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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Corruption Schemes
|
>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Quiz <<
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NEW QUESTION # 193
Which of the following scenarios describes a card skimming or shimming scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Card skimming/shimming occurs when a fraudster captures payment card data with a hidden device. In this case, the employee secretly scans the customer's card with a small device - a textbook example of skimming.
* Analysis of Incorrect Options:
* A. Server keeps the card - This is theft of the card, not skimming.
* B. Imitation website - This is phishing , not skimming.
* D. None of the above - Incorrect since option C is correct.
* Key Concept: Payment card fraud - skimming/shimming devices.
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Credit Card and Check Fraud .
NEW QUESTION # 194
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: B
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 # 195
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting definition of assets , as cited by Marshall and in GAAP frameworks, is "probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events." This definition underlies balance sheet recognition of assets.
* Analysis of Incorrect Options:
* B. Liabilities - Represent probable future sacrifices, not benefits.
* C. Credentials - Irrelevant to financial reporting.
* D. None of the above - Incorrect since "assets" directly matches.
* Key Concept: Definition of Assets under financial accounting frameworks.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts section - Definitions of Assets and Liabilities .
NEW QUESTION # 196
Which of the following is an example of a cash larceny scheme ?
Answer: A
Explanation:
The ACFE Manual treats Cash Larceny under Asset Misappropriation: Cash Receipts , and specifically identifies "Theft of Cash from the Register" as a cash larceny scheme.
Cash larceny differs from skimming because in a larceny scheme, the cash has already been recorded on the books before it is stolen. By contrast, skimming occurs before the cash is recorded. The Manual separately covers Skimming and includes schemes such as understated sales , showing that skimming involves stealing cash receipts without fully recording the transaction.
Why C is correct
In Option C, Scott performs a No-Sale transaction, opens the drawer, and removes cash directly from the register. This is the clearest example of theft of cash from the register , which the Manual classifies as cash larceny .
Why the other options are incorrect
A). Laura pretends to record a sale, steals the cash, and gives the customer the merchandise without recording the sale.
This is skimming , not cash larceny, because the sale is never recorded. The Manual treats unrecorded sales thefts under Skimming .
B). Olive records a $400 sale on a $500 purchase and steals the extra $100.
This is also skimming , specifically an understated sales type of scheme, because the full amount of the sale is not recorded. The difference is diverted before complete recording.
D). Michael records a fictitious return and takes $50 from the register.
This is not cash larceny. It is a register disbursement scheme , specifically a fictitious refund , which the Manual covers under Fraudulent Disbursements .
Conclusion
Because Option C involves taking cash directly from the register after access is obtained through a No-Sale transaction, it is the best example of cash larceny under the ACFE Manual.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Asset Misappropriation: Cash Receipts - Cash Larceny / Theft of Cash from the Register
* Asset Misappropriation: Cash Receipts - Skimming / Understated Sales
* Fraudulent Disbursements - Register Disbursement Schemes / Fictitious Refunds
NEW QUESTION # 197
Hannah is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Hannah is implementing several preventive measures. Which of the following is NOT a measure Hannah should take to prevent EFT fraud?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Best practices in preventing EFT fraud require mailing PINs and account information separately , never together. Sending them together creates a serious security risk if intercepted.
* Analysis of Incorrect Options:
* A - Correct preventive measure: immediately cancel and reissue stolen access devices.
* B - Correct preventive measure: validating addresses helps detect fraudulent applications.
* C - Correct preventive measure: segregation of duties reduces insider fraud risks.
* Key Concept: EFT fraud prevention through layered security and separation of duties.
Reference: ACFE Manual, Financial Transactions - Electronic Payment Fraud .
NEW QUESTION # 198
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