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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionObjectives
Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Check and credit card fraud
      • 2. Wire fraud and electronic transfers
        Fraud Schemes- Asset Misappropriation Schemes
        • 1. Skimming and cash larceny
          • 2. Billing and expense reimbursement fraud
            - Financial Statement Fraud
            • 1. Revenue recognition manipulation
              • 2. Asset overstatement and liability concealment
                Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    Web-Based ACFE CFE-Fraud-Schemes-and-Financial-Crimes Practice Exam

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q223-Q228):

                    NEW QUESTION # 223
                    A client contacts Emma, a Certified Fraud Examiner (CFE), and explains that they prepaid a commission to a broker for help with obtaining a loan. However, after sending the payment for services, the client did not receive a response from the broker and is unable to contact them. This type of fraud is known as a(n):

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: An advance-fee scheme occurs when fraudsters request upfront payments (fees, commissions, or deposits) for services or opportunities that never materialize. The broker taking the fee without providing services is a classic case.
                    * Analysis of Incorrect Options:
                    * A. Bait and switch - Advertising one product/service but delivering another, not applicable here.
                    * C. Split deposit scheme - Involves diversion of payroll or deposits, not loans.
                    * D. Scavenger scheme - Charging for unnecessary services, often debt collection or foreclosure help, not applicable.
                    * Key Concept: Advance-fee frauds as common financial scams.
                    Reference: ACFE Manual, Fraud Prevention and Deterrence - Advance-Fee Schemes .


                    NEW QUESTION # 224
                    A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.

                    Answer:

                    Explanation:
                    Investigation
                    * Rationale for Correct Answer: Fraud investigations can be highly costly to organizations. The process often involves external forensic examiners, legal proceedings, employee time, and disruption of operations. While necessary, investigations represent a significant resource commitment in terms of both time and financial cost.
                    * Key Concept: Fraud Investigation Costs - deterrence vs. response strategies.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Investigations section - Cost of Fraud Investigations .


                    NEW QUESTION # 225
                    David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
                    When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:

                    Answer: D

                    Explanation:
                    The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.


                    NEW QUESTION # 226
                    Undisclosed payments made by vendors to employees of purchasing companies are referred to as:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Kickbacks are undisclosed payments made by vendors to employees of purchasing companies to secure favorable treatment. They are a classic form of bribery under the corruption classification of the Fraud Tree.
                    * Analysis of Incorrect Options:
                    * A. Bid-rigging - Involves collusion among bidders, not secret payments.
                    * C. Presolicitation - A phase in procurement fraud, not the scheme itself.
                    * D. None of the above - Incorrect, as kickbacks are the precise answer.
                    * Key Concept: Kickbacks - secret vendor payments for favorable purchasing treatment.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Kickback Schemes .


                    NEW QUESTION # 227
                    Which of the following options is the BEST example of a technical security control that organizations can use to block unauthorized or unverified transmissions?

                    Answer: D

                    Explanation:
                    The correct answer is A. Firewalls are technical security controls designed to monitor, filter, and control network traffic based on established security rules. They help block unauthorized, suspicious, or unverified transmissions between trusted internal systems and external networks. Application security is also technical in nature, but it focuses on protecting software applications rather than broadly controlling network transmissions. Cipher locks are physical access controls used to restrict entry to facilities or secured areas.
                    Data classification is an administrative control that categorizes information according to sensitivity and handling requirements. The ACFE computer and internet fraud materials recognize firewalls, routers, logging, monitoring, and technical safeguards as key components of a secure computing environment.


                    NEW QUESTION # 228
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