Visual ACFE CFE-Fraud-Schemes-and-Financial-Crimes Cert Test & Reliable CFE-Fraud-Schemes-and-Financial-Crimes Exam Topics

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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q330-Q335):

                    NEW QUESTION # 330
                    ______________ is required not only for theft, but for procedures to detect errors, avoid waste, and ensure a proper amount of inventory is maintained.

                    Answer:

                    Explanation:
                    Internal control (Inventory Control)
                    * Rationale for Correct Answer: Strong internal controls - particularly inventory controls - are essential not just to prevent theft, but also to detect errors, reduce waste, and ensure that inventory levels are appropriate. Controls such as physical counts, reconciliations, and segregation of duties protect against misappropriation and inefficiencies.
                    * Key Concept: Internal Controls as a preventive and detective mechanism in asset safeguarding.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Control procedures.


                    NEW QUESTION # 331
                    Which of the following measures is recommended to help prevent payroll fraud?

                    Answer: C

                    Explanation:
                    The correct answer is D. Supervisor authorization of overtime and verification of hours worked are strong preventive controls against payroll fraud, especially falsified hours and salary schemes. Payroll fraud frequently occurs when employees overstate hours, submit unauthorized overtime, manipulate time records, or receive pay for time not worked. Supervisory review creates accountability and provides an independent check before payroll is processed. Option A is improper because payroll preparation and bank reconciliation should be segregated. Option B is not recommended because direct deposit can reduce paycheck theft and distribution risks. Option C is weak because allowing coworkers to collect paychecks can create opportunities for misappropriation. The ACFE materials identify overtime authorization and payroll review as important payroll fraud controls.


                    NEW QUESTION # 332
                    Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:

                    Answer: D

                    Explanation:
                    The correct answer is A. Oona's conduct is a multiple expense reimbursement scheme because she is attempting to obtain reimbursement for an expense that the company has already paid through the company credit card. In expense reimbursement fraud, multiple reimbursement schemes occur when an employee submits the same expense more than once, or submits an expense paid through one channel as though it was paid personally. This differs from a mischaracterized expense, where a personal cost is falsely described as business-related. It also differs from an overstated expense, where the amount is inflated, and from a fictitious expense, where no expense occurred. The key issue is duplicate recovery of the same lunch expense.


                    NEW QUESTION # 333
                    Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: EFT fraud involves the unauthorized transfer of money from victims' accounts using stolen access credentials. A hacker using stolen log-in details to redirect funds is the textbook example.
                    * Analysis of Incorrect Options:
                    * A - Describes identity theft/credit card fraud, not EFT fraud.
                    * C - Describes skimming of card data, not EFT.
                    * D - Describes payroll fraud , not EFT.
                    * Key Concept: EFT fraud = unauthorized access to electronic banking/payment systems.
                    Reference: ACFE Manual, Financial Transactions - Electronic Payment Fraud .


                    NEW QUESTION # 334
                    Security audits and tests, incident response plans, and separation of duties are all examples of which of the following types of cybersecurity controls?

                    Answer: A

                    Explanation:
                    Security audits and tests, incident response plans, and separation of duties are best classified as administrative security controls because they involve policies, procedures, monitoring, governance, and assignment of responsibilities. Administrative controls are designed to manage human behavior and organizational processes that support cybersecurity. The ACFE material discusses computer security controls, including separation of duties, security audits and tests, and incident response planning, as part of a broader control environment for preventing and detecting cyberfraud. Logical access controls focus on system permissions and authentication.
                    Physical access controls protect facilities and hardware. Technical controls are automated or technology- based safeguards. Since the listed items mainly involve procedures, oversight, and response planning, administrative security controls is the best answer.


                    NEW QUESTION # 335
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