ACFE CFE-Financial-Transactions-and-Fraud-Schemes Test Engine Dumps Training With 235 Questions
CFE-Financial-Transactions-and-Fraud-Schemes Questions Pass on Your First Attempt Dumps for Certified Fraud Examiner Certified
NEW QUESTION # 53
Which of the following is a TRUE statement about counterfeit payment cards?
- A. The hologram on payment cards is relatively simple to reproduce.
- B. The production of counterfeit payment cards is too complicated for the use of high-speed printers.
- C. All of the above are true statements about counterfeit payment cards.
- D. Counterfeit payment cards can be created with blank plastic cards.
Answer: D
NEW QUESTION # 54
Sinead has lost her job and can no longer afford the luxury car that she recently purchased. Instead of allowing her car to be repossessed by her bank, Sinead decides to leave her car in a high-crime area with the keys in the ignition, hoping that it will be stolen so that she can make an insurance claim for the loss. Sinead is planning to commit which of the following insurance scams?
- A. Past posting
- B. Phantom vehicle
- C. Staged accident
- D. Ditching
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf (15)
NEW QUESTION # 55
Cynthia receives a fraudulent text message that appears to be from her credit card company. The message claims that the company has detected suspicious card transactions and provides a link for her to click to sign into her account for more information. Cynthia is MOST LIKELY being targeted by which of the following types of social engineering schemes?
- A. Catfishing
- B. Vishing
- C. Pharming
- D. Smishing
Answer: D
NEW QUESTION # 56
After a government health care program pays for Marco's appendectomy, he files a claim for reimbursement under his private insurance policy for the same procedure. Which type of patient-perpetrated health care fraud scheme is Marco MOST LIKELY committing?
- A. Ineligible claimants scheme
- B. Multiple claims scheme
- C. Fictitious claims scheme
- D. Misrepresentations scheme
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/fraud-101.aspx
NEW QUESTION # 57
Martin worked in the warehouse of a large electronics distributor. When a shipment of five hundred cameras arrived, Martin stole one hundred of the units. He sent a receiving report to accounts payable indicating that all five hundred cameras arrived. However, he altered the copy used for the inventory records to indicate that only four hundred of the units were received so that the available inventory would match the perpetual inventory records. What type of scheme did Martin commit?
- A. A skimming scheme
- B. A register disbursement scheme
- C. A purchasing and receiving scheme
- D. A false sale scheme
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION # 58
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Concealed check scheme
- B. Payable check scheme
- C. Endorse check scheme
- D. Legitimate check scheme
Answer: A
NEW QUESTION # 59
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Financial statement
- B. None of all
- C. Journal Entries
- D. Accounting Cycle
Answer: C
NEW QUESTION # 60
Which of the following is NOT the reason why senior management will overstate business statement?
- A. Meet personal performance criteria
- B. Trigger performance related compensation
- C. Show a pattern of growth to support sale of a business
- D. Comply with debit covenants
Answer: D
NEW QUESTION # 61
Which of the following is an insurance fraud detection tool that uses computer-generated reports to compare payments going to the same location and identify funds fraudulently sent to brokers?
- A. Electronic confirmations
- B. Address similarity reports
- C. Vendor master lists
- D. Payroll reports
Answer: A
NEW QUESTION # 62
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. False specification
- B. Deliberate writing of vague specifications
- C. Need recognition
- D. Bid-splitting
Answer: B
NEW QUESTION # 63
Which of the following offender types in which people who take the money and run away?
- A. None of the above
- B. Offender types
- C. Long-term violators
- D. Absconders
Answer: D
NEW QUESTION # 64
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Voided checks
- B. Missing checks
- C. Duplicate checks
- D. Payable checks
Answer: B
NEW QUESTION # 65
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:
- A. Traditional identity theft
- B. Synthetic identity theft
- C. Criminal identity theft
- D. New account identity theft
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/selfstudy.aspx?zid=2c92a0fe6a07e3e5016a27279adf4045
NEW QUESTION # 66
Financial statement fraud can BEST be describes as:
- A. The intentional or accidental misstatement of amounts in the financial statements
- B. The misstatement or omission of financial information for the purpose of personal gain
- C. The intentional understatement of assets or overstatement of liabilities on the balance sheet
- D. The deliberate misrepresentation of a company's financial condition
Answer: C
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/financial-theory/11/detecting-financial-fraud.asp
NEW QUESTION # 67
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. None of the above
- C. Presolicitaion
- D. Kickbacks
Answer: D
NEW QUESTION # 68
Which of the following is one of the sections on the statement of cash flows?
- A. Cash flows from purchasing activities
- B. Cash flows from strategic activities
- C. Cash flows from earnings activities
- D. Cash flows from financing activities
Answer: D
NEW QUESTION # 69
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
NEW QUESTION # 70
Which of the following is NOT a method of identity theft prevention recommended for businesses?
- A. Restrict employees' access to customers' personal information.
- B. Collect customers' government identification numbers only when legally required to do so.
- C. Use encryption to protect information sent internally through the company's wireless network.
- D. Require employees to use laptops rather than desktop computers.
Answer: D
NEW QUESTION # 71
According to the recommended methodology for responding to cybersecurity incidents, which of the following activities should occur during the preparation step?
- A. Identifying all incidents of breach that occurred
- B. Limiting the damage caused by the attack
- C. Restoring control of the affected systems
- D. Creating an incident response plan
Answer: D
Explanation:
Explanation/Reference: https://www.exabeam.com/incident-response/steps/
NEW QUESTION # 72
Which of the following is the MOST APPROPRIATE technique for detecting a cost mischarging scheme?
- A. Inspecting questioned goods or materials by examining packaging, appearance, and description
- B. Comparing the direct and indirect labor account totals from the prior year to the current year
- C. Examining any change orders submitted by a contractor that add new items
- D. Reviewing the inspection and testing reports of questioned goods or materials
Answer: A
NEW QUESTION # 73
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