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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Money Laundering
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 319
Which of the following is NOT an example of bribery prevention policies?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribery prevention policies often include:
* Reporting gifts (disclosure of items received from vendors),
* Discounts (rules about vendor concessions),
* Business meetings (clear rules on vendor-sponsored events). Resource diversions is not a standard bribery prevention policy but a form of fraud.
* Analysis of Incorrect Options:
* A, B, C - Legitimate examples of prevention policies.
* D. Resource diversions - Not a preventive measure.
* Key Concept: Anti-bribery policies - clear rules on gifts, discounts, and vendor relationships.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Prevention of Bribery Schemes .
NEW QUESTION # 320
The fraudster's interest lies with an employer other than the company.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, conflict of interest fraud arises when an employee has a hidden financial or ownership interest in another entity with which the employer does business. The fraudster's loyalty is divided because their interest lies outside of their primary employer.
* Analysis of Incorrect Options:
* B. False - Incorrect because the essence of conflict of interest is precisely that the fraudster's interest lies outside their company.
* Key Concept: Conflict of Interest (divided loyalty).
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest .
NEW QUESTION # 321
Which of the following is a TRUE statement about counterfeit payment cards?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Blank plastic cards are a common basis for counterfeit card production. Fraudsters encode stolen magnetic stripe or chip data onto blank cards.
* Analysis of Incorrect Options:
* A - False; holograms are designed to be difficult to reproduce.
* B - False; high-speed printers and embossers make counterfeiting easier, not harder.
* D - Incorrect, since A and B are false.
* Key Concept: Counterfeit card fraud methods.
Reference: ACFE Manual, Financial Transactions - Payment Card Fraud .
NEW QUESTION # 322
A fraudster uses a victim's name, government identification number, and birthdate to impersonate the victim and open a credit card account in the victim's name. This scheme can BEST be described as:
Answer: A
Explanation:
Comprehensive and Detailed Explanation (Based on the ACFE Fraud Examiners Manual - Financial Transactions and Fraud Schemes) In the Identity Theft chapter of the Financial Transactions and Fraud Schemes section, the ACFE Manual explains that there are two primary methods of committing identity theft :
* Traditional identity theft
* Synthetic identity theft
These are listed under "Methods of Committing Identity Theft" (1.803) , immediately followed by "Types of Identity Theft Schemes" (1.804) such as financial identity theft and criminal identity theft.
1. Why the correct answer is Traditional identity theft (Option B)
In traditional identity theft , the perpetrator uses the real, complete identity of another person-such as their name, government identification number, and birthdate -to impersonate that person for fraudulent purposes. This is exactly what is happening in the question:
The fraudster uses a real victim's name, government identification number, and birthdate to open a credit card account in the victim's name.
This matches the Manual's categorization where traditional identity theft involves misuse of actual personal identifying information (PII) belonging to a real individual, rather than fabricating an identity. The Manual then explains that this stolen identity is often used in financial schemes , such as obtaining credit cards, loans, or other financial benefits, which falls under financial identity theft as a type of identity theft scheme.
So, in ACFE terms, the method is traditional identity theft , and the scheme type is financial identity theft (using another person's identity to obtain credit or other financial benefits).
2. Why the other options are incorrect
Option A - New account identity theft
"New account identity theft" is a descriptive phrase sometimes used in practice to describe opening new credit accounts in another person's name, but the ACFE Manual's formal categorization focuses on:
* Methods of committing identity theft:
* Traditional identity theft
* Synthetic identity theft
* Types of identity theft schemes:
* Financial identity theft
* Criminal identity theft
* Medical identity theft
* Insurance identity theft
* Tax identity theft
* Employment identity theft
* Business identity theft
"New account identity theft" is not one of the defined method categories in the Manual; the described conduct is captured under traditional identity theft (method) and financial identity theft (scheme type). Therefore, this option does not align with the ACFE's terminology tested on the CFE exam.
Option C - Synthetic identity theft
The Manual distinguishes synthetic identity theft as a different method. Under "Methods of Committing Identity Theft" (1.803) , it explains that synthetic identity theft involves combining real elements of identity (for example, a genuine government identification number) with fabricated or unrelated information (such as a made-up name, date of birth, or address) to create a partly fictitious identity .
In the question, the fraudster is not creating a hybrid or composite identity. They are using all of the real victim's identifying information (name, government ID number, birthdate) and posing directly as that person. That is traditional , not synthetic.
Option D - Criminal identity theft
Under "Types of Identity Theft Schemes" (1.804-1.805) , the Manual describes criminal identity theft as a scheme where a fraudster gives someone else's identifying information to law enforcement or in criminal justice contexts , so that the victim's identity is attached to the criminal record or charges .
Typical examples include:
* Giving another person's name and identification details when stopped or arrested
* Causing warrants or criminal records to be issued in the victim's name In the question scenario, the fraudster is not interacting with law enforcement or shifting criminal records to the victim. Instead, they are opening a credit card account , which is a financial use of the stolen identity.
Therefore, it fits financial identity theft as a scheme type, but traditional identity theft as the method.
NEW QUESTION # 323
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Filing a claim shortly after a policy begins is a classic red flag of potential insurance fraud, as it may indicate the loss occurred before coverage or is fabricated.
* Analysis of Incorrect Options:
* B. One prior claim in five years - Not unusual by itself.
* C. Small electronics/jewelry - Common theft items, not automatically suspicious.
* D. Recently purchased items with receipts - Strong documentation actually supports legitimacy.
* Key Concept: Insurance fraud red flags .
Reference: ACFE Fraud Examiners Manual (2020) , Insurance Fraud Indicators .
NEW QUESTION # 324
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