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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Corruption Schemes
|
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NEW QUESTION # 227
Which of the following is a recommended activity that organizations should engage in to protect their proprietary information from threats?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Data minimization -the practice of limiting the collection, storage, and retention of sensitive data to only what is necessary-reduces the potential harm in case of a breach. This is a widely recommended control for protecting proprietary information.
* Analysis of Incorrect Options:
* A - Monitoring competitors' practices does not secure one's own information.
* C - Quiet rooms are not a standard security safeguard.
* D - Restricting nonemployees is helpful, but overly broad and impractical as a primary recommendation.
* Key Concept: Information security strategies to safeguard proprietary data.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Protecting Proprietary Information .
NEW QUESTION # 228
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 # 229
Which of the following reasons is an acceptable justification for departing from generally accepted accounting principles (GAAP)?
Answer: B
Explanation:
The correct answer is C. Under accounting concepts, the cost-benefit constraint recognizes that the expected benefits of financial reporting information should justify the expected costs of providing it. A departure from GAAP may be acceptable only in limited circumstances where compliance is impracticable or the cost of compliance exceeds the benefit, provided the departure is properly evaluated and disclosed under the applicable framework. Option A is insufficient because expense alone does not justify noncompliance unless the cost-benefit threshold is met. Option B is clearly improper because improving reported profitability is a fraudulent motive, not a valid accounting reason. Option D is also not a valid justification because growth or international expansion does not permit disregarding required accounting standards.
NEW QUESTION # 230
Which of the following is a common red flag of procurement fraud schemes involving collusion among contractors?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In collusive bidding , contractors coordinate to submit artificially high or uniform bids , with the appearance of competition. If all contractors submit bids that are consistently low relative to norms, it may indicate collusion to fix prices and share markets.
* Analysis of Incorrect Options:
* A - More competitors reduces collusion risk, not increases it.
* C - Declining prices with new competition is expected in free markets.
* D - Not subcontracting is not a standard collusion red flag.
* Key Concept: Procurement fraud red flags - bid rigging and collusion.
Reference: ACFE Manual, Corruption - Procurement Fraud .
NEW QUESTION # 231
A fraudster uses the name and picture of another individual to create a social media profile. This scheme can BEST be described as:
Answer: B
Explanation:
The correct answer is D. Traditional identity theft involves using the real identifying information of another person to impersonate that individual. Here, the fraudster uses another person's actual name and picture to create a social media profile, meaning the fraudster is posing directly as a real person rather than creating a hybrid or fictitious identity. Synthetic identity theft combines real and fabricated information to create a new identity, which is not described here. Criminal identity theft involves using another person's identity in a law enforcement or criminal justice context. New account identity theft is not the best ACFE category for this question because the facts emphasize impersonation using real identity information. The ACFE materials distinguish traditional identity theft from synthetic and criminal identity theft.
NEW QUESTION # 232
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