Free PDF Quiz 2026 CFE-Fraud-Schemes-and-Financial-Crimes: Perfect Certified Fraud Examiner -Fraud Schemes and Financial Crimes Exam Guide

The ACFE CFE-Fraud-Schemes-and-Financial-Crimes certification exam is a crucial part of career development in the tech sector. Cracking the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) exam strengthens your chances of landing high-paying jobs and promotions. Yet, preparing for the CFE-Fraud-Schemes-and-Financial-Crimes Exam can be challenging, and many working applicants struggle to find CFE-Fraud-Schemes-and-Financial-Crimes practice test questions they require to be successful in their pursuit.

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

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

Section

Objectives

Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

Fraud Schemes

- Asset Misappropriation Schemes

1. Skimming and cash larceny
2. Billing and expense reimbursement fraud

- Financial Statement Fraud

1. Asset overstatement and liability concealment
2. Revenue recognition manipulation

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

>> CFE-Fraud-Schemes-and-Financial-Crimes Exam Guide <<

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q250-Q255):

NEW QUESTION # 250
Which of the following are used in a short-term skimming scheme?

A. Unrecorded sales, understated sales, and dual endorsements
B. Unrecorded sales, understated sales, and theft of incoming checks
C. False company accounts, understated sales, and theft of incoming checks
D. Understated sales, theft of incoming checks, and check-for-currency substitutions

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Short-term skimming schemes include tactics like unrecorded sales
, understated sales , and theft of incoming checks . These involve diverting funds before recording and typically last for a shorter duration because of higher detection risk.
* Analysis of Incorrect Options:
* B. Dual endorsements - Relates more to check fraud, not skimming.
* C. False company accounts - Typically used in long-term fraud concealment.
* D. Check-for-currency substitutions - More relevant to larceny and kiting schemes.
* Key Concept: Short-term skimming schemes involve quick thefts before recording transactions.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Short-term Skimming .

NEW QUESTION # 251
Jake is building a cybersecurity training program to educate his company about the different types and vehicles of malware that could threaten the company's network and computer systems. Which of the following statements is MOST ACCURATE?

A. A botnet is a secret entry point into a program that allows someone to gain access and bypass security procedures.
B. A logic bomb is code embedded into a legitimate program that is set to activate under specific conditions.
C. An infostealer is a software program that monitors and logs the keys pressed on a computer system's keyboard.
D. A trapdoor is a type of malware designed to execute various instructions every time a computer is turned on.

Answer: B

Explanation:
The correct answer is D. A logic bomb is malicious code hidden in a legitimate program that activates when specific conditions are met, such as a date, event, user action, or system change. Option A incorrectly describes a trapdoor; a trapdoor or backdoor is a hidden entry point that allows access while bypassing normal security controls. Option B describes a keylogger, not an infostealer. Option C describes a trapdoor or backdoor, not a botnet. A botnet is a network of compromised computers controlled by an attacker. The ACFE computer and internet fraud materials classify viruses, worms, Trojan horses, trapdoors, logic bombs, keyloggers, botnets, and other tools as important malware-related cyberfraud concepts.

NEW QUESTION # 252
To prevent cash larceny schemes from occurring, a company should implement which of the following measures?

A. Announce to employees that they will all be using the same cash register for transactions.
B. Limit employees' knowledge about unscheduled cash counts being conducted periodically.
C. Assign the normal duties of an employee who is on vacation to other employees at the company.
D. Designate responsibility for both collecting cash and disbursing company funds to the same employee.

Answer: C

Explanation:
The correct answer is D. Assigning the duties of an employee who is on vacation to other employees supports mandatory vacation and job rotation controls. These controls help prevent and detect cash larceny by interrupting the fraudster's control over cash handling and concealment procedures. If a dishonest employee must be absent and another employee performs the same duties, irregularities such as missing cash, altered records, delayed deposits, or unsupported adjustments are more likely to surface. Option A relates more to surprise cash counts, which are useful, but the stronger preventive control in this list is rotation through vacation coverage. Option B weakens accountability because employees should use separate registers or identifiers. Option C violates segregation of duties by combining custody and disbursement authority.

NEW QUESTION # 253
Which of the following statements about skimming is CORRECT?

A. Skimming schemes involve the theft of cash sales but not accounts receivable payments.
B. Skimming schemes are generally less difficult to detect than cash larceny schemes.
C. Skimming schemes are considered on-book frauds because they leave an audit trail.
D. Skimming schemes involve stolen customer payments that were not recorded.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is the theft of incoming cash before it is recorded in the books . Since the payment is never recorded, no audit trail exists, making it an "off-book" scheme.
* Analysis of Incorrect Options:
* A - Incorrect; skimming can involve both sales and receivable payments.
* C - Incorrect; skimming is off-book , not on-book.
* D - Incorrect; skimming is typically harder to detect than larceny, since there is no record.
* Key Concept: Skimming vs. larceny - off-book theft of cash receipts.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes .

NEW QUESTION # 254
Which of the following is FALSE regarding electronic payment tampering?

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

Answer: D

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 # 255
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