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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Topic 2: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 3: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 5: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Topic 6: Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions |
| Topic 7: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Revenue and asset overstatements - Timing and disclosure manipulations - Detection and red flags |
| Topic 8: Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Expense reimbursement schemes - Billing schemes |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
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NEW QUESTION # 32
A contractor visits Lindsay's home and informs her that she has a damaged roof. The contractor offers roofing services and quotes Lindsay a price. Which of the following is the BEST action Lindsay can take to prevent being victimized by a potential consumer fraud scheme?
Answer: A
Explanation:
The best answer is B. A consumer approached by a contractor should independently verify the contractor's license or registration with the proper licensing agency before agreeing to work. Home repair and contractor scams often involve unsolicited offers, false claims of urgent repairs, inflated prices, poor workmanship, or unlicensed contractors. Oral agreements are risky because they provide little evidence of the work, price, warranties, or rights of cancellation. References can be useful, but a phone number supplied by the contractor might be fake or controlled by an accomplice. Asking about experience is also insufficient because the contractor can misrepresent it. Independent verification with the licensing authority is stronger because it confirms whether the contractor meets professional and regulatory requirements.
NEW QUESTION # 33
A tangible asset is one which is:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Tangible assets are those that can be physically perceived (touched, seen, etc.) and appraised (assigned a measurable value). Examples include buildings, land, equipment, and inventory. Both characteristics are correct, making C the best choice.
* Analysis of Incorrect Options:
* A. Capable of being perceived - True, but incomplete.
* B. Capable of being appraised - True, but incomplete.
* D. Neither A nor B - Incorrect since both statements are accurate.
* Key Concept: Tangible Assets - physical and measurable property owned by a business.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Classifications .
NEW QUESTION # 34
Ron's vehicle is damaged by hail after a thunderstorm. Ron does not have full insurance coverage on his vehicle, so he contacts his agent to increase his coverage. Three weeks after his new coverage is in effect, Ron's city experiences another thunderstorm. Ron then files a claim for the hail damage that occurred during the first storm, but he claims that the damage occurred during the second storm. Ron has committed a fraudulent act known as:
Answer: A
Explanation:
The ACFE Fraud Examiners Manual classifies this type of conduct under Insurance Fraud # Vehicle Insurance Schemes , and it specifically lists Past Posting as a recognized vehicle insurance fraud scheme.
In this question, Ron's vehicle was damaged before he obtained the additional coverage, but he later submitted the claim as though the damage happened after the new coverage became effective. That is the essence of past posting : attempting to obtain insurance benefits for a loss that occurred before coverage applied , while misrepresenting the time of the loss. This matches the scenario exactly.
Why the other options are incorrect
A). Ditching
The Manual lists Ditching as a separate vehicle insurance scheme. It does not describe the act of misrepresenting the timing of a preexisting loss after increasing coverage.
B). Bait and wait
This is not the insurance-fraud classification that fits the facts given. The fraud here depends on claiming an earlier loss as a later covered loss , which is the Manual's past posting category.
D). Double dipping
Double dipping generally refers to obtaining duplicate recovery for the same loss from multiple sources, which is not what Ron is doing here. The issue is the false date of loss , not duplicate reimbursement.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Insurance Fraud - Vehicle Insurance Schemes - Past Posting
NEW QUESTION # 35
Cynthia receives a fraudulent text message that appears to be from her credit card company. The message claims that the company has detected suspicious card transactions and provides a link for her to click to sign into her account for more information. Cynthia is MOST LIKELY being targeted by which of the following types of social engineering schemes?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Smishing (SMS phishing) uses fraudulent text messages to trick victims into clicking malicious links or revealing credentials. This matches Cynthia's scenario.
* Analysis of Incorrect Options:
* A. Vishing - Voice phishing by phone call, not text message.
* C. Catfishing - Fake online persona in social contexts, not financial fraud via text.
* D. Pharming - Redirecting users to fake websites via DNS manipulation, not text messages.
* Key Concept: Social engineering methods-email (phishing), phone (vishing), text (smishing).
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 36
Pilar had to purchase computer equipment for ABC Corporation, her employer. Pilar created a shell company, used the shell company to purchase used computer equipment, and then resold that equipment to ABC Corporation at an increased price. This is an example of a:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a Pass-through scheme , a type of Conflict of Interest under the corruption category. In this scheme, the employee sets up a shell company to act as a vendor. The shell purchases goods from legitimate suppliers and resells them to the employer at inflated prices. Pilar' s actions align perfectly with this definition.
* Analysis of Incorrect Options:
* A. Need recognition scheme - Involves manipulating an employer's need to justify a purchase, not reselling via a shell.
* B. Pay and return scheme - A fraudulent disbursement scheme where overpayments are made and refunds diverted. Not applicable here.
* D. Cash larceny scheme - Involves theft of incoming cash, unrelated to vendor fraud.
* Key Concept: Pass-through scheme (Conflict of Interest within Corruption).
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest Schemes .
NEW QUESTION # 37
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