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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Financial Statement Fraud | 10–15% | - Expense and liability understatements - Detection and red flags - Timing and disclosure manipulations - Revenue and asset overstatements |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Financial institution fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Insurance fraud |
| Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Expense reimbursement schemes - Billing schemes |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
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NEW QUESTION # 34
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
Answer: C
NEW QUESTION # 35
Which of the following is a reason why prepaid debit and gift card fraud schemes are appealing to fraudsters?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Prepaid debit and gift cards are attractive because they allow fraudsters to convert stolen credit card funds into cash or easily launder illicit funds . They are widely available and accepted both in person and online, making option A correct.
* Analysis of Incorrect Options:
* B. Only from financial institutions - False; cards are sold at retail stores and online.
* C. Not accepted online - False; they are accepted by most online retailers.
* D. All of the above - Incorrect since B and C are false.
* Key Concept: Prepaid card fraud as part of asset misappropriation and identity theft schemes.
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements and Payment Cards .
NEW QUESTION # 36
Which of the following statements regarding a nonconforming goods or services procurement fraud scheme is MOST ACCURATE?
Answer: A
Explanation:
The correct answer is C. A nonconforming goods or services scheme occurs when a contractor delivers goods or services that do not meet contract specifications while representing them as compliant. Using refurbished materials when the contract requires new materials is a classic example because the contractor provides inferior or substituted materials but seeks payment as if the required materials were supplied. Option A describes change order abuse, where a low bid is later increased through contract modifications. Option B describes cost mischarging because the contractor bills for costs not incurred or improperly allocated. Option D describes a need recognition or collusive procurement scheme involving unnecessary goods or services.
The key professional distinction is whether the deliverable itself fails to conform to contract requirements.
NEW QUESTION # 37
CTR Window Repair receives a shipment of glass from a vendor and issues payment for the materials. CTR uses the glass to repair broken windows for several customers, but the company begins receiving complaints about the quality of the glass. Based on this information, which of the following detection measures would have been MOST EFFECTIVE in helping CTR determine whether the vendor committed a procurement fraud scheme before receiving the complaints?
Answer: B
Explanation:
The correct answer is A. The facts indicate a possible nonconforming goods scheme, in which a vendor provides goods that fail to meet contract specifications while charging as though compliant goods were supplied. The most effective detection measure before customer complaints would have been an inspection of the glass upon receipt, including its packaging, appearance, description, and conformity with the contract.
This control helps identify substitutions, inferior materials, counterfeit goods, or products of lower quality than promised. Option B is indirect and less reliable than inspecting the goods. Option C relates to change order abuse rather than quality substitution. Option D focuses on the vendor's internal cost data and would not directly confirm whether the delivered glass met CTR's contract specifications.
NEW QUESTION # 38
A fraudster uses a victim's name, government identification number, and birthdate to impersonate the victim and open a credit card account in the victim's name. This scheme can BEST be described as:
Answer: D
Explanation:
Comprehensive and Detailed Explanation (Based on the ACFE Fraud Examiners Manual - Financial Transactions and Fraud Schemes) In the Identity Theft chapter of the Financial Transactions and Fraud Schemes section, the ACFE Manual explains that there are two primary methods of committing identity theft :
* Traditional identity theft
* Synthetic identity theft
These are listed under "Methods of Committing Identity Theft" (1.803) , immediately followed by "Types of Identity Theft Schemes" (1.804) such as financial identity theft and criminal identity theft.
1. Why the correct answer is Traditional identity theft (Option B)
In traditional identity theft , the perpetrator uses the real, complete identity of another person-such as their name, government identification number, and birthdate -to impersonate that person for fraudulent purposes. This is exactly what is happening in the question:
The fraudster uses a real victim's name, government identification number, and birthdate to open a credit card account in the victim's name.
This matches the Manual's categorization where traditional identity theft involves misuse of actual personal identifying information (PII) belonging to a real individual, rather than fabricating an identity. The Manual then explains that this stolen identity is often used in financial schemes , such as obtaining credit cards, loans, or other financial benefits, which falls under financial identity theft as a type of identity theft scheme.
So, in ACFE terms, the method is traditional identity theft , and the scheme type is financial identity theft (using another person's identity to obtain credit or other financial benefits).
2. Why the other options are incorrect
Option A - New account identity theft
"New account identity theft" is a descriptive phrase sometimes used in practice to describe opening new credit accounts in another person's name, but the ACFE Manual's formal categorization focuses on:
* Methods of committing identity theft:
* Traditional identity theft
* Synthetic identity theft
* Types of identity theft schemes:
* Financial identity theft
* Criminal identity theft
* Medical identity theft
* Insurance identity theft
* Tax identity theft
* Employment identity theft
* Business identity theft
"New account identity theft" is not one of the defined method categories in the Manual; the described conduct is captured under traditional identity theft (method) and financial identity theft (scheme type). Therefore, this option does not align with the ACFE's terminology tested on the CFE exam.
Option C - Synthetic identity theft
The Manual distinguishes synthetic identity theft as a different method. Under "Methods of Committing Identity Theft" (1.803) , it explains that synthetic identity theft involves combining real elements of identity (for example, a genuine government identification number) with fabricated or unrelated information (such as a made-up name, date of birth, or address) to create a partly fictitious identity .
In the question, the fraudster is not creating a hybrid or composite identity. They are using all of the real victim's identifying information (name, government ID number, birthdate) and posing directly as that person. That is traditional , not synthetic.
Option D - Criminal identity theft
Under "Types of Identity Theft Schemes" (1.804-1.805) , the Manual describes criminal identity theft as a scheme where a fraudster gives someone else's identifying information to law enforcement or in criminal justice contexts , so that the victim's identity is attached to the criminal record or charges .
Typical examples include:
* Giving another person's name and identification details when stopped or arrested
* Causing warrants or criminal records to be issued in the victim's name In the question scenario, the fraudster is not interacting with law enforcement or shifting criminal records to the victim. Instead, they are opening a credit card account , which is a financial use of the stolen identity.
Therefore, it fits financial identity theft as a scheme type, but traditional identity theft as the method.
NEW QUESTION # 39
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