CFE-Financial-Transactions-and-Fraud-Schemes Dumps To Pass ACFE Exam in 24 Hours – BraindumpStudy [Q112-Q128]

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NO.112 Which of the following statements about competitive intelligence is CORRECT?

Competitive intelligence is considered a legitimate business function.

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

Competitive intelligence and corporate espionage describe identical practices.

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

NO.113 A travel agency offered to provide free travel and entertainment to Rosa, the purchasing agent of Frame Scene, a retail company. In return, Rosa agreed to book all of Frame Scene’s corporate trips through the travel agency.
Which of the following best describes the type of corruption scheme in which Rosa engaged?

Economic extortion scheme

Diversion scheme

Kickback scheme

Illegal gratuity scheme

NO.114 Which of the following actions can make mobile payments more secure?

Using the same log-in credentials for all payment applications

Activating biometric authentication to verify the user’s identity

Disabling the biometric features on a newer mobile device

None of the above

NO.115 Which of the following is a method of identity theft prevention recommended for individuals?

Install security updates and patches for personal computers every six months.

Avoid the use of biometric authentication to ensure the security of fingerprints, voice patterns, and other identifying information.

Do not reuse the same answers to security questions for more than two accounts.

Create passwords that are at least eight characters long and contain a combination of letters, numbers, and symbols.

NO.116 __________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.

Conflict of interest

Turnaround sale or flip

Disclosure

Resource diversion

NO.117 Which of the following is one of the sections on the statement of cash flows?

Cash flows from purchasing activities

Cash flows from financing activities

Cash flows from earnings activities

Cash flows from strategic activities

NO.118 Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?

Pharming is the practice of changing a victim’s email or mailing address so that the identity thief receives the victim’s mail.

Dumpster diving involves searching for sensitive personal information on used computers that have been purchased from a reseller.

Shoulder surfing is the practice of exploiting another person’s access capability to gain access to restricted areas.

Baiting involves leaving flash drives or similar items that have been infected with malware in places where people are likely to find them.

NO.119 Which of the following statements describes a best practice for preventing contract and procurement fraud?

Companies should have vendor-monitoring procedures that are based on the red flags of the vendor schemes that pose the greatest risk.

Companies should not conduct background checks on vendors until after they are added to the vendor master file.

Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability over time.

Companies should permit the person who maintains the vendor master file to have the authority to approve invoices for payment.

NO.120 Which of the following is TRUE regarding ghost employee schemes?

The ghost employee must be a fictitious person.

The ghost employee must be classified as an exempt employee.

The ghost employee must be someone who has never worked for the victim company.

The ghost employee must be added to the payroll.

NO.121 Which of the following is a TRUE statement regarding pyramid schemes?

It is illegal to design an organization to have a pyramidal structure for any purpose

Illegal pyramid scheme participants make their money chiefly by recruiting new members

Illegal pyramids are designed to pay off later investors, not the earliest ones

None of the above

NO.122 All of the following are common ways that a procuring employee might engage in a bid manipulation scheme EXCEPT:

Charging for costs that are not allowable

Altering bids

Opening bids prematurely

Extending bid opening dates without justification

NO.123 Tram is a branch manager at a financial institution. She is responsible for putting several preventive measures into effect to safeguard the bank and its customers from electronic funds transfer (EFT) fraud. Which of the following is a measure Tram should take to prevent EFT fraud?

Mail PINs and other associated account information together to reduce their chances of being lost in the email.

Send a welcome letter to new customers to determine if the address submitted on the account application is valid.

Track the use of an access device for the next several days if a customer reports that it has been lost or stolen.

Make the same employee responsible for both the issuance of PINs and access devices.

NO.124 In Cressey’s fraud triangle, its three legs are Opportunity, Pressure, and:

Violation

Isolation

Rationalization

None of the above

NO.125 Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.

True

False

NO.126 Which of the following situations describes a red flag that might be indicative of loan fraud?

A loan file contains missing documents that are later found in another file.

There is low turnover in a real estate developer’s personnel.

A change order is submitted at the same time as a draw request.

The number of change orders for a small project continues to increase.

NO.127 The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.

Bid-splitting

Sealed bids

General purchasing

Tailor specifications

NO.128 Which of the following is a method that a fraudster might use to conceal inventory shrinkage?

Placing empty boxes on warehouse shelves

Selling merchandise without recording the sale

Falsely increasing the perpetual inventory figure

All of the above

The Certified Fraud Examiner (CFE) certification is a globally recognized credential in the field of anti-fraud. It is awarded by the Association of Certified Fraud Examiners (ACFE), a professional organization that provides education and training to anti-fraud professionals. The CFE certification is designed to demonstrate a candidate’s knowledge and expertise in detecting, preventing, and investigating various types of fraud.

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