Free CFE-Fraud-Schemes-and-Financial-Crimes Questions for ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes CFE-Fraud-Schemes-and-Financial-Crimes Exam as PDF & Practice Test Engine

Exam Code/Number: CFE-Fraud-Schemes-and-Financial-Crimes
Exam Name/Title: Certified Fraud Examiner -Fraud Schemes and Financial Crimes
Certification Provider: ACFE
Corresponding Certification: Certified Fraud Examiner

Exam Questions: 355
Updated On: Jun 29, 2026

Question #1

Which of the following statements regarding new account fraud is MOST ACCURATE?

A. Fraud is more likely to occur in established accounts than in accounts that are newly opened.

B. New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.

C. Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.

D. Mobile deposits are at high risk for new account fraud because face-to-face transactions are not required.

Discussion 0

Correct Answer: D Vote an answer

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Question #2

All the following are basic methods used to prove corrupt payments in corruption schemes EXCEPT:

A. Secretly infiltrating ongoing transactions

B. Making inquiries to the relevant Administration of Taxation

C. Identifying and tracing payments through audit steps

D. Using an inside witness

Discussion 0

Correct Answer: A Vote an answer

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Question #3

Over two weeks, Samuel visits his financial institution multiple times and purchases bearer instruments with cash for amounts that are just under the mandatory reporting requirements for his jurisdiction. The financial institution's employees suspect that Samuel might be engaging in money laundering activity. Which of the following statements is TRUE if the jurisdiction's anti-money laundering regulations follow the Financial Action Task Force (FATF) Recommendations?

A. The financial institution is required to file a report of suspicious transactions with the appropriate authorities because the employees suspect money laundering violations.

B. The financial institution is required to file a cash transaction report for possible criminal activity with the appropriate authorities because cash was involved.

C. The financial institution is not required to file a report of suspicious transactions related to potential criminal activity because the amounts were below reporting requirements.

D. The financial institution is not required to file a report of suspicious transactions with the appropriate authorities because bearer instruments were involved.

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Correct Answer: A Vote an answer

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Question #4

Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:

A. A fictitious expense reimbursement scheme

B. A multiple expense reimbursement scheme

C. A mischaracterized expense reimbursement scheme

D. An overstated expense reimbursement scheme

Discussion 0

Correct Answer: B Vote an answer

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Question #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 customer, collects the customer's payment, but makes no record of the sale.

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 stakeholder, collects the stakeholder's payment and makes record of the sale too.

Discussion 0

Correct Answer: B Vote an answer

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Question #6

Accounting records are designed to be kept on subjective rather than objective evidence.

A. False

B. True

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Question #7

Which of the following is a red flag of a Ponzi scheme?

A. The investment strategy is very easy to understand.

B. A firm has a history of returns on investments that fluctuate based on market conditions.

C. There is pressure to take payouts rather than reinvest profits.

D. The financial manager manages, administers, and retains custody of investment funds.

Discussion 0

Correct Answer: D Vote an answer

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Question #8

Madison has been appointed as a bankruptcy administrator. According to the recommendations of the World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes, which of the following statements concerning Madison's role as bankruptcy administrator is MOST ACCURATE?

A. Madison may cancel any fraudulent contracts or transactions entered into by the debtor.

B. Madison may not force third parties with knowledge of the debtor's affairs to provide information.

C. Madison may collect a debtor's property, but a third party must dispose of it.

D. Madison may not interfere with contracts that were signed by the debtor.

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Question #9

Which of the following statements about competitive intelligence is CORRECT?

A. Competitive intelligence refers to government-sanctioned activities conducted to collect protected information from a foreign government.

B. Competitive intelligence involves the use of illegal, covert means to acquire information for commercial purposes.

C. Competitive intelligence and corporate espionage describe identical practices.

D. Competitive intelligence is considered a legitimate business function.

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Free CFE-Fraud-Schemes-and-Financial-Crimes Questions for ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes CFE-Fraud-Schemes-and-Financial-Crimes Exam as PDF & Practice Test Engine

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