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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Financial Statement Fraud
|
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NEW QUESTION # 286
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: B
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 287
Which of the following scenarios MOST ACCURATELY represents a suitability violation in a jurisdiction that imposes a suitability requirement on broker-dealers?
Answer: B
Explanation:
The correct answer is C. A suitability violation occurs when a broker-dealer recommends an investment or investment strategy without having a reasonable basis to believe it is suitable for the client. Suitability requires the broker-dealer to understand the customer's financial profile, investment objectives, risk tolerance, liquidity needs, time horizon, and related circumstances before giving advice. Advising a client on a
"promising" investment without first discussing the customer's investment strategy fails this professional duty. Option A is not necessarily improper if the investment aligns with the client's objectives and risk appetite. Option B reflects appropriate caution. Option D might raise a conflict-of-interest concern, but the facts state the investment aligns with the client's objectives, so it is not the best suitability violation.
NEW QUESTION # 288
Which of the following statements about the different types of malware is MOST ACCURATE?
Answer: C
Explanation:
The correct answer is C. A Trojan horse is malware that appears to be legitimate, useful, or harmless software but contains hidden malicious code. Once installed or executed, it can damage systems, steal information, create unauthorized access, or perform other harmful actions. Option A describes ransomware, not a worm; ransomware restricts access to systems or files and demands payment. A worm is self-replicating malware that spreads across networks. Option B describes adware more closely than spyware. Spyware secretly monitors and reports user activity or information. Option D also describes spyware rather than ransomware.
Professionally, the key distinction is the malware's function: concealment and deception for Trojan horses, self-replication for worms, surveillance for spyware, and restriction or encryption for ransomware.
NEW QUESTION # 289
What can make it easy for an employee to skim sales or receivables?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Weak or poor collection and recording procedures create opportunities for employees to skim. Without strong controls over cash receipts and documentation, employees can divert funds without detection.
* Analysis of Incorrect Options:
* A. Revenue sources and recording procedures - Too general; it is weak procedures that matter.
* C. Internal audits and recording procedures - Audits help detect fraud, not enable it.
* D. Register manipulations and recording procedures - Describes concealment, not the root cause.
* Key Concept: Control weaknesses enable skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Causes and Opportunities for Skimming .
NEW QUESTION # 290
XYZ Company files for bankruptcy. The court requires XYZ Company to sell its properties and inventory and use the proceeds to pay creditors, thereby discharging all of the company's dischargeable debts. This type of bankruptcy filing is known as:
Answer: B
Explanation:
The correct answer is D. Liquidation bankruptcy involves identifying the debtor's assets, selling nonexempt assets, and using the proceeds to pay creditors. After the liquidation process, the debtor may receive a discharge of eligible debts, depending on the applicable jurisdiction and the nature of the obligations. The facts state that XYZ Company must sell its properties and inventory and apply the proceeds to creditors, which is the defining feature of liquidation. Reorganization bankruptcy allows a debtor to continue operating while restructuring debts under an approved plan. Receivership is a court-supervised arrangement involving a receiver, but it is not the filing type described. "Debt forgiveness bankruptcy" is not the proper ACFE classification.
NEW QUESTION # 291
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