Test CFE-Fraud-Schemes-and-Financial-Crimes Study Guide | Study CFE-Fraud-Schemes-and-Financial-Crimes Materials

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

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

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                                  Efficient CFE-Fraud-Schemes-and-Financial-Crimes - Test Certified Fraud Examiner -Fraud Schemes and Financial Crimes Study Guide

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q255-Q260):

                                  NEW QUESTION # 255
                                  Which of the following is a red flag of a Ponzi scheme?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: A major red flag of a Ponzi scheme is when the promoter has custody and control over investor funds with little to no independent oversight. This centralization allows them to use new investor money to pay old investors while concealing losses.
                                  * Analysis of Incorrect Options:
                                  * A - Ponzi operators usually pressure investors to reinvest, not take payouts, to keep funds circulating.
                                  * C - Schemes often involve overly complex or secretive strategies, not simple ones.
                                  * D - Realistic fluctuations based on markets suggest legitimate investing, not a Ponzi scheme (which typically reports steady, unrealistic returns).
                                  * Key Concept: Ponzi schemes rely on lack of oversight, unrealistic returns, and control of funds by promoters.
                                  Reference: ACFE Manual, Fraud Prevention and Deterrence - Ponzi Schemes .


                                  NEW QUESTION # 256
                                  David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
                                  When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:

                                  Answer: B

                                  Explanation:
                                  The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.


                                  NEW QUESTION # 257
                                  In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Deliberate writing of vague specifications is a type of corruption scheme where an employee intentionally drafts unclear requirements. This forces later amendments, which can be manipulated to favor a particular vendor.
                                  * Analysis of Incorrect Options:
                                  * B. Need recognition - Involves unnecessary purchases, not vague specifications.
                                  * C. False specification - General but not precise; "vague specifications" is the correct technical term.
                                  * D. Bid-splitting - Breaking contracts into smaller amounts to avoid approval controls, not related to vague specs.
                                  * Key Concept: Specification schemes in procurement corruption.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Specification Schemes .


                                  NEW QUESTION # 258
                                  Forced reconciliation of the account says:

                                  Answer: C


                                  NEW QUESTION # 259
                                  Which of the following actions can make mobile payments more secure?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Biometric authentication (e.g., fingerprint, facial recognition) strengthens payment security by ensuring that only the authorized user can approve transactions, reducing the risk of unauthorized access even if credentials are stolen.
                                  * Analysis of Incorrect Options:
                                  * A - Using the same credentials increases exposure to credential-stuffing attacks.
                                  * C - Disabling biometrics weakens, not strengthens, security.
                                  * D - Incorrect since B is valid.
                                  * Key Concept: Cyberfraud prevention - authentication and mobile payment controls.
                                  Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Measures .


                                  NEW QUESTION # 260
                                  ......

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