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

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

Section

Objectives

Fraud Schemes

- Asset Misappropriation Schemes

1. Billing and expense reimbursement fraud
2. Skimming and cash larceny

- Financial Statement Fraud

1. Asset overstatement and liability concealment
2. Revenue recognition manipulation

Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

Financial Crimes

- Money Laundering

1. Placement, layering, integration stages

- Banking and Payment Fraud

1. Wire fraud and electronic transfers
2. Check and credit card fraud

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q66-Q71):

NEW QUESTION # 66
Carl, an information technology (IT) employee at ABC Company, steals an accounting employee's login credentials for the company's online banking portal. Carl then sets up a recurring payment to a bank account that he owns under a different name. Carl has MOST LIKELY committed a(n):

A. Diverted revenue scheme
B. Electronic payment tampering scheme
C. Ghost payee scheme
D. Fraudulent billing scheme

Answer: B

Explanation:
The correct answer is D. Carl committed electronic payment tampering because he used stolen online banking credentials to create an unauthorized recurring electronic payment. Electronic payment tampering involves manipulating electronic disbursement systems, online banking portals, ACH transactions, wire transfers, or related payment credentials to divert funds. Although Carl uses a disguised bank account, the central misconduct is the unauthorized creation of an electronic payment, not a traditional billing scheme. A diverted revenue scheme concerns incoming receipts rather than outgoing payments. A ghost payee scheme can involve fictitious recipients, but here the best classification is electronic payment tampering because the fraud is executed through the company's online banking system. The ACFE materials classify electronic payment tampering under fraudulent disbursement schemes.

NEW QUESTION # 67
To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?

A. The provider has unusually low profits compared to similar businesses in the same region.
B. The details in the provider's supporting documentation match the health care claim.
C. The number of claims made by the provider for reimbursement are lower than average.
D. There is a high percentage of coding outliers in the provider's documentation.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A high percentage of coding outliers (e.g., using higher-paying diagnosis or procedure codes more often than peers) is a red flag of upcoding or fraudulent billing. This signals possible abuse of reimbursement systems.
* Analysis of Incorrect Options:
* A - Fewer claims would not suggest fraud.
* C - Matching documentation is expected, not suspicious.
* D - Low profits may indicate inefficiency, not fraud.
* Key Concept: Health care fraud detection through data analytics and coding anomalies.
Reference: ACFE Manual, Financial Transactions - Health Care Fraud .

NEW QUESTION # 68
Which of the following options is a red flag of register disbursement schemes?

A. There is an unusually high number of refunds on the register log.
B. Supporting documents for voided transactions are found in the cash register.
C. There are no gaps in the transaction numbers on the register log.
D. Voids just above the review limit have been approved by a supervisor.

Answer: A

Explanation:
The correct answer is B. Register disbursement schemes usually involve false refunds or false voids that cause cash to be removed from the register while the records appear to justify the disbursement. An unusually high number of refunds on the register log is a red flag because it might indicate that employees are creating fictitious refund transactions to conceal cash theft. Option A is not suspicious by itself because no gaps in transaction numbers suggests record continuity. Option C is less suspicious because supervisory approval exists, although approvals should still be reviewed. Option D is generally a positive control because supporting documents should exist for voided transactions. The ACFE materials identify refund and void activity as key areas for detecting register disbursement schemes.

NEW QUESTION # 69
Which of the following is FALSE regarding electronic payment tampering?

A. The individual who makes electronic payments on behalf of the company should also set ACH filters to ensure that only designated individuals are paid.
B. The lack of physical evidence makes electronic payment tampering more difficult to detect than traditional check tampering.
C. Positive pay is recommended for ACH transactions to ensure their legitimacy.
D. ACH blocks allow account holders to notify their banks that ACH debits should not be allowed on specific accounts.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In sound internal controls, the person initiating electronic payments should not also be responsible for setting filters or approving transactions . This creates a segregation of duties violation. Therefore, statement D is false.
* Analysis of Incorrect Options:
* A. Positive pay for ACH - True; it helps verify transactions.
* B. ACH blocks - Correct; a control against unauthorized debits.
* C. Lack of physical evidence - True; electronic fraud lacks paper trails, making detection harder.
* Key Concept: Electronic payment tampering controls .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Electronic Payment Fraud .

NEW QUESTION # 70
A fraudster poses as ABC Organization's chief executive officer (CEO) and sends an email to an employee requesting that company funds be transferred to an account that the fraudster owns. This is an example of which of the following types of fraud schemes?

A. Executive email attack
B. Reverse social engineering
C. Electronic piggybacking
D. Business email compromise

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is a business email compromise (BEC) , also known as CEO fraud. Fraudsters impersonate high-ranking executives to trick employees into transferring money or disclosing confidential information.
* Analysis of Incorrect Options:
* A. Reverse social engineering - Involves the fraudster posing as a helper and then exploiting the victim, not impersonating executives.
* B. Executive email attack - A generic term, but the ACFE recognizes BEC as the precise classification.
* C. Electronic piggybacking - Refers to unauthorized access through another user's session, not impersonation.
* Key Concept: Social engineering and cyber-enabled fraud - BEC schemes.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Business Email Compromise .

NEW QUESTION # 71
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