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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Financial Statement Fraud
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 19
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: D
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 # 20
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: A
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 # 21
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 # 22
George, a 71-year-old man, receives a fraudulent message on his computer stating that his computer has been infected by a virus. When George calls the phone number listed on the message, he speaks with a fraudster who charges him for computer repair services that are unnecessary. George has MOST LIKELY been victimized by which of the following schemes?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a tech-support scam , in which fraudsters trick victims into believing their computers are infected and then charge fees for unnecessary or fake repairs. The scam often targets elderly victims.
* Analysis of Incorrect Options:
* A. Pharming - Redirects users to fake websites, not fake support calls.
* B. Bait and switch - Advertising deception, not fraudulent computer support.
* D. Smishing - Fraud via SMS text messages, not on-screen computer popups.
* Key Concept: Consumer fraud schemes - tech-support scams.
Reference: ACFE Fraud Examiners Manual (2020) , Consumer Fraud Schemes .
NEW QUESTION # 23
Which of the following is NOT the reason to bribe employees of the purchaser?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribes to purchasing employees often aim to:
* Ensure late bids are accepted,
* Extend deadlines unfairly,
* Or falsify bid logs. Bid-splitting , however, is a scheme performed to avoid approval thresholds and does not require bribery of purchasing employees.
* Analysis of Incorrect Options:
* A. Receipt of late bid - Real reason to bribe.
* B. Extend opening date - Real reason to bribe.
* D. Falsify bid log - Real reason to bribe.
* C. Ensure bid-splitting - Not a bribery motivation.
* Key Concept: Bribery motivations in procurement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery Schemes in Procurement .
NEW QUESTION # 24
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