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

SectionObjectives
Topic 1: Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Wire fraud and electronic transfers
      • 2. Check and credit card fraud
        Topic 2: Fraud Schemes- Asset Misappropriation Schemes
        • 1. Billing and expense reimbursement fraud
          • 2. Skimming and cash larceny
            - Financial Statement Fraud
            • 1. Asset overstatement and liability concealment
              • 2. Revenue recognition manipulation
                Topic 3: Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q263-Q268):

                    NEW QUESTION # 263
                    Which of the following is not a skimming scheme?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Common skimming schemes include unrecorded sales , theft of incoming checks , and understating sales/receivables . "Fraud & Cost" is not a recognized skimming scheme and appears to be a distractor.
                    * Analysis of Incorrect Options:
                    * A. Unrecorded sales - A classic skimming method.
                    * C. Theft of checks through the mail - Another recognized skimming approach (incoming receivables).
                    * D. Understated sales and receivables - A concealment method within skimming schemes.
                    * B. Fraud & Cost - Not a scheme classification.
                    * Key Concept: Skimming schemes vs. unrelated distractors.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Types
                    .


                    NEW QUESTION # 264
                    Black, an accounts receivable clerk, stole Customer A's monthly payment instead of posting it to A's account.
                    When Customer B's payment arrives a few days later, Black applies the payment to Customer A's account.
                    When Customer C's payment arrives a few days after that, Black applies it to Customer B's account. Black's method of crediting one account with money taken from another account is known as:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The described scheme is lapping , a classic accounts receivable fraud.
                    It involves covering up stolen payments by applying subsequent receipts from other customers to hide the shortage.
                    * Analysis of Incorrect Options:
                    * A. Padding - Usually refers to overstating expense reimbursements, not AR fraud.
                    * C. Substitution - Refers to replacing missing assets with others, not AR manipulation.
                    * D. Daisy chain - Not a recognized fraud concealment method in this context.
                    * Key Concept: Skimming concealment techniques - lapping of receivables.
                    Reference: ACFE Manual, Cash Receipts - Lapping Schemes .


                    NEW QUESTION # 265
                    Which of the following is the MOST ACCURATE statement about the different types of malware?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Ransomware is malware that encrypts or locks an operating system and prevents access to data until a ransom is paid. This definition is correct.
                    * Analysis of Incorrect Options:
                    * A. Spyware - Monitors user activity, keystrokes, or data, not a startup instruction program.
                    * B. Trojan horse - Appears legitimate but contains malicious code; adware is different.
                    * C. Worm - Self-replicating program spreading across networks; not a keystroke logger.
                    * Key Concept: Cyber fraud and malware types .
                    Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Malware .


                    NEW QUESTION # 266
                    Bid-rigging scheme occurs when:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bid-rigging occurs when an employee or official manipulates the competitive bidding process to ensure a specific vendor wins the contract. This may involve sharing confidential information, suppressing competition, or tailoring bid specifications.
                    * Analysis of Incorrect Options:
                    * B. Does not assist - Opposite of fraud; no scheme.
                    * C/D. Once assists... - Bid-rigging is systemic, not limited to one occurrence.
                    * Key Concept: Bid-rigging schemes - corruption in procurement processes.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .


                    NEW QUESTION # 267
                    What can make it easy for an employee to skim sales or receivables?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Weak or poor collection and recording procedures create opportunities for employees to skim. Without strong controls over cash receipts and documentation, employees can divert funds without detection.
                    * Analysis of Incorrect Options:
                    * A. Revenue sources and recording procedures - Too general; it is weak procedures that matter.
                    * C. Internal audits and recording procedures - Audits help detect fraud, not enable it.
                    * D. Register manipulations and recording procedures - Describes concealment, not the root cause.
                    * Key Concept: Control weaknesses enable skimming.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Causes and Opportunities for Skimming .


                    NEW QUESTION # 268
                    ......

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