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

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

Section

Objectives

Topic 1: Fraud Schemes

- Fraudulent Disbursements

1. Billing shell companies
2. Billing schemes
3. Check tampering

- Asset Misappropriation Schemes

1. Payroll fraud
2. Expense reimbursement fraud
3. Inventory and asset theft
4. Cash theft and skimming

Topic 2: Financial Crimes

- Financial Statement Fraud

1. Expense understatement
2. Asset overstatement
3. Revenue manipulation

- Corruption Schemes

1. Bribery
2. Kickbacks
3. Conflicts of interest

- Money Laundering

1. Integration stage
2. Layering stage
3. Placement stage

>> Latest Study CFE-Fraud-Schemes-and-Financial-Crimes Questions <<

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q105-Q110):

NEW QUESTION # 105
Which of the following statements is MOST ACCURATE concerning common methods that identity thieves use to steal information?

A. Phishing is the practice of searching through discarded credit card receipts, bank statements, and other identifying documentation for personal and business information.
B. Baiting is the practice of manipulating an individual into releasing confidential information by impersonating their bank or a financial institution with which they do business.
C. Pharming involves searching for sensitive personal or business information on used computers that have been purchased from a third-party reseller.
D. Shoulder surfing involves gathering personal information by listening to a conversation or observing an individual entering a PIN into a device.

Answer: D

Explanation:
Shoulder surfing is the practice of obtaining personal or confidential information by watching or listening while a victim uses or discloses it. Common examples include observing someone enter a PIN, password, access code, or account number, or overhearing a person provide sensitive details during a conversation.
Option A is inaccurate because impersonating a bank or financial institution to obtain confidential information is closer to phishing or vishing, not baiting. Option B is inaccurate because pharming redirects users to fraudulent websites, while searching used devices is a discarded-device or data-recovery risk. Option D describes dumpster diving, not phishing. The ACFE identity theft materials distinguish these methods because recognizing the specific technique is important for prevention, investigation, and victim response.

NEW QUESTION # 106
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.

A. True
B. False

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 # 107
Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?

A. A restaurant server secretly scans a customer's credit card information into a small device for fraudulent use at a later time.
B. An individual uses another person's personal identifying information to fill out a credit card application in their name and plans to make online purchases using the new card.
C. A hacker obtains the account and password information of consumers and uses them to direct funds from their accounts.
D. An employee of a person-to-person (P2P) provider misrepresents the number of hours that they worked to increase the amount of money earned on their paycheck.

Answer: C

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 # 108
Which of the following statements is MOST ACCURATE?

A. Government and public sector organizations are required to reprioritize areas of focus for fraud detection less frequently than private sector organizations.
B. Government and public sector organizations have more autonomy in how they practice fraud detection than private sector organizations.
C. Government and public sector organizations can usually accept more fraud risk than private sector organizations because there are no shareholders.
D. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently than private sector organizations.

Answer: D

Explanation:
The correct answer is C. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently because their risks can change with political priorities, public programs, emergency funding, legislative mandates, and changing public expectations. Public entities are accountable to citizens, regulators, oversight bodies, and funding authorities. Option A is incorrect because the absence of shareholders does not permit higher fraud tolerance; public stewardship often requires strong accountability. Option B is inaccurate because public sector priorities can shift quickly based on laws, budgets, and government initiatives. Option D is also incorrect because public organizations usually have less autonomy than private entities due to statutory requirements, public scrutiny, procurement rules, and oversight obligations. Fraud risk assessment should therefore be dynamic and responsive.

NEW QUESTION # 109
Reconciling the sales records to the cash receipts is an effective way to detect a sales skimming scheme.

A. True
B. False

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming involves the theft of cash before it is recorded in the accounting system. Since sales are never recorded, reconciling sales to receipts will not detect skimming-it can only detect larceny (theft after recording).
* Analysis of Incorrect Options:
* A. True - Incorrect because no discrepancy exists in the records (the sale itself is omitted).
* Key Concept: Distinction between skimming (off-book theft) and cash larceny (on-book theft).
Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Skimming Schemes .

NEW QUESTION # 110
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