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

SectionObjectives
Topic 1: Financial Crimes- Money Laundering
  • 1. Layering stage
    • 2. Integration stage
      • 3. Placement stage
        - Financial Statement Fraud
        • 1. Revenue manipulation
          • 2. Expense understatement
            • 3. Asset overstatement
              - Corruption Schemes
              • 1. Conflicts of interest
                • 2. Bribery
                  • 3. Kickbacks
                    Topic 2: Fraud Schemes- Asset Misappropriation Schemes
                    • 1. Inventory and asset theft
                      • 2. Payroll fraud
                        • 3. Cash theft and skimming
                          • 4. Expense reimbursement fraud
                            - Fraudulent Disbursements
                            • 1. Check tampering
                              • 2. Billing schemes
                                • 3. Billing shell companies

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                                  ACFE - Professional CFE-Fraud-Schemes-and-Financial-Crimes - Certified Fraud Examiner -Fraud Schemes and Financial Crimes Latest Test Questions

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q11-Q16):

                                  NEW QUESTION # 11
                                  Requiring senior staff at a publicly traded company to clear company stock purchases or sales with the company's legal department can help to prevent which of the following types of securities fraud schemes?

                                  Answer: B

                                  Explanation:
                                  The correct answer is insider trading. Insider trading occurs when a person who possesses material, nonpublic information buys or sells securities based on that information before it is available to the investing public.
                                  Senior staff of a publicly traded company are more likely to possess confidential information about earnings, mergers, contracts, litigation, or other business developments that could affect the company's stock price.
                                  Requiring legal department preclearance helps prevent trades during blackout periods or when the employee has inside information. Parking involves hiding beneficial ownership of securities, selling away involves unauthorized securities sales outside a firm, and churning involves excessive trading to generate commissions.
                                  The control described is specifically designed to reduce insider trading risk.


                                  NEW QUESTION # 12
                                  Which of the following fraud schemes is MOST LIKELY to target members of a religious community?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
                                  * Analysis of Incorrect Options:
                                  * B - Social control fraud relates to control fraud by institutions, not religious targeting.
                                  * C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
                                  * D - Advance-fee scams may target anyone, not specifically religious communities.
                                  * Key Concept: Affinity fraud as a corruption/exploitation scheme.
                                  Reference: ACFE Manual, Corruption - Affinity Fraud .


                                  NEW QUESTION # 13
                                  Which of the following statements about counterfeit payment card schemes is TRUE?

                                  Answer: A

                                  Explanation:
                                  The correct answer is A. Holograms are specifically designed as anti-counterfeiting features and are among the most difficult physical card features for fraudsters to reproduce accurately. Counterfeit payment card schemes usually involve stolen account information being encoded or printed onto altered, blank, or counterfeit cards. Option B is incorrect because these schemes generally involve fraudsters, organized groups, or dishonest merchants, not collusion between card issuers and merchants. Option C is too absolute because modern technology allows counterfeit cards to be produced without traditional professional printing facilities.
                                  Option D is inaccurate because counterfeit cards usually rely on stolen or compromised active account data, not merely expired card numbers. The ACFE payment fraud materials emphasize card security features, counterfeit card production, and card-scrutiny controls.


                                  NEW QUESTION # 14
                                  Which of the following is NOT a standard of generally accepted accounting principles (GAAP)?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Key GAAP principles include Conservatism , Historical Cost , and Full Disclosure . Quality control is not a GAAP principle; rather, it is a concept from auditing standards related to ensuring audit quality.
                                  * Analysis of Incorrect Options:
                                  * A. Conservatism - GAAP principle requiring cautious reporting of uncertain outcomes.
                                  * B. Cost - Historical cost principle is central to GAAP.
                                  * C. Full disclosure - Requires all relevant information to be presented.
                                  * D. Quality control - Belongs to auditing, not GAAP.
                                  * Key Concept: GAAP principles - distinguishing accounting standards from auditing practices.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP Standards .


                                  NEW QUESTION # 15
                                  Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Filing a claim shortly after a policy begins is a classic red flag of potential insurance fraud, as it may indicate the loss occurred before coverage or is fabricated.
                                  * Analysis of Incorrect Options:
                                  * B. One prior claim in five years - Not unusual by itself.
                                  * C. Small electronics/jewelry - Common theft items, not automatically suspicious.
                                  * D. Recently purchased items with receipts - Strong documentation actually supports legitimacy.
                                  * Key Concept: Insurance fraud red flags .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Insurance Fraud Indicators .


                                  NEW QUESTION # 16
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