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| Section | Objectives |
|---|---|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Banking and Payment Fraud
|
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NEW QUESTION # 238
When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
* Analysis of Incorrect Options:
* A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
* B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
* D. None of all - Incorrect since "false balance" is the precise term.
* Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .
NEW QUESTION # 239
According to the Fraud Tree, cash has three following schemes:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: According to the ACFE Fraud Tree, cash-related asset misappropriation schemes fall into three categories: Skimming (off-book theft), Cash Larceny (on- book theft), and Fraudulent Disbursements (bogus outflows such as billing, payroll, and check tampering) .
* Analysis of Incorrect Options:
* B. Fraud analysis, skimming, and cash misappropriations - "Fraud analysis" and "cash misappropriations" are not fraud tree categories.
* C. Cash larceny, cash distribution, and fraudulent disbursements - "Cash distribution" is not a fraud tree category.
* D. Cash distribution, skimming, and fraud analysis - Includes non-fraud tree terms.
* Key Concept: Fraud Tree - Cash Schemes: Skimming, Cash Larceny, Fraudulent Disbursements.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Tree - Cash .
NEW QUESTION # 240
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: B
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 # 241
A contractor visits Lindsay's home and informs her that she has a damaged roof. The contractor offers roofing services and quotes Lindsay a price. Which of the following is the BEST action Lindsay can take to prevent being victimized by a potential consumer fraud scheme?
Answer: C
Explanation:
The best answer is B. A consumer approached by a contractor should independently verify the contractor's license or registration with the proper licensing agency before agreeing to work. Home repair and contractor scams often involve unsolicited offers, false claims of urgent repairs, inflated prices, poor workmanship, or unlicensed contractors. Oral agreements are risky because they provide little evidence of the work, price, warranties, or rights of cancellation. References can be useful, but a phone number supplied by the contractor might be fake or controlled by an accomplice. Asking about experience is also insufficient because the contractor can misrepresent it. Independent verification with the licensing authority is stronger because it confirms whether the contractor meets professional and regulatory requirements.
NEW QUESTION # 242
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: C
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 243
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