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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionObjectives
Financial Crimes- Banking and Payment Fraud
  • 1. Wire fraud and electronic transfers
    • 2. Check and credit card fraud
      - Money Laundering
      • 1. Placement, layering, integration stages
        Fraud Investigation and Analysis- Evidence collection and documentation
        • 1. Chain of custody principles
          - Data analysis in fraud detection
          • 1. Trend and anomaly identification
            Fraud Schemes- Asset Misappropriation Schemes
            • 1. Skimming and cash larceny
              • 2. Billing and expense reimbursement fraud
                - Financial Statement Fraud
                • 1. Revenue recognition manipulation
                  • 2. Asset overstatement and liability concealment

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q108-Q113):

                    NEW QUESTION # 108
                    Which of the following is a red flag that might indicate the existence of a need recognition scheme?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: In a need recognition scheme , an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point , suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
                    * Analysis of Incorrect Options:
                    * A - A large list of suppliers suggests competition, not fraud.
                    * C - A need met by various suppliers does not indicate fraud.
                    * D - Low requirements for stock may reflect lean inventory management, not fraud.
                    * Key Concept: Corruption - need recognition schemes and red flags.
                    Reference: ACFE Manual, Corruption - Need Recognition Schemes .


                    NEW QUESTION # 109
                    Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?

                    Answer: B

                    Explanation:
                    The correct answer is C. New account fraud often involves opening accounts with false, stolen, or synthetic identities. The most effective preventive measure listed is to verify the customer's identity through reliable third-party credit reporting agencies and customer identification services. These sources can help confirm identity details, detect inconsistencies, identify suspicious histories, and reduce reliance on documents that might be forged. Employer recommendation letters are not standard or reliable identity controls. Small cash deposits are not automatically suspicious and might be normal for many customers. Sending communications to all previous residences is inefficient and unlikely to be the strongest verification method. The ACFE financial institution fraud materials identify new account fraud schemes and emphasize customer identification controls as a prevention method.


                    NEW QUESTION # 110
                    The Financial Action Task Force (FATF) Recommendations suggest that countries should take which of the following measures?

                    Answer: A

                    Explanation:
                    The correct answer is D. The FATF Recommendations establish international standards for combating money laundering, terrorist financing, and related threats. They recommend that countries criminalize money laundering, supervise financial institutions and high-risk professions, require suspicious transaction reporting, and maintain mechanisms for analyzing and disseminating financial intelligence. A financial intelligence unit receives and analyzes suspicious transaction reports and other AML-related information. Option A is incorrect because FATF does not require a universal three-year sentence for every conviction. Option B is too extreme and does not reflect the FATF framework. Option C is not a general FATF requirement; customer due diligence and monitoring focus on risk, transactions, and beneficial ownership, not mandatory review of public social media profiles.


                    NEW QUESTION # 111
                    The principle behind full disclosure is:

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The full disclosure principle requires that all material facts and deviations from GAAP be disclosed to readers of financial statements so that they are not misled.
                    Transparency is essential for informed decision-making by investors, creditors, and regulators.
                    * Analysis of Incorrect Options:
                    * B. SAS - Refers to auditing standards, not accounting standards.
                    * C. Writer - Incorrect; disclosures are intended for readers/users.
                    * D. None of above - Incorrect since option A is correct.
                    * Key Concept: Full disclosure principle - providing users with all material information.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP:
                    Full Disclosure .


                    NEW QUESTION # 112
                    Joe's automobile insurance policy expired in June. In August, Joe was involved in an automobile accident, and his vehicle was severely damaged. After the accident, Joe contacted his insurance company and reinstated the policy. In September, Joe then submitted a claim with a September accident date for the damages that occurred to his vehicle in August. Joe has engaged in which of the following insurance schemes?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Past posting occurs when an insured reinstates or purchases insurance coverage after a loss has already occurred and then submits a false claim, backdating the loss to appear covered. Joe's scheme fits this exactly.
                    * Analysis of Incorrect Options:
                    * A. Staged accident - Fraudulent accidents deliberately caused, not applicable here.
                    * B. Inflated damages - Exaggerating actual losses, not retroactive coverage.
                    * D. Vehicle repair - General claim fraud, but not the scheme in question.
                    * Key Concept: Insurance fraud - past posting schemes.
                    Reference: ACFE Manual, Financial Transactions - Insurance Fraud Schemes .


                    NEW QUESTION # 113
                    ......

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