CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Tips | CFE-Fraud-Schemes-and-Financial-Crimes Training Kit

The Certified Fraud Examiner -Fraud Schemes and Financial Crimes CFE-Fraud-Schemes-and-Financial-Crimes Questions lead to ACFE CFE-Fraud-Schemes-and-Financial-Crimes certification. The CFE-Fraud-Schemes-and-Financial-Crimes certification is for anyone new to the industry. Whether you have just graduated from college, making a career change, already working in the sector, or searching for new ways to progress, the ACFE CFE-Fraud-Schemes-and-Financial-Crimes Certification is ideal for you. If you want to appear in the CFE-Fraud-Schemes-and-Financial-Crimes test of ACFE CFE-Fraud-Schemes-and-Financial-Crimes certification, you should have basic hands-on experience.

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

SectionObjectives
Topic 1: Fraud Investigation and Analysis- Data analysis in fraud detection
  • 1. Trend and anomaly identification
    - Evidence collection and documentation
    • 1. Chain of custody principles
      Topic 2: 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
              Topic 3: 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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q70-Q75):

                    NEW QUESTION # 70
                    Which of the following measures would likely be MOST EFFECTIVE in helping to prevent fraudulent billing schemes?

                    Answer: B

                    Explanation:
                    The correct answer is B. Separating the purchasing and payment functions is a core preventive control against billing schemes. Billing fraud often occurs when an employee can initiate purchases, approve vendors, authorize invoices, and process payments without independent review. By segregating these duties, the organization reduces the opportunity for fictitious vendors, shell company invoices, inflated invoices, and personal purchases with company funds. Option A might assist procurement negotiations, but it does not directly address internal authorization and payment control. Option C would weaken procurement controls because competitive bidding helps prevent favoritism and inflated pricing. Option D is also improper because employees should have independent reporting channels, such as hotlines, not only direct supervisors. The ACFE materials emphasize separation of duties, approvals, documentation, and competitive bidding as billing- fraud controls.


                    NEW QUESTION # 71
                    George, a 71-year-old man, receives a fraudulent message on his computer stating that his computer has been infected by a virus. When George calls the phone number listed on the message, he speaks with a fraudster who charges him for computer repair services that are unnecessary. George has MOST LIKELY been victimized by which of the following schemes?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This is a tech-support scam , in which fraudsters trick victims into believing their computers are infected and then charge fees for unnecessary or fake repairs. The scam often targets elderly victims.
                    * Analysis of Incorrect Options:
                    * A. Pharming - Redirects users to fake websites, not fake support calls.
                    * B. Bait and switch - Advertising deception, not fraudulent computer support.
                    * D. Smishing - Fraud via SMS text messages, not on-screen computer popups.
                    * Key Concept: Consumer fraud schemes - tech-support scams.
                    Reference: ACFE Fraud Examiners Manual (2020) , Consumer Fraud Schemes .


                    NEW QUESTION # 72
                    Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is False . Every bribe involves two willing parties :
                    one who offers and one who accepts the illicit payment. If one party is not making or accepting the payment, the transaction cannot be classified as a bribe.
                    * Analysis of Incorrect Options:
                    * A. True - Incorrect because both sides are complicit in bribery.
                    * Key Concept: Bribery requires two-sided participation.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery Elements .


                    NEW QUESTION # 73
                    Which of the following is true for red flags associated with fictitious revenues?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: One of the key red flags of fictitious revenues is sales to related parties, shell companies, or entities with unknown substance and ownership . Such transactions are often used to inflate revenue artificially.
                    * Analysis of Incorrect Options:
                    * A. Slow growth/unusual profitability - Incorrect, fictitious revenue often results in rapid or unrealistic growth.
                    * B. Growth in days' purchases in receivables - Misstated phrase; correct indicator would be growth in days' sales in receivables .
                    * D. Surge in purchases - Relates more to inventory fraud than fictitious revenues.
                    * Key Concept: Red flags of fictitious revenue - questionable counterparties and unrealistic sales growth.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Red Flags of Fictitious Revenues .


                    NEW QUESTION # 74
                    When expenses used to produce income-all of them-should be matched in a consistent manner against that income, this is referred to:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Accrual basis accounting requires revenues and related expenses to be recorded in the same accounting period. This is known as the matching principle , ensuring accurate measurement of income.
                    * Analysis of Incorrect Options:
                    * A. Equity - Not relevant to matching expenses.
                    * C. Expense - A category of cost, not a principle.
                    * D. Financial record - Too general.
                    * Key Concept: Accrual Accounting & Matching Principle .
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .


                    NEW QUESTION # 75
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