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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Certification Exam is an essential credential for professionals involved in the prevention, detection, and investigation of financial fraud. It covers a broad range of topics related to financial fraud and is suitable for individuals with experience in the field, as well as those who are new to the industry. Passing the exam demonstrates a high level of expertise in detecting and preventing financial fraud, making it a valuable asset for professionals in any industry.

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The Financial Transactions and Fraud Schemes section of the CFE exam covers topics such as financial statement fraud, corruption, asset misappropriation, and money laundering. It tests the candidate's ability to identify and analyze financial transactions that may indicate fraudulent activity. This section of the exam is particularly important for professionals who work in the financial industry, as they are often the first line of defense against financial fraud.

The CFE-FTFS certification is highly regarded by employers and is recognized globally as a mark of excellence in the field of financial fraud investigation. Individuals who pass the exam are awarded the CFE-FTFS certification, which can help to enhance their career prospects and increase their earning potential. Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam certification also provides individuals with access to a network of like-minded professionals who are committed to upholding the highest standards of ethics and professionalism in the field of financial fraud investigation.

ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q63-Q68):

NEW QUESTION # 63
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

A. True
B. False

Answer: B

NEW QUESTION # 64
Which of the following scenarios does NOT describe a card skimming or shimming scheme?

A. While processing a payment outside of the customer's view, a retail employee uses a small device to scan and record the customer's credit or debit card information.
B. A gadget attached to an ATM is used to fraudulently scan and record customers' credit or debit card information while a small camera records their PINs.
C. After processing a customer's payment, a server returns with the receipt but keeps the credit or debit card hoping that the customer does not notice.
D. When paying for a drink at a vending machine, a customer inserts their credit or debit card into a fraudulent device that scans and records their card information.

Answer: B

Explanation:
Explanation/Reference: https://www.experian.com/blogs/ask-experian/shimming-is-the-latest-credit-card-scam/#:~:text='Shimming'%20is%20an%20update%20on,number%20on%20the%20dark%20web

NEW QUESTION # 65
Which of the following is FALSE regarding electronic payment tampering?

A. Positive pay is recommended for ACH transactions to ensure their legitimacy.
B. The individual who makes electronic payments on behalf of the company should also set ACH filters to ensure that only designated individuals are paid.
C. The lack of physical evidence makes electronic payment tampering more difficult to detect than traditional check tampering.
D. ACH blocks allow account holders to notify their banks that ACH debits should not be allowed on specific accounts.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:In sound internal controls, the person initiating electronic payments should not also be responsible for setting filters or approving transactions. This creates a segregation of duties violation. Therefore, statement D is false.
* Analysis of Incorrect Options:
* A. Positive pay for ACH - True; it helps verify transactions.
* B. ACH blocks - Correct; a control against unauthorized debits.
* C. Lack of physical evidence - True; electronic fraud lacks paper trails, making detection harder.
* Key Concept: Electronic payment tampering controls.
Reference: ACFE Fraud Examiners Manual (2020), Fraudulent Disbursements: Electronic Payment Fraud.

NEW QUESTION # 66
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

A. Credentials
B. None of the above
C. Assets
D. Liabilities

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:The accounting definition of assets, as cited by Marshall and in GAAP frameworks, is "probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events." This definition underlies balance sheet recognition of assets.
* Analysis of Incorrect Options:
* B. Liabilities - Represent probable future sacrifices, not benefits.
* C. Credentials - Irrelevant to financial reporting.
* D. None of the above - Incorrect since "assets" directly matches.
* Key Concept:Definition of Assets under financial accounting frameworks.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts section - Definitions of Assets and Liabilities.

NEW QUESTION # 67
Which of the following is NOT a method of identity theft prevention recommended for businesses?

A. Use encryption to protect information sent internally through the company's wireless network.
B. Require employees to use laptops rather than desktop computers.
C. Collect customers' government identification numbers only when legally required to do so.
D. Restrict employees' access to customers' personal information.

Answer: B

NEW QUESTION # 68
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