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| Section | Objectives |
|---|---|
| Fraud Schemes | - Financial Statement Fraud
|
| Financial Crimes | - Money Laundering
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Latest Study Questions <<
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NEW QUESTION # 175
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?
Answer: D
Explanation:
The ACFE Fraud Examiners Manual (2020 International Edition) , under the section on Information Security in Electronic Commerce Systems , describes the three primary security goals that must be achieved to protect users and account holders:
* Confidentiality
* Integrity
* Availability
These three goals form the cornerstone of information system protection and are often referred to as the CIA triad .
1. Confidentiality
Confidentiality ensures that sensitive information is accessible only to authorized individuals. The Manual highlights that e-commerce systems must protect customers' personal and financial data from unauthorized access.
2. Integrity
Integrity requires that the information in the system is accurate and has not been improperly altered. This prevents fraudulent manipulation of records, transactions, and account balances.
3. Availability
Availability ensures that systems and data are accessible to authorized users when needed. This includes preventing disruptions caused by system failures, denial-of-service attacks, or internal sabotage.
These three goals are explicitly documented in the ACFE Manual as essential security requirements for safeguarding electronic financial systems.
Why Option C is the Correct Answer
"Penetrability of data" is NOT an information security goal.
In fact, it is the opposite of what an information security framework seeks to achieve. No section of the ACFE Manual identifies "penetrability" as a required or legitimate objective. Instead, systems should be resistant to penetration attempts.
Thus, Option C does not belong to the CIA model or any ACFE-described security framework.
ACFE Manual Reference
These concepts are covered in the Financial Transactions and Fraud Schemes section discussing information security objectives for e-commerce environments, which identifies confidentiality, integrity, and availability as the foundational goals of secure systems.
NEW QUESTION # 176
Which of the following scenarios is an example of upcoding ?
Answer: C
Explanation:
Comprehensive and Detailed Explanation
Definition of Upcoding (ACFE Manual Reference)
The ACFE Manual identifies upcoding as a type of health care billing fraud in which the provider submits a claim for a more expensive or more complex service than what was actually provided.
Although the exact term "upcoding" appears within the health care fraud discussions, the broader category is part of Financial Transactions and Fraud Schemes concerning fraudulent billing practices . The manual describes fraud schemes in which the perpetrator:
* Bills for services not provided ,
* Bills for more expensive services than were actually delivered, or
* Uses codes that misrepresent the level or nature of medical procedures.
Upcoding specifically involves:
Billing for a higher-cost procedure than what was actually performed, by using a code representing a more expensive service.
Why Option D Is Correct
Dr. Raul advised a patient with a small fracture to use crutches, but he submitted a claim using a code indicating that he placed a cast on the patient.
* Actual service: Advice and crutches
* Billed service: Application of a cast (more expensive procedure)
This is a textbook example of upcoding , as the provider is using a higher-cost CPT code to obtain greater reimbursement than the service warrants.
Why the Other Options Are Incorrect
Option A - Not Upcoding
Cindy receives a payment to undergo an unnecessary procedure , which is then billed fraudulently.
This is medically unnecessary services fraud , not upcoding.
Option B - Not Upcoding
Dr. Loomis uses three procedure codes instead of one .
This is an example of unbundling , which involves billing separate codes for procedures that should be billed as a single package.
Option C - Not Upcoding
Landon inflates the amount of a medical bill he wants reimbursed.
This is billing inflation or overstatement , but not misrepresentation via coding.
ACFE Manual Supporting Reference
The Manual's section on fraudulent billing schemes discusses cases where perpetrators misrepresent medical procedures , including using false or inflated codes to obtain higher reimbursements.
NEW QUESTION # 177
__________ may be defined as the offering, giving, receiving, or soliciting anything of value to influence an official act.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribery is specifically defined as offering, giving, receiving, or soliciting anything of value to influence an official act or business decision. It is one of the four primary corruption categories.
* Analysis of Incorrect Options:
* A. Corruption - Broader category; bribery is one part of it.
* B. Diverting business to vendors - A conflict of interest scheme, not bribery.
* D. Lacking approval authority - Refers to control weaknesses, not corruption.
* Key Concept: Bribery definition and its role in corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery .
NEW QUESTION # 178
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The conservatism principle in accounting means that financial statements should not overstate assets or income and should anticipate possible losses. Thus, the amounts shown should be at least as much as reflected, if not more. This ensures users are not misled by overly optimistic figures.
* Analysis of Incorrect Options:
* A. Fraudulent statement - Involves intentional misrepresentation, not a principle of accounting.
* B. Misappropriations - Theft of assets, unrelated to valuation principles.
* D. Matching - Refers to aligning expenses with related revenues, not conservatism.
* Key Concept: Conservatism principle - caution in financial reporting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism in GAAP .
NEW QUESTION # 179
When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
* Analysis of Incorrect Options:
* A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
* B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
* D. None of all - Incorrect since "false balance" is the precise term.
* Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .
NEW QUESTION # 180
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