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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Corruption Schemes
|
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NEW QUESTION # 122
Hannah is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Hannah is implementing several preventive measures. Which of the following is NOT a measure Hannah should take to prevent EFT fraud?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Best practices in preventing EFT fraud require mailing PINs and account information separately , never together. Sending them together creates a serious security risk if intercepted.
* Analysis of Incorrect Options:
* A - Correct preventive measure: immediately cancel and reissue stolen access devices.
* B - Correct preventive measure: validating addresses helps detect fraudulent applications.
* C - Correct preventive measure: segregation of duties reduces insider fraud risks.
* Key Concept: EFT fraud prevention through layered security and separation of duties.
Reference: ACFE Manual, Financial Transactions - Electronic Payment Fraud .
NEW QUESTION # 123
When an individual commits a forged filing scheme, they often perform which of the following actions?
Answer: A
Explanation:
The correct answer is A. A forged filing scheme occurs when bankruptcy documents are filed using forged information, often through stolen identities or assumed identities. In such cases, a fraudster files for bankruptcy in another person's name, which can damage the victim's credit record and create serious legal and financial problems. The ACFE bankruptcy fraud materials specifically describe bankruptcy petitions filed with forged documents and stolen identities. Option B is more consistent with false billing or inventory- related fraud. Option C is closer to a planned bustout, where a debtor obtains goods on credit and then disposes of them before bankruptcy. Option D is related to money laundering or insurance fraud, not forged bankruptcy filing.
NEW QUESTION # 124
Which of the following is an example of a cash larceny scheme ?
Answer: C
Explanation:
The ACFE Manual treats Cash Larceny under Asset Misappropriation: Cash Receipts , and specifically identifies "Theft of Cash from the Register" as a cash larceny scheme.
Cash larceny differs from skimming because in a larceny scheme, the cash has already been recorded on the books before it is stolen. By contrast, skimming occurs before the cash is recorded. The Manual separately covers Skimming and includes schemes such as understated sales , showing that skimming involves stealing cash receipts without fully recording the transaction.
Why C is correct
In Option C, Scott performs a No-Sale transaction, opens the drawer, and removes cash directly from the register. This is the clearest example of theft of cash from the register , which the Manual classifies as cash larceny .
Why the other options are incorrect
A). Laura pretends to record a sale, steals the cash, and gives the customer the merchandise without recording the sale.
This is skimming , not cash larceny, because the sale is never recorded. The Manual treats unrecorded sales thefts under Skimming .
B). Olive records a $400 sale on a $500 purchase and steals the extra $100.
This is also skimming , specifically an understated sales type of scheme, because the full amount of the sale is not recorded. The difference is diverted before complete recording.
D). Michael records a fictitious return and takes $50 from the register.
This is not cash larceny. It is a register disbursement scheme , specifically a fictitious refund , which the Manual covers under Fraudulent Disbursements .
Conclusion
Because Option C involves taking cash directly from the register after access is obtained through a No-Sale transaction, it is the best example of cash larceny under the ACFE Manual.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Asset Misappropriation: Cash Receipts - Cash Larceny / Theft of Cash from the Register
* Asset Misappropriation: Cash Receipts - Skimming / Understated Sales
* Fraudulent Disbursements - Register Disbursement Schemes / Fictitious Refunds
NEW QUESTION # 125
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes, and wages.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The ACFE describes occupational fraud and abuse as an expense of doing business because organizations inevitably face losses from it, just as they incur other operating costs. This framing emphasizes the importance of prevention and detection to minimize this "expense."
* Analysis of Incorrect Options:
* A. Equity - Residual ownership interest, not relevant here.
* B. Balance sheet - A report, not a cost.
* D. Financial record - Too vague.
* Key Concept: Occupational Fraud as a Cost of Business .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Fraud as a Cost of Doing Business .
NEW QUESTION # 126
Which of the following statements describes a best practice for preventing procurement fraud?
Answer: C
Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.
NEW QUESTION # 127
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