountability, making theft harder to trace.
                                  * D. Surprise cash counts - Strong detective control, but not as preventive as segregation of duties.
                                  * Key Concept: Preventing cash larceny through segregation of duties .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Cash Larceny Controls .


                                  NEW QUESTION # 205
                                  A common way that dishonest contractors collude to evade the competitive bidding process is:

                                  Answer: A

                                  Explanation:
                                  Submitting token bids is a common collusive procurement fraud method known as complementary bidding, also called protective, shadow, or cover bidding. In this scheme, competing contractors submit bids that are not serious attempts to win the contract. These bids might be intentionally too high, technically unacceptable, or structured with unfavorable terms so the preferred contractor wins while the process still appears competitive. This undermines the purpose of competitive bidding, which is to place bidders on equal terms and obtain the best price and conditions. Option B is inconsistent with market division, where conspirators divide markets rather than seek all areas. Option C refers more generally to shell or fictitious bidding, and option D is a billing fraud issue, not the common collusive bidding method described here.


                                  NEW QUESTION # 206
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