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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Money Laundering
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 114
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?
Answer: D
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 # 115
Which of the following is NOT a standard of generally accepted accounting principles (GAAP)?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Key GAAP principles include Conservatism , Historical Cost , and Full Disclosure . Quality control is not a GAAP principle; rather, it is a concept from auditing standards related to ensuring audit quality.
* Analysis of Incorrect Options:
* A. Conservatism - GAAP principle requiring cautious reporting of uncertain outcomes.
* B. Cost - Historical cost principle is central to GAAP.
* C. Full disclosure - Requires all relevant information to be presented.
* D. Quality control - Belongs to auditing, not GAAP.
* Key Concept: GAAP principles - distinguishing accounting standards from auditing practices.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP Standards .
NEW QUESTION # 116
Which of the following statements regarding financial statement disclosures is TRUE?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Per generally accepted accounting principles, changes in accounting principles must be disclosed in the financial statements to ensure comparability and transparency. The ACFE notes that disclosures are critical to prevent misleading users of financial statements.
* Analysis of Incorrect Options:
* A. Subsequent events - Material subsequent events must be disclosed; this statement is false.
* B. Contingent losses - Only probable and reasonably estimable losses must be disclosed. If unlikely, no disclosure is required.
* C. All information - Only material information requires disclosure.
* Key Concept: Disclosure requirements in financial reporting .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Accounting Principles and Disclosures .
NEW QUESTION # 117
A ___________ occurs when an employee, manager, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A conflict of interest occurs when an employee secretly has a personal or financial stake in a transaction, and that interest compromises their duty of loyalty to the employer. This is one of the four categories of corruption under the ACFE Fraud Tree.
* Analysis of Incorrect Options:
* B. Illegal sale - Not a fraud classification.
* C. Unauthorized purchase - Could describe asset misuse, not corruption.
* D. Financial disclosure - Relates to reporting, not the fraud itself.
* Key Concept: Conflict of interest schemes as a category of corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Conflicts of Interest
.
NEW QUESTION # 118
Georgina works for TAK Intelligence, a competitive intelligence firm. She is tasked with gathering intelligence about ERO Corp., a competitor of one of TAK's clients. To gather the intelligence, Georgina poses as a customer and contacts ERO. She then elicits sensitive information from an ERO employee.
Georgina's approach is an example of:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Human intelligence (HUMINT) involves gathering information directly from people, often through deception, elicitation, or impersonation. Georgina's posing as a customer to obtain confidential details fits this method.
* Analysis of Incorrect Options:
* B. Baiting - A social engineering tactic using false promises (e.g., malware disguised as freebies).
* C. Scavenging - Collecting discarded information (e.g., dumpster diving).
* D. Open-source intelligence - Gathering data from public records, news, or websites, not through elicitation.
* Key Concept: Methods of competitive intelligence and social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Intelligence Gathering Methods .
NEW QUESTION # 119
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