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

Section	Objectives
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. Skimming and cash larceny 2. Billing and expense reimbursement fraud - Financial Statement Fraud 1. Revenue recognition manipulation 2. Asset overstatement and liability concealment
Topic 3: Fraud Investigation and Analysis	- Data analysis in fraud detection 1. Trend and anomaly identification - Evidence collection and documentation 1. Chain of custody principles

Section

Objectives

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. Skimming and cash larceny
2. Billing and expense reimbursement fraud

- Financial Statement Fraud

1. Revenue recognition manipulation
2. Asset overstatement and liability concealment

Topic 3: Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q238-Q243):

NEW QUESTION # 238
The most basic skimming scheme occurs when:

A. An employee buys goods or services from a customer, drops the customer's payment, but makes no record of the purchase.
B. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
C. An employee buys goods or services from a stakeholder, drops the stakeholder's payment and makes record of the purchase too.
D. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The most basic skimming scheme is when an employee completes a legitimate sale, collects payment, but never records the transaction. The stolen cash is never entered in the books, making it an "off-book" fraud.
* Analysis of Incorrect Options:
* B & D - Describe purchasing scenarios, irrelevant to skimming.
* C - Records the sale, meaning the transaction enters the books (not skimming).
* Key Concept: Unrecorded Sales as the simplest form of skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Basic Skimming Schemes .

NEW QUESTION # 239
Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?

A. Increasing another asset
B. Increasing a liability
C. Increasing owners' equity
D. Creating fictitious revenue

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When cash is stolen, the accounting equation (Assets = Liabilities + Equity) must still balance. Fraudsters may increase a liability (e.g., record fictitious payables) to cover the missing cash. This is a common concealment method.
* Analysis of Incorrect Options:
* A. Increasing another asset - Would require inflating assets, but this usually affects financial statement fraud, not cash theft concealment.
* B. Increasing owners' equity - Not logical without legitimate earnings or capital contributions.
* D. Creating fictitious revenue - Used in financial statement fraud, not in balancing theft concealment.
* Key Concept: Concealment methods for asset misappropriation - offsetting missing cash with fictitious liabilities .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Concealment Methods .

NEW QUESTION # 240
Which of the following is NOT a phase of the bidding process?

A. Submission
B. Presolicitation
C. Postsolicitation
D. Solicitation

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The phases of the bidding process include:
* Presolicitation (need recognition/specification stage),
* Solicitation (inviting bids),
* Submission (vendors submit bids). There is no standard phase called Postsolicitation .
* Analysis of Incorrect Options:
* A. Presolicitation - Valid phase.
* C. Solicitation - Valid phase.
* D. Submission - Valid phase.
* B. Postsolicitation - Not recognized as a formal bidding stage.
* Key Concept: Bidding process phases - presolicitation, solicitation, submission.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging and Procurement Phases .

NEW QUESTION # 241
Collusion or bid-rigging between bidders is called

A. Bribery receipt
B. Contract acceptance
C. Bid solicitation
D. To withdraw low bids

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One form of bid-rigging occurs when colluding vendors agree that one will submit a low bid and later withdraw it , allowing another conspirator to win the contract. This practice is sometimes referred to as " complementary bidding " or the withdrawal of low bids .
* Analysis of Incorrect Options:
* A. Bribery receipt - Refers to corrupt payments, not collusion.
* B. Bid solicitation - The process of inviting bids, not collusion.
* D. Contract acceptance - A legitimate procurement step, not fraud.
* Key Concept: Bid-rigging through collusion - vendors withdrawing low bids to favor co- conspirators.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .

NEW QUESTION # 242
Which of the following statements about counterfeit payment card schemes is TRUE?

A. The hologram on a payment card is the most difficult feature to reproduce on a counterfeit payment card.
B. Counterfeit payment card schemes most often involve collusion between a credit card company and merchants.
C. Counterfeit payment card schemes involve the reuse of expired card numbers from inactive payment cards to create new cards.
D. Professional printing facilities and software are required in the production of counterfeit payment cards.

Answer: A

Explanation:
The correct answer is A. Holograms are specifically designed as anti-counterfeiting features and are among the most difficult physical card features for fraudsters to reproduce accurately. Counterfeit payment card schemes usually involve stolen account information being encoded or printed onto altered, blank, or counterfeit cards. Option B is incorrect because these schemes generally involve fraudsters, organized groups, or dishonest merchants, not collusion between card issuers and merchants. Option C is too absolute because modern technology allows counterfeit cards to be produced without traditional professional printing facilities.
Option D is inaccurate because counterfeit cards usually rely on stolen or compromised active account data, not merely expired card numbers. The ACFE payment fraud materials emphasize card security features, counterfeit card production, and card-scrutiny controls.

NEW QUESTION # 243
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