ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?
A) Send a communication to all of the customer's previous residences to verify that they lived at those locations.
B) Require that the customer's employer submit a letter of recommendation to the financial institution.
C) Contact third-party credit reporting agencies and customer identification services to verify the customer' s identity.
D) Question when customers use small cash deposits to open an account with the financial institution.
2. Skylar messages Timothy on a social media platform even though they have never met and expresses romantic interest. When Timothy responds, Skylar asks him to move the conversation to an outside messaging platform, and they develop a romantic relationship over several months through their communications. During this time, Skylar never requests that Timothy send her money or items of value, but she does convince him to make several large purchases of cryptocurrencies through a new cryptocurrency exchange. When Timothy tries to sell the cryptocurrency at a profit and withdraw his funds, Skylar stops responding to his messages, and he discovers the cryptocurrency exchange did not actually exist. Timothy is a victim of:
A) A pump-and-dump scheme
B) A Ponzi scheme
C) An advance-fee scheme
D) A pig butchering scheme
3. Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?
A) Combining the purchasing and payment functions within a single department
B) Requiring all fraud tips to be reported to employees' direct supervisors
C) Enforcing competitive bidding from potential vendors
D) Using an external vendor to negotiate procurement contracts
4. Which of the following terms BEST describes a property and casualty insurance scheme that involves filing an insurance claim for destroyed items, such as a boat or expensive equipment, that never actually existed?
A) Staged theft scheme
B) Paper property scheme
C) Inflated inventory scheme
D) Inflated theft scheme
5. The most basic skimming scheme occurs when:
A) An employee buys goods or services from a stakeholder, drops the stakeholder's payment and makes record of the purchase too.
B) An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
C) An employee buys goods or services from a customer, drops the customer's payment, but makes no record of the purchase.
D) An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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