Free Access to ACFE.CFE-Financial-Transactions-and-Fraud-Schemes.v2023-01-29.q93 with Valid Practice Test (Page 10)

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.Obtain email addresses and other account log-in information using phishing emails.
D.Place orders for products or transfer funds from the overtaken accounts.

Which of the following statements describes a best practice for preventing contract and procurement fraud?

A.Companies should have vendor-monitoring procedures that are based on the red flags of the vendor schemes that pose the greatest risk.
B.Companies should not conduct background checks on vendors until after they are added to the vendor master file.
C.Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability over time.
D.Companies should permit the person who maintains the vendor master file to have the authority to approve invoices for payment.

Which of the following statements is TRUE regarding electronic payment tampering?

A.Electronic payment tampering schemes leave a clear audit trail.
B.Companies should use separate bank accounts for paper and electronic transactions.
C.Positive pay is not available on ACH transactions.
D.The individual who makes electronic payments on the company's behalf should also set up ACH filters to ensure only designated individuals get paid.

Which of the following can constitute a bribe, even if the illicit payment is never actually made?

In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.

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