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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Financial statements structure - Recording and summarizing transactions |
| Topic 2: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Real estate and securities fraud - Financial institution fraud - Healthcare fraud |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Expense reimbursement schemes - Billing schemes |
| Topic 4: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Topic 6: Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Detection and red flags - Revenue and asset overstatements |
| Topic 7: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 8: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Topic 9: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
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NEW QUESTION # 133
Which of the following scenarios is an example of a trade-based money laundering scheme?
Answer: C
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 # 134
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: C
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 # 135
Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Baiting is a social engineering tactic where fraudsters leave infected flash drives or storage media in public areas, hoping victims will plug them in, unknowingly installing malware. This is an accurate description.
* Analysis of Incorrect Options:
* A. Pharming - Involves redirecting users from legitimate websites to fraudulent ones, not mail redirection.
* B. Dumpster diving - Searching physical trash for sensitive information, not computers from resellers.
* C. Shoulder surfing - Observing someone's screen or keystrokes, not access exploitation.
* Key Concept: Identity theft techniques .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Identity Theft and Social Engineering .
NEW QUESTION # 136
Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When cash is stolen, the accounting equation (Assets = Liabilities + Equity) must still balance. Fraudsters may increase a liability (e.g., record fictitious payables) to cover the missing cash. This is a common concealment method.
* Analysis of Incorrect Options:
* A. Increasing another asset - Would require inflating assets, but this usually affects financial statement fraud, not cash theft concealment.
* B. Increasing owners' equity - Not logical without legitimate earnings or capital contributions.
* D. Creating fictitious revenue - Used in financial statement fraud, not in balancing theft concealment.
* Key Concept: Concealment methods for asset misappropriation - offsetting missing cash with fictitious liabilities .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Concealment Methods .
NEW QUESTION # 137
Which of the following measures would be MOST EFFECTIVE in detecting an expense reimbursement scheme?
Answer: A
Explanation:
The correct answer is C because comparing claimed travel expenses with known business-trip dates is a targeted way to detect fictitious, overstated, or personal expenses submitted for reimbursement. Expense reimbursement fraud often involves employees claiming expenses that were not actually incurred for business purposes, altering receipts, requesting multiple reimbursements, or mischaracterizing personal costs as business costs. Travel expenses outside approved trip dates are suspicious because they might represent personal travel or fabricated claims. Option A is weak because balances matching historical amounts are not inherently suspicious. Option B is inefficient and HR might not have the necessary transactional evidence.
Option D is not a strong fraud indicator because lower expenses are generally less suspicious than excessive or unsupported expenses. The ACFE material emphasizes detailed review and analysis of expense reports.
NEW QUESTION # 138
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