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| Section | Objectives |
|---|---|
| Fraud Schemes | - Financial Statement Fraud
|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
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NEW QUESTION # 152
A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?
Answer: B
Explanation:
Card-not-present fraud occurs when payment card information is used without the physical card being presented, commonly in online transactions. Comparing IP addresses for internet orders with those used in previous orders by the same customer is the most effective detection measure listed because it helps identify unusual access patterns. If an order is placed from an unfamiliar or suspicious IP address inconsistent with the customer's historical activity, it can indicate unauthorized use of stolen card data. Small orders from new accounts might be suspicious but are less reliable alone. Declining rush shipping is not a typical fraud indicator, and purchasing several unique items is not necessarily suspicious. The ACFE materials identify payment card fraud and card-not-present transactions as key payment fraud risks.
NEW QUESTION # 153
Financial statement fraud is BEST described as the intentional or accidental misstatement of amounts in the financial statements.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, financial statement fraud is intentional . Errors or accidents in reporting are not fraud; they are mistakes. Fraud requires deliberate misrepresentation to deceive users of financial statements.
* Analysis of Incorrect Option:
* A. True - Incorrect because it includes "accidental" misstatements, which fall outside fraud.
* Key Concept: Intentional misstatement is the defining element of financial statement fraud.
Reference: ACFE Manual, Financial Statement Fraud - Definition and Elements .
NEW QUESTION # 154
Which of the following is an insurance fraud detection tool used for identifying funds fraudulently sent to fictitious payees by using computer-generated reports to compare payments sent to the same location?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Address similarity reports are used to identify fraudulent disbursements by flagging payments sent to multiple vendors or payees at the same address. This helps detect fictitious payees or shell companies set up by fraudsters.
* Analysis of Incorrect Options:
* A. Duplicate payment lists - Detects duplicate disbursements, not necessarily fictitious payees.
* C. Exception reports - Flag unusual transactions, but not specifically address similarities.
* D. Electronic confirmations - Used to verify balances or transactions, not detect fictitious vendors.
* Key Concept: Detection of fraudulent disbursements .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Fictitious Payee Schemes .
NEW QUESTION # 155
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not the condition of the books.
* C. False debits - A concealment method, but not the direct result.
* D. None of all - Incorrect because "out-of-balance" is accurate.
* Key Concept: Concealment of asset theft and impact on accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .
NEW QUESTION # 156
Which counts sometimes can give rise to inventory theft detection?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Physical inventory counts involve actually counting items on hand and comparing them to book records. These counts can reveal theft, errors, or shrinkage when discrepancies are identified.
* Analysis of Incorrect Options:
* A. Perpetual inventory counts - The system tracks expected balances but cannot independently confirm theft.
* C. Concealment inventory counts - Not a recognized term.
* D. None of the above - Incorrect, since physical counts do aid detection.
* Key Concept: Physical inventory counts as a fraud detection tool.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Counts and Fraud Detection .
NEW QUESTION # 157
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