CFE-Fraud-Schemes-and-Financial-Crimes Valid Test Papers - Valid CFE-Fraud-Schemes-and-Financial-Crimes Guide Files

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

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

Section

Objectives

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

Fraud Investigation and Analysis

- Evidence collection and documentation

1. Chain of custody principles

- Data analysis in fraud detection

1. Trend and anomaly identification

Fraud Schemes

- Financial Statement Fraud

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

- Asset Misappropriation Schemes

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

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q310-Q315):

NEW QUESTION # 310
Which of the following is a method of identity theft prevention that is recommended for individuals?

A. Install security updates and patches for personal computers annually.
B. Use biometric authentication when it is available.
C. Do not reuse passwords for more than two accounts.
D. Only use email to send personal information when contacting reputable organizations.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Biometric authentication (fingerprints, facial recognition) is one of the strongest defenses against identity theft. It prevents unauthorized logins even if passwords are compromised.
* Analysis of Incorrect Options:
* A - Password reuse should be avoided altogether, not just limited.
* B - Updates should be installed promptly, not annually.
* C - Personal information should rarely, if ever, be transmitted via email, even with reputable companies.
* Key Concept: Identity theft prevention through strong authentication.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Identity Theft Controls .

NEW QUESTION # 311
Joe's automobile insurance policy expired in June. In August, Joe was involved in an automobile accident, and his vehicle was severely damaged. After the accident, Joe contacted his insurance company and reinstated the policy. In September, Joe then submitted a claim with a September accident date for the damages that occurred to his vehicle in August. Joe has engaged in which of the following insurance schemes?

A. Past posting
B. Inflated damages
C. Staged accident
D. Vehicle repair

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Past posting occurs when an insured reinstates or purchases insurance coverage after a loss has already occurred and then submits a false claim, backdating the loss to appear covered. Joe's scheme fits this exactly.
* Analysis of Incorrect Options:
* A. Staged accident - Fraudulent accidents deliberately caused, not applicable here.
* B. Inflated damages - Exaggerating actual losses, not retroactive coverage.
* D. Vehicle repair - General claim fraud, but not the scheme in question.
* Key Concept: Insurance fraud - past posting schemes.
Reference: ACFE Manual, Financial Transactions - Insurance Fraud Schemes .

NEW QUESTION # 312
According to best practices regarding large cash transactions with customers as provided by the Financial Action Task Force (FATF) Recommendations, which of the following transactions would require a report to be filed with the appropriate designated government agency?

A. A cash payment for an international food purchase of a sum above the jurisdiction's designated threshold
B. A domestic cash purchase of gold jewelry for a sum above the jurisdiction's designated threshold
C. A cash payment to a domestic legal professional of a sum below the jurisdiction's designated threshold
D. An international cash purchase of casino credits for a sum below the jurisdiction's designated threshold

Answer: B

Explanation:
The correct answer is A because the FATF Recommendations provide that financial institutions and designated nonfinancial businesses and professions should report covered cash transactions that exceed the jurisdiction's designated threshold. Dealers in precious metals and stones, such as businesses selling gold jewelry, are commonly treated as higher-risk entities for anti-money laundering purposes. A domestic cash purchase above the threshold would therefore require reporting. Options B and C are below the designated threshold, so they do not meet the reporting requirement based on amount. Option D involves a food purchase, which is not the type of covered high-risk transaction described in the FATF large cash transaction guidance. The key issue is both the covered business type and the threshold amount.

NEW QUESTION # 313
To prevent cash larceny schemes from occurring, a company should implement which of the following measures?

A. Assign the normal duties of an employee who is on vacation to other employees at the company.
B. Limit employees' knowledge about unscheduled cash counts being conducted periodically.
C. Announce to employees that they will all be using the same cash register for transactions.
D. Designate responsibility for both collecting cash and disbursing company funds to the same employee.

Answer: A

Explanation:
The correct answer is D. Assigning the duties of an employee who is on vacation to other employees supports mandatory vacation and job rotation controls. These controls help prevent and detect cash larceny by interrupting the fraudster's control over cash handling and concealment procedures. If a dishonest employee must be absent and another employee performs the same duties, irregularities such as missing cash, altered records, delayed deposits, or unsupported adjustments are more likely to surface. Option A relates more to surprise cash counts, which are useful, but the stronger preventive control in this list is rotation through vacation coverage. Option B weakens accountability because employees should use separate registers or identifiers. Option C violates segregation of duties by combining custody and disbursement authority.

NEW QUESTION # 314
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?

A. The insured made one other insurance claim within the past five years.
B. A burglary loss claim includes small electronic items and jewelry.
C. A theft claim includes items that were purchased recently and the receipts.
D. A claim is made soon after an insurance policy commences.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Filing a claim shortly after a policy begins is a classic red flag of potential insurance fraud, as it may indicate the loss occurred before coverage or is fabricated.
* Analysis of Incorrect Options:
* B. One prior claim in five years - Not unusual by itself.
* C. Small electronics/jewelry - Common theft items, not automatically suspicious.
* D. Recently purchased items with receipts - Strong documentation actually supports legitimacy.
* Key Concept: Insurance fraud red flags .
Reference: ACFE Fraud Examiners Manual (2020) , Insurance Fraud Indicators .

NEW QUESTION # 315
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