ACFE CFE-Fraud-Schemes-and-Financial-Crimes Actual Free Exam Questions & Community Discussion

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: Aug 05, 2026

Question #1

Malcolm is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Malcolm is implementing preventive measures. What is one measure Malcolm can take to prevent EFT fraud?

A. Employ multifactor authentication to verify transfers via electronic bill presentment and payment (EBPP) or person-to-person (P2P) systems.

B. Ensure that the same employee handles both PIN issuance and access device information to limit the number of people accessing this information.

C. Send electronic communications containing usernames in an unencrypted format to ensure that the intended recipient can access them.

D. Send online banking portal PINs, usernames, and passwords in a single communication to ensure the information is not lost or intercepted.

Discussion 0

Correct Answer: A Vote an answer

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Question #2

Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

A. Pay and return scheme

B. Personal purchases with company funds

C. Pass-through scheme

D. Theft of inventory

Discussion 0

Correct Answer: B Vote an answer

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Question #3

Which of the following options is the BEST example of a technical security control that organizations can use to block unauthorized or unverified transmissions?

A. Firewalls

B. Application security

C. Cipher locks

D. Data classification

Discussion 0

Correct Answer: A Vote an answer

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Question #4

Which of the following is NOT a measure that is commonly taken by fraudsters during account takeover schemes?

A. Ensuring that the contact information for the overtaken account remains the same to avoid alerting the true account holder

B. Obtaining email addresses and other account log-in information by sending phishing emails

C. Placing orders for products or transferring funds from the overtaken accounts

D. Using log-in credentials that have been stolen from one account to attempt to gain access to other payment accounts

Discussion 0

Correct Answer: A Vote an answer

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Question #5

Which of the following is a reason why prepaid debit and gift card fraud schemes are appealing to fraudsters?

A. Prepaid cards can be purchased with stolen credit cards and used to quickly convert illicit credit card funds into legitimate cash.

B. Prepaid cards are often not accepted by online retailers and can only be used in transactions in which the cards must be physically present.

C. Prepaid cards can only be purchased from financial institutions.

D. All of the above are reasons why prepaid cards are appealing to fraudsters.

Discussion 0

Correct Answer: A Vote an answer

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Question #6

When an individual commits a forged filing scheme, they often perform which of the following actions?

A. Collude with inventory suppliers to create false invoices.

B. Purchase a considerable amount of goods through credit.

C. Obtain an insurance policy using illicit assets.

D. Use stolen identities to make a bankruptcy claim.

Discussion 0

Correct Answer: D Vote an answer

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Question #7

Which of the following scenarios is an example of an economic extortion scheme?

A. A purchasing employee and vendor agree to bill the company for services that were not provided.

B. A government official demands money in exchange for awarding a contract to a vendor.

C. An employee receives a payment for directing excess business to a vendor.

D. A vendor rewards a purchasing employee with a free trip after the employee directs business to the vendor.

Discussion 0

Correct Answer: B Vote an answer

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Question #8

In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?

A. Kickbacks

B. Bid solicitation

C. Bid-rigging

D. Competitive bidding

Discussion 0

Correct Answer: D Vote an answer

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