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[Hardware] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Practice Test Questions U

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【Hardware】 ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Practice Test Questions U

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q142-Q147):NEW QUESTION # 142
Which of the following is NOT a measure commonly taken by fraudsters during account takeover schemes?
  • A. Avoid accessing multiple payment accounts with the same stolen log-in credentials.
  • B. Change account contact information to avoid alerting the true account holder.
  • C. Place orders for products or transfer funds from the overtaken accounts.
  • D. Obtain email addresses and other account log-in information using phishing emails.
Answer: B

NEW QUESTION # 143
Which of the following statements describes a best practice for preventing contract and procurement fraud?
  • A. Companies should conduct background checks on all vendors before they are added to the vendor master file.
  • B. Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.
  • C. Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.
  • D. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conducting vendor background checks before adding them to the master file is a strong preventive control against shell companies, conflicts of interest, and vendor collusion. It helps ensure vendor legitimacy before business begins.
* Analysis of Incorrect Options:
* B - Too broad; monitoring should focus on practical red flags, not "all schemes."
* C - Violates segregation of duties, increasing fraud risk.
* D - Monitoring should be ongoing, not limited to once a year.
* Key Concept: Procurement fraud prevention through vendor due diligence and segregation of duties.
Reference: ACFE Manual, Corruption - Contract and Procurement Fraud Controls.

NEW QUESTION # 144
Which of the following actions can make mobile payments more secure?
  • A. None of the above
  • B. Using the same log-in credentials for all payment applications
  • C. Disabling the biometric features on a newer mobile device
  • D. Activating biometric authentication to verify the user's identity
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Biometric authentication (e.g., fingerprint, facial recognition) strengthens payment security by ensuring that only the authorized user can approve transactions, reducing the risk of unauthorized access even if credentials are stolen.
* Analysis of Incorrect Options:
* A - Using the same credentials increases exposure to credential-stuffing attacks.
* C - Disabling biometrics weakens, not strengthens, security.
* D - Incorrect since B is valid.
* Key Concept: Cyberfraud prevention - authentication and mobile payment controls.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Measures.

NEW QUESTION # 145
Which of the following is NOT a method for stealing inventory and other assets?
  • A. Asset requisition and transfer
  • B. Purchasing and receiving schemes
  • C. Sales & Equipment handling
  • D. Larceny schemes
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Recognized schemes for stealing inventory include:
* Larceny schemes (direct theft)
* Asset requisition and transfer schemes (false requisitions to divert assets)
* Purchasing and receiving schemes (over-ordering or falsifying deliveries).
"Sales & Equipment handling" is not a defined fraud scheme, making D correct.
* Analysis of Incorrect Options:
* A. Larceny schemes - Valid theft method.
* B. Asset requisition and transfer - Document manipulation method.
* C. Purchasing and receiving schemes - Valid misappropriation scheme.
* Key Concept:Inventory theft schemes under the Fraud Tree.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Inventory and Other Assets - Theft Schemes.

NEW QUESTION # 146
Which of the following is an example of a technical security control that organizations can use to secure computer systems and communication networks?
  • A. Encryption
  • B. Cipher locks
  • C. Human audits
  • D. Penetration testing
Answer: A
Explanation:
Explanation/Reference: https://purplesec.us/security-co ... 0controls%20include,Firewalls


NEW QUESTION # 147
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