Certified Fraud Examiner -Fraud Schemes and Financial Crimes Test Engine & CFE-Fraud-Schemes-and-Financial-Crimes Free Pdf & Certified Fraud Examiner -Fraud Schemes and Financial Crimes Actual Exam

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

Section	Objectives
Fraud Investigation and Analysis	- Data analysis in fraud detection 1. Trend and anomaly identification - Evidence collection and documentation 1. Chain of custody principles
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
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

Section

Objectives

Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

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

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 (Q89-Q94):

NEW QUESTION # 89
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.

A. Bid-splitting
B. Deliberate writing of vague specifications
C. False specification
D. Need recognition

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Deliberate writing of vague specifications is a type of corruption scheme where an employee intentionally drafts unclear requirements. This forces later amendments, which can be manipulated to favor a particular vendor.
* Analysis of Incorrect Options:
* B. Need recognition - Involves unnecessary purchases, not vague specifications.
* C. False specification - General but not precise; "vague specifications" is the correct technical term.
* D. Bid-splitting - Breaking contracts into smaller amounts to avoid approval controls, not related to vague specs.
* Key Concept: Specification schemes in procurement corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Specification Schemes .

NEW QUESTION # 90
Which of the following scenarios BEST illustrates a misrepresentation health care fraud scheme?

A. Marco is a heavy smoker but indicates that he is a nonsmoker on his insurance application so that he will be eligible for full insurance coverage.
B. Xavier is reimbursed for knee surgery by a government health care program and then submits a claim for the procedure under his private insurance policy.
C. Gina submits a claim to her insurance company for a dermatological procedure that she canceled before her appointment.
D. Ada is still on her ex-husband's health insurance policy and uses it to submit a claim for her hip replacement surgery.

Answer: A

Explanation:
The correct answer is B. Misrepresentation in health care or insurance fraud occurs when an applicant or insured person provides false information to obtain coverage, reduce premiums, or receive benefits that would not otherwise be available. Marco falsely states that he is a nonsmoker to obtain full insurance coverage, making the application materially misleading. Option A is a fictitious claim because the procedure was canceled. Option C involves improper use of another person's policy or coverage. Option D is closer to multiple-claim or duplicate reimbursement fraud. The ACFE health care fraud materials specifically identify misrepresentation on applications as an insured or beneficiary fraud scheme, making Marco's false smoking status the best example.

NEW QUESTION # 91
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?

A. Investigate customer complaints about any payments that were applied to their account later than they expected.
B. Review any non-payroll payments made to employees.
C. Complete bank reconciliations once a quarter to catch any anomalies in payment amounts and payees.
D. Ask all vendors if they have received any duplicate payments.

Answer: B

Explanation:
The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
Customer complaints about late account postings relate more to cash receipts or accounts receivable.
Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.

NEW QUESTION # 92
Which of the following scenarios is an example of a trade-based money laundering scheme?

A. An exporter and importer engage in a fraudulent transaction in which the exporter invoices goods to the importer at a price above their market value.
B. A fraudster purchases rare items on an online gaming platform using illicit funds and then sells the items to an accomplice who pays the fraudster with legitimate money.
C. An importer funnels money through a cash-intensive business to conceal income from illicit activities with legitimate revenue from the front company.
D. A public official embezzles government funds from Country A and transfers them to a foreign account in Country B in small increments to avoid the reporting threshold.

Answer: A

Explanation:
The correct answer is C. Trade-based money laundering uses international trade transactions to disguise or move illicit value. A common method is misinvoicing, where colluding importers and exporters overstate or understate the price, quantity, or quality of goods. When goods are invoiced above market value, value can be transferred from the importer to the exporter under the appearance of a legitimate commercial payment.
Option A involves laundering through virtual or digital assets, not trade-based laundering. Option B describes use of a front business, particularly a cash-intensive business, to mix illegal proceeds with legitimate revenue.
Option D describes structuring or smurfing through small transfers. The international invoice manipulation in option C is the strongest example of trade-based money laundering.

NEW QUESTION # 93
Which of the following is one of the sections on the statement of cash flows?

A. Cash flows from earnings activities
B. Cash flows from strategic activities
C. Cash flows from financing activities
D. Cash flows from purchasing activities

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The statement of cash flows has three standard sections:
* Cash flows from operating activities
* Cash flows from investing activities
* Cash flows from financing activities Thus, option B is correct.
* Analysis of Incorrect Options:
* A - No section called "purchasing activities"; such outflows fall under investing or operating.
* C - No section called "earnings activities"; related cash flows are operating.
* D - "Strategic activities" is not a formal category in GAAP or IFRS.
* Key Concept: Structure of the statement of cash flows.
Reference: ACFE Manual, Accounting Concepts - Financial Statements Overview .

NEW QUESTION # 94
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