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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Real estate and securities fraud - Healthcare fraud - Insurance fraud |
| Financial Statement Fraud | 10–15% | - Expense and liability understatements - Detection and red flags - Revenue and asset overstatements - Timing and disclosure manipulations |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Billing schemes - Payroll schemes - Check and payment tampering |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Internal control fundamentals - Basic accounting principles - Financial statements structure |
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NEW QUESTION # 222
Skimming cases can more likely be detected by:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is difficult to detect because the stolen cash is never recorded ("off-book"). Therefore, it is often discovered by accident - such as customer complaints, discovery of missing deposits, or unexpected reconciliations - rather than through audits or routine controls.
* Analysis of Incorrect Options:
* A. Internal audits - Effective for many frauds but weak at uncovering skimming because records appear normal.
* C. Internal controls - Preventive controls may deter but cannot detect unrecorded theft.
* D. Occupational frauds - Too broad and not a detection method.
* Key Concept: Detection of Skimming - most often accidental.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes and Detection .
NEW QUESTION # 223
Which of the following actions could management take to make a company's profits appear stronger than they are?
Answer: C
Explanation:
The correct answer is C. Management can make profits appear stronger by concealing liabilities and expenses, including warranty costs. Warranty obligations arise when a company is likely to incur future costs related to products already sold. If management fails to record or disclose those expected costs, expenses and liabilities are understated, while net income and financial position appear better than reality. Overstating expenses and understating revenue would reduce, not strengthen, reported profits. Fabricating product-return liabilities would also reduce income because it creates an additional liability or expense. The ACFE financial statement fraud materials identify concealed liabilities and expenses, including unrecorded or undisclosed warranty costs and product-return liabilities, as schemes used to overstate financial performance.
NEW QUESTION # 224
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is known as a Turnaround Sale or Flip . The employee secretly purchases an asset their employer needs and then resells it to the employer at a markup, thereby profiting at the employer's expense.
* Analysis of Incorrect Options:
* A. Conflict of interest in sale - Too general; does not describe the flipping mechanism.
* C. Unauthorized sale - Not an ACFE fraud category in this context.
* D. Written sale of unique assets - Not a recognized scheme.
* Key Concept: Conflict of Interest scheme - Turnaround Sales/Flips .
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest: Turnaround Sales .
NEW QUESTION # 225
Which of the following fraud schemes is MOST LIKELY to target members of a religious community?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
* Analysis of Incorrect Options:
* B - Social control fraud relates to control fraud by institutions, not religious targeting.
* C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
* D - Advance-fee scams may target anyone, not specifically religious communities.
* Key Concept: Affinity fraud as a corruption/exploitation scheme.
Reference: ACFE Manual, Corruption - Affinity Fraud .
NEW QUESTION # 226
Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
* Analysis of Incorrect Options:
* B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
* C. Double-pledging collateral - Involves using the same collateral for multiple loans.
* D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
* Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .
NEW QUESTION # 227
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