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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Money Laundering
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
>> Valid CFE-Fraud-Schemes-and-Financial-Crimes Exam Duration <<
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NEW QUESTION # 212
Brad owns a failing business that sells various types of raw stone for homes. Brad decides to file for bankruptcy on behalf of the company, but one month before doing so, he transfers several expensive slabs of marble to his son's construction business at no charge. Which type of fraud scheme has Brad MOST LIKELY committed?
Answer: B
Explanation:
The correct answer is D. A fraudulent conveyance occurs when a debtor transfers property to another party, often an insider or related party, for little or no consideration before or during insolvency to place assets beyond the reach of creditors. Brad's transfer of valuable marble slabs to his son's construction business at no charge shortly before bankruptcy is a strong indicator of such a scheme. Option A, concealed transfer, is less precise because the key issue is not merely hiding a transfer but transferring assets for inadequate value to impair creditors. Option B is overly broad and does not identify the scheme type. Option C, planned bustout, usually involves obtaining goods or credit with the intent to dispose of assets and then file bankruptcy.
NEW QUESTION # 213
Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
* Analysis of Incorrect Options:
* B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
* C. Double-pledging collateral - Involves using the same collateral for multiple loans.
* D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
* Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .
NEW QUESTION # 214
Another way to eliminate competition in the solicitation phase of the selection process is to:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters may solicit bids from fictitious suppliers (phony vendors) to create the illusion of competition. This ensures that the favored vendor wins while maintaining the appearance of a legitimate competitive bidding process.
* Analysis of Incorrect Options:
* B. Solicit transactions from fictitious vendors - Incorrect phrasing; bids, not transactions, are solicited.
* C. Solicit bid-splitting... - Bid-splitting is a different fraud scheme, not part of solicitation.
* D. None of the above - Incorrect, since A is accurate.
* Key Concept: Phony bid solicitation as a corruption tactic in procurement.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Solicitation Phase Schemes .
NEW QUESTION # 215
Which of the following statements about competitive intelligence is CORRECT?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Competitive intelligence refers to the legal and ethical gathering of publicly available information about competitors. It is a legitimate business practice and differs from corporate espionage , which involves illegal or covert methods.
* Analysis of Incorrect Options:
* B. Government-sanctioned espionage - This describes intelligence operations, not business practice.
* C. Identical to espionage - False; competitive intelligence is legal, espionage is illegal.
* D. Illegal covert methods - That is espionage, not competitive intelligence.
* Key Concept: Competitive intelligence vs. corporate espionage .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Corporate Espionage and Competitive Intelligence .
NEW QUESTION # 216
Cynthia receives a fraudulent text message that appears to be from her credit card company. The message claims that the company has detected suspicious card transactions and provides a link for her to click to sign into her account for more information. Cynthia is MOST LIKELY being targeted by which of the following types of social engineering schemes?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Smishing (SMS phishing) uses fraudulent text messages to trick victims into clicking malicious links or revealing credentials. This matches Cynthia's scenario.
* Analysis of Incorrect Options:
* A. Vishing - Voice phishing by phone call, not text message.
* C. Catfishing - Fake online persona in social contexts, not financial fraud via text.
* D. Pharming - Redirecting users to fake websites via DNS manipulation, not text messages.
* Key Concept: Social engineering methods-email (phishing), phone (vishing), text (smishing).
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 217
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