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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Data and IP theft methods - Corporate espionage |
| Topic 2: Accounting Concepts | 5–10% | - Financial statements structure - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals |
| Topic 3: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Topic 5: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Topic 6: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations |
| Topic 7: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 8: Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
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NEW QUESTION # 134
Assets that are long-lived and that differ from property, plant, and equipment that has been purchased outright or acquired under a capital lease are:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Intangible assets are long-lived assets that lack physical substance and differ from property, plant, and equipment. Examples include goodwill, patents, trademarks, and copyrights. They provide long-term benefits but cannot be physically touched.
* Analysis of Incorrect Options:
* A. Tangible Assets - These have physical form (e.g., equipment, land).
* C. Forced Assets - Not an accounting category.
* D. None of the above - Incorrect since intangible assets match the definition.
* Key Concept: Classification of Assets - tangible vs. intangible.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Types of Assets .
NEW QUESTION # 135
Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An air loan is a mortgage fraud scheme where the borrower and sometimes insiders create completely fictitious properties or borrowers. Here, the nonexistent property and loan proceeds being pocketed fits this definition.
* Analysis of Incorrect Options:
* A. Property flopping - Involves short sales and undervaluing distressed property.
* C. Phantom lien - False liens filed to collect fraudulent claims on real estate.
* D. Daisy chain - Involves multiple property transactions between conspirators to inflate value.
* Key Concept: Loan fraud schemes - fictitious property loans (air loans).
Reference: ACFE Manual, Financial Transactions - Mortgage and Loan Fraud .
NEW QUESTION # 136
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referred to as:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a fraudulent purchase scheme , the company legitimately purchases assets, but the fraudster diverts or misappropriates them after acquisition. The purchase itself is real, but the use of the assets is fraudulent.
* Analysis of Incorrect Options:
* A. Inventory larceny scheme - Direct theft without purchase.
* B. Asset receiving scheme - Not a recognized fraud scheme.
* D. Falsify shipping - Involves falsifying shipment records, not post-purchase misappropriation.
* Key Concept: Fraudulent purchases - assets are bought legitimately but stolen afterward.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Purchasing and Receiving Schemes .
NEW QUESTION # 137
Which of the following statements regarding using front businesses as a method of laundering money is MOST ACCURATE?
Answer: D
Explanation:
The correct answer is D. Front businesses are attractive for money laundering because they allow illegal proceeds to be mixed with legitimate revenue, especially where cash sales are common and expenses are variable. Bars, restaurants, nightclubs, and similar businesses can make it difficult to reconcile actual customer activity with reported revenue and operating costs. This makes it easier to overstate revenues, inflate expenses, or insert illicit funds into the business records. Option A is inaccurate because money launderers might pay taxes on falsely reported income to make the funds appear legitimate. Option B is incorrect because a front may show high income despite low visible customer activity. Option C is too narrow and inaccurate because these businesses often involve variable purchases and pricing.
NEW QUESTION # 138
Malcolm is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Malcolm is implementing preventive measures. What is one measure Malcolm can take to prevent EFT fraud?
Answer: C
Explanation:
The correct answer is C. Multifactor authentication is an effective preventive control for electronic funds transfer fraud because it requires users to verify their identity through more than one authentication factor before initiating or approving payments. This reduces the risk that stolen usernames, passwords, or account credentials alone will allow unauthorized transfers through EBPP or P2P systems. Option A is unsafe because sending PINs, usernames, and passwords together increases exposure if the communication is intercepted.
Option B is also poor practice because sensitive credentials should be encrypted. Option D weakens segregation of duties by allowing one employee to control both PIN issuance and access device information.
The ACFE materials emphasize authentication, access controls, and segregation of duties in preventing EFT fraud.
NEW QUESTION # 139
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