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| Section | Objectives |
|---|---|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 62
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: C
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 63
David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:
Answer: A
Explanation:
The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.
NEW QUESTION # 64
Karen is investigating an anonymous tip within Magenta Company that a billing scheme might be occurring in the Purchasing Department. Which of the following steps would be MOST EFFECTIVE in helping Karen discover whether billing fraud is occurring?
Answer: D
Explanation:
The correct answer is A. Billing schemes often exploit weak segregation of duties in purchasing, receiving, and payment functions. If one person or department can request goods, approve receipt, authorize payment, and process invoices without independent verification, fictitious invoices, pass-through schemes, personal purchases, or inflated vendor billings are easier to conceal. Karen should therefore determine whether these functions operate independently. Option B is not the strongest choice as written because identifying employees with the same phone number does not directly test vendor billing fraud. Customer complaints about sales policies relate to revenue or consumer issues, not purchasing fraud. Accounts receivable and credit sales analysis is more relevant to revenue fraud. The ACFE materials classify billing schemes under fraudulent disbursements and emphasize purchasing, receiving, and invoice controls.
NEW QUESTION # 65
Which of the following measures will MOST LIKELY prevent cash larceny schemes from occurring?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny involves the theft of incoming cash after it has been recorded. Strong segregation of duties is critical to prevent concealment. By separating cash deposit responsibilities from bank reconciliation duties , one employee cannot both steal funds and cover their tracks.
* Analysis of Incorrect Options:
* A. Restricting substitution - Weakens controls; job rotation and cross-training help prevent fraud.
* C. Same register use - Reduces accountability, making theft harder to trace.
* D. Surprise cash counts - Strong detective control, but not as preventive as segregation of duties.
* Key Concept: Preventing cash larceny through segregation of duties .
Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Cash Larceny Controls .
NEW QUESTION # 66
The heart of the bookkeeping system is the ___________.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The journal is the core of the bookkeeping system because it provides a chronological record of all business transactions. Each transaction is recorded as a journal entry before posting to the ledger.
* Analysis of Incorrect Options:
* A. Asset - A resource, not a recording system.
* B. Liability - An obligation, not the recording medium.
* C. Checkbook - Tracks cash disbursements, but not all transactions.
* Key Concept: Journal as the primary book of original entry.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Bookkeeping Systems .
NEW QUESTION # 67
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