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

Section	Objectives
Topic 1: Financial Crimes	- Corruption Schemes 1. Kickbacks 2. Bribery 3. Conflicts of interest - Money Laundering 1. Placement stage 2. Integration stage 3. Layering stage - Financial Statement Fraud 1. Revenue manipulation 2. Asset overstatement 3. Expense understatement
Topic 2: Fraud Schemes	- Fraudulent Disbursements 1. Billing shell companies 2. Billing schemes 3. Check tampering - Asset Misappropriation Schemes 1. Cash theft and skimming 2. Expense reimbursement fraud 3. Payroll fraud 4. Inventory and asset theft

Section

Objectives

Topic 1: Financial Crimes

- Corruption Schemes

1. Kickbacks
2. Bribery
3. Conflicts of interest

- Money Laundering

1. Placement stage
2. Integration stage
3. Layering stage

- Financial Statement Fraud

1. Revenue manipulation
2. Asset overstatement
3. Expense understatement

Topic 2: Fraud Schemes

- Fraudulent Disbursements

1. Billing shell companies
2. Billing schemes
3. Check tampering

- Asset Misappropriation Schemes

1. Cash theft and skimming
2. Expense reimbursement fraud
3. Payroll fraud
4. Inventory and asset theft

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q72-Q77):

NEW QUESTION # 72
An analytical review reveals that XYZ Company's cost of goods sold has increased by 75% in the last year.
However, its sales revenues only increased by 25% during the same period. This situation MOST LIKELY indicates which of the following?

A. Inventory has been depleted by theft.
B. There were fewer sales this year compared to last year.
C. The company started recording warranty liabilities.
D. There were more sales returns this year than in the prior year.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A disproportionate increase in COGS without a corresponding increase in sales is a red flag for inventory theft or misappropriation . Theft reduces ending inventory, which artificially inflates COGS, while sales remain unchanged or grow modestly.
* Analysis of Incorrect Options:
* A - Warranty liabilities affect expenses, not COGS.
* B - Fewer sales would reduce both revenue and COGS proportionally, not cause a large disparity.
* C - Sales returns reduce revenue, not inflate COGS.
* Key Concept: Using analytical review to detect inventory theft via COGS anomalies.
Reference: ACFE Manual, Financial Statement Fraud - Red Flags and Analytical Procedures .

NEW QUESTION # 73
Which of the following is a method of identity theft prevention that is recommended for individuals?

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

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 # 74
Which of the following measures would be MOST EFFECTIVE for insurance companies to take to prevent fraud?

A. Require one person to conduct all claims processing and underwriting functions in order to maintain control over the process.
B. Start a monitoring program to track how policyholders use their claim distributions to determine if they are involved in fraudulent activity.
C. Inspect insurance policy applications for irregularities, inconsistencies, and missing information before granting insurance coverage.
D. Discourage any information sharing with other insurance companies or internal divisions to mitigate the risk of fraud.

Answer: C

Explanation:
The correct answer is C. Reviewing insurance policy applications for irregularities, inconsistencies, and missing information before coverage is granted is an effective preventive control. Many insurance fraud schemes begin at the application or underwriting stage through false statements, omitted risk factors, fictitious policies, or misrepresentations about the insured. Careful pre-issuance review helps identify suspicious information before the insurer assumes risk. Option A is generally impractical and may raise privacy and legal concerns after claim payment. Option B is inappropriate because combining underwriting and claims processing in one person weakens segregation of duties. Option D is also poor practice because information sharing, where lawful and appropriate, can help insurers identify patterns, duplicate claims, and suspicious applicants. Strong underwriting controls are essential to fraud prevention.

NEW QUESTION # 75
George, a 71-year-old man, receives a fraudulent message on his computer stating that his computer has been infected by a virus. When George calls the phone number listed on the message, he speaks with a fraudster who charges him for computer repair services that are unnecessary. George has MOST LIKELY been victimized by which of the following schemes?

A. Bait and switch scheme
B. Smishing
C. Pharming
D. Tech-support scheme

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a tech-support scam , in which fraudsters trick victims into believing their computers are infected and then charge fees for unnecessary or fake repairs. The scam often targets elderly victims.
* Analysis of Incorrect Options:
* A. Pharming - Redirects users to fake websites, not fake support calls.
* B. Bait and switch - Advertising deception, not fraudulent computer support.
* D. Smishing - Fraud via SMS text messages, not on-screen computer popups.
* Key Concept: Consumer fraud schemes - tech-support scams.
Reference: ACFE Fraud Examiners Manual (2020) , Consumer Fraud Schemes .

NEW QUESTION # 76
A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?

A. Check for small orders placed from newly created customer accounts that do not have a purchase history.
B. Review orders in which a customer purchased several unique items during a single transaction.
C. Compare IP addresses for internet orders with those from previous orders placed by the same customer.
D. Examine orders in which customers declined rush or overnight shipping for their purchases.

Answer: C

Explanation:
Card-not-present fraud occurs when payment card information is used without the physical card being presented, commonly in online transactions. Comparing IP addresses for internet orders with those used in previous orders by the same customer is the most effective detection measure listed because it helps identify unusual access patterns. If an order is placed from an unfamiliar or suspicious IP address inconsistent with the customer's historical activity, it can indicate unauthorized use of stolen card data. Small orders from new accounts might be suspicious but are less reliable alone. Declining rush shipping is not a typical fraud indicator, and purchasing several unique items is not necessarily suspicious. The ACFE materials identify payment card fraud and card-not-present transactions as key payment fraud risks.

NEW QUESTION # 77
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