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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Corruption Schemes
|
>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Questions <<
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NEW QUESTION # 87
Which of the following statements about counterfeit payment card schemes is TRUE?
Answer: B
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 # 88
Which of the following methods would NOT be helpful in detecting a skimming scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming involves theft of cash before it is recorded in the books.
Examining journal entries for false credits to inventory would detect inventory fraud, not skimming.
Therefore, B is not useful for detecting skimming.
* Analysis of Incorrect Options:
* A - Confirming customer balances can reveal payments that were never posted because they were skimmed.
* C - Physical counts may expose discrepancies caused by skimming disguised as inventory shortages.
* D - Comparing register totals to actual cash can reveal missing amounts due to skimming.
* Key Concept: Skimming detection focuses on reconciling recorded vs. unrecorded cash.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes .
NEW QUESTION # 89
Which of the following statements about the different types of malware is MOST ACCURATE?
Answer: B
Explanation:
The correct answer is C. A Trojan horse is malware that appears to be legitimate, useful, or harmless software but contains hidden malicious code. Once installed or executed, it can damage systems, steal information, create unauthorized access, or perform other harmful actions. Option A describes ransomware, not a worm; ransomware restricts access to systems or files and demands payment. A worm is self-replicating malware that spreads across networks. Option B describes adware more closely than spyware. Spyware secretly monitors and reports user activity or information. Option D also describes spyware rather than ransomware.
Professionally, the key distinction is the malware's function: concealment and deception for Trojan horses, self-replication for worms, surveillance for spyware, and restriction or encryption for ransomware.
NEW QUESTION # 90
When situational pressures and perceived opportunities are low and personal integrity is high, occupational fraud is much more likely to occur than when the opposite is true.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The statement is false . Cressey's fraud triangle and Albrecht's fraud scale both emphasize that fraud is more likely when pressures are high, opportunities are present, and integrity is low . Conversely, when pressure and opportunity are low and integrity is high, the likelihood of fraud is greatly reduced.
* Analysis of Incorrect Options:
* A. True - Incorrect, it directly contradicts the fraud triangle and fraud scale models.
* B. False - Correct, because under the conditions stated, fraud occurrence is less likely.
* Key Concept: Fraud Scale Variables - Pressure, Opportunity, Integrity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - The Fraud Triangle and Fraud Scale .
NEW QUESTION # 91
Renee, a hacker in possession of an email distribution list, creates an imitation website of a charity. She generates a quick response (QR) code that directs people to her fraudulent website when scanned with a camera on a smart device such as a tablet or cell phone. Renee sends a mass email containing the QR code to the distribution list. Renee hopes that unsuspecting individuals will scan her QR code with their devices and make donations on her website so that she can collect the funds. Renee's scam is an example of which of the following schemes?
Answer: A
Explanation:
Renee's scam is a mobile payment scheme because it uses a QR code scanned by a mobile device to direct victims to a fraudulent payment destination. The fraud depends on mobile-device interaction and the victim's belief that the payment is going to a legitimate charity. Tokenization is a security process that substitutes sensitive payment data with a token; it is not the fraud being described. Electronic presentment generally relates to electronic billing or payment presentation systems, not a fake charity donation page. Business email compromise involves impersonating executives, vendors, or trusted parties to induce business payments, but Renee is conducting a mass QR-code donation scam. The ACFE materials treat online, mobile, and payment- system abuses as key payment fraud and cyberfraud risks.
NEW QUESTION # 92
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