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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Corruption Schemes
|
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NEW QUESTION # 141
Tammy made one cash deposit each day over the span of a few weeks at automated teller machines owned by her bank. The cash deposits ranged from $9,000 to $9,900. Tammy lives in a jurisdiction that requires all deposits of $10,000 or more to be reported to the government. Based on these facts, Tammy is MOST LIKELY committing a(n):
Answer: B
Explanation:
Tammy is most likely committing a structuring scheme. Structuring occurs when a person deliberately breaks transactions into smaller amounts to avoid mandatory reporting thresholds. Here, Tammy repeatedly deposits cash in amounts between $9,000 and $9,900, just below the $10,000 reporting requirement. That pattern strongly indicates an attempt to avoid currency transaction reporting. A reverse deposit scheme and remote deposit capture scheme do not describe the deliberate splitting of cash deposits to evade reporting. Integration is a later stage of money laundering in which illicit funds are reintroduced into the economy as apparently legitimate funds, but Tammy's activity is focused on avoiding detection during placement. The ACFE material identifies repeated deposits just under the reporting threshold as a classic red flag of smurfing or structuring.
NEW QUESTION # 142
A fraudster creates a fictitious identity by combining a person's real government identification number with a fabricated name and birthdate. This scheme can BEST be described as:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Synthetic identity theft occurs when fraudsters combine real identifiers (e.g., SSN, tax ID) with fictitious details to create a "new" identity. This differs from traditional identity theft, where a real person's identity is used in full.
* Analysis of Incorrect Options:
* B. Simulated identity theft - Not a standard fraud classification.
* C. Traditional identity theft - Uses a complete stolen identity, not a hybrid.
* D. Criminal identity theft - Involves using someone else's identity when charged with a crime.
* Key Concept: Synthetic identity theft as an evolving form of fraud.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Identity Theft .
NEW QUESTION # 143
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Statistical sampling allows fraud examiners to make inferences about an entire population based on a representative sample. By calculating occurrence rates, they can estimate error rates and assess the likelihood of fraud in the larger dataset.
* Analysis of Incorrect Options:
* B. False - Incorrect because statistical sampling is explicitly designed to estimate population- level characteristics.
* Key Concept: Sampling in fraud examination - predicting occurrence and error rates.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Statistical Sampling .
NEW QUESTION # 144
Forced reconciliation of the account says:
Answer: B
NEW QUESTION # 145
Which of the following measures is a best practice for preventing expense reimbursement schemes?
Answer: D
Explanation:
The correct answer is C because periodic audits of expense reports help deter and detect reimbursement fraud.
Expense reimbursement schemes can involve mischaracterized expenses, overstated expenses, fictitious expenses, altered receipts, multiple reimbursements, or claims for another employee's expenses. Telling employees that expense reports are subject to audit reinforces accountability and increases the perceived risk of detection. Option A weakens controls because all reimbursement claims should require adequate support, not only selected categories. Option B can increase risk because cash advances create another source of funds requiring control and reconciliation. Option D removes supervisory review, which is a key preventive control.
The ACFE material identifies detailed expense reports, supporting documentation, review, and audit procedures as important controls.
NEW QUESTION # 146
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