CFE-Fraud-Schemes-and-Financial-Crimes Practice Exam Questions - New CFE-Fraud-Schemes-and-Financial-Crimes Exam Answers

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

SectionObjectives
Topic 1: Fraud Schemes- Financial Statement Fraud
  • 1. Revenue recognition manipulation
    • 2. Asset overstatement and liability concealment
      - Asset Misappropriation Schemes
      • 1. Skimming and cash larceny
        • 2. Billing and expense reimbursement fraud
          Topic 2: Fraud Investigation and Analysis- Data analysis in fraud detection
          • 1. Trend and anomaly identification
            - Evidence collection and documentation
            • 1. Chain of custody principles
              Topic 3: 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

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                    New CFE-Fraud-Schemes-and-Financial-Crimes Exam Answers & CFE-Fraud-Schemes-and-Financial-Crimes Valid Dumps Files

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q161-Q166):

                    NEW QUESTION # 161
                    Which of the following elements must be TRUE for a ghost employee scheme to be successful?

                    Answer: B

                    Explanation:
                    The correct answer is D. For a ghost employee scheme to work, the fictitious or nonworking employee must be entered into the payroll system with sufficient payroll data to generate payment, including wage rate information. The ghost does not need to be a real person; the identity might be fabricated, stolen, or based on a former employee. Payment does not have to be made by direct deposit because checks, payroll cards, or other methods can also be used. The payment also does not need to be delivered to someone outside the victim company; insiders commonly collect or control the payments. The ACFE materials describe ghost employee schemes as payroll fraud involving adding the ghost, collecting timekeeping information, and issuing the paycheck.


                    NEW QUESTION # 162
                    Which of the following statements describes a best practice for preventing procurement fraud?

                    Answer: D

                    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 # 163
                    Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is True . Statistical sampling allows fraud examiners to make inferences about an entire population based on a representative sample. By calculating occurrence rates, they can estimate error rates and assess the likelihood of fraud in the larger dataset.
                    * Analysis of Incorrect Options:
                    * B. False - Incorrect because statistical sampling is explicitly designed to estimate population- level characteristics.
                    * Key Concept: Sampling in fraud examination - predicting occurrence and error rates.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
                    - Statistical Sampling .


                    NEW QUESTION # 164
                    Which of the following scenarios describes a card skimming or shimming scheme?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Card skimming/shimming occurs when a fraudster captures payment card data with a hidden device. In this case, the employee secretly scans the customer's card with a small device - a textbook example of skimming.
                    * Analysis of Incorrect Options:
                    * A. Server keeps the card - This is theft of the card, not skimming.
                    * B. Imitation website - This is phishing , not skimming.
                    * D. None of the above - Incorrect since option C is correct.
                    * Key Concept: Payment card fraud - skimming/shimming devices.
                    Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Credit Card and Check Fraud .


                    NEW QUESTION # 165
                    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: B

                    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 # 166
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