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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Fraudulent Disbursements
|
| Topic 2: Financial Crimes | - Financial Statement Fraud
|
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NEW QUESTION # 286
Which of the following search is used for unusually high incidence of returns and allowances scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent schemes involving returns and allowances can be detected by analyzing accounts for unusually high transactions in these categories. This is a common red flag for concealment of theft or manipulation of sales.
* Analysis of Incorrect Options:
* A. Allowances by vendors - Too narrow, not a standard analytic test.
* B. Disposals of allowances than reorders - Not a recognized search method.
* D. None of the above - Incorrect, since option C is valid.
* Key Concept: Returns and allowances analysis for fraud detection.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Analytical Procedures .
NEW QUESTION # 287
Which of the following must be present for a fraud to exist?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: For fraud to exist, several legal elements must be established. These include: (1) a material false statement made by the perpetrator, (2) knowledge of the falsity of that statement (scienter or intent to deceive), and (3) reliance on the false statement by the victim, resulting in harm or damages. The Fraud Examiners Manual (2020 International Edition) explains that all elements must be present for a fraud case to be sustained. Thus, the correct answer is D. All of the above .
* Analysis of Incorrect Options (Distractors):
* A. A material false statement - A false statement alone is insufficient unless there is intent to deceive and victim reliance.
* B. Knowledge that the statement was false when it was uttered - Intent is critical, but without the victim's reliance and damages, fraud is incomplete.
* C. Reliance on the false statement by the victim - Victim reliance is necessary, but without a knowingly false statement and intent, fraud cannot be proven.
* Key Concept: The essential legal elements of fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - The Law Related to Fraud , which explains the legal foundation and elements necessary to establish fraud.
NEW QUESTION # 288
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: D
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 # 289
Which of the following measures would be MOST EFFECTIVE for insurance companies to take to prevent fraud?
Answer: C
Explanation:
The correct answer is C. Reviewing insurance policy applications for irregularities, inconsistencies, and missing information before coverage is granted is an effective preventive control. Many insurance fraud schemes begin at the application or underwriting stage through false statements, omitted risk factors, fictitious policies, or misrepresentations about the insured. Careful pre-issuance review helps identify suspicious information before the insurer assumes risk. Option A is generally impractical and may raise privacy and legal concerns after claim payment. Option B is inappropriate because combining underwriting and claims processing in one person weakens segregation of duties. Option D is also poor practice because information sharing, where lawful and appropriate, can help insurers identify patterns, duplicate claims, and suspicious applicants. Strong underwriting controls are essential to fraud prevention.
NEW QUESTION # 290
A method for gaining unauthorized access to a computer system whereby the attacker deceives victims into disclosing personal information or convinces them to commit acts that facilitate the attacker's intended scheme is known as:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Social engineering involves manipulating or deceiving people into revealing confidential information or taking actions that aid the attacker (e.g., clicking malicious links, sharing credentials). It targets human weaknesses rather than technical vulnerabilities.
* Analysis of Incorrect Options:
* A. IP spoofing - Forging an IP address to disguise origin.
* B. Electronic piggybacking - Unauthorized use of someone else's access connection.
* C. Packet sniffing - Monitoring data traffic across a network.
* Key Concept: Cyberfraud techniques - social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 291
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