ACFCS Financial Crime Specialist : CFCS

You are a compliance officer at a payment card provider You have been dealing with a number of suspected identity theft cases and are reviewing your policies and procedures to highlight red flags within customer behaviors that might be indicative of stolen identities.
Which are red flags in detecting and investigating identity theft? Choose 2 answers

• A. The area code of the customer s personal phone number does not match the area code of his business phone number
• B. Mail sent to the customer is returned repeatedly as undeliverable even though transactions are being conducted on the account
• C. An account that has been inactive for a long time has been closed by the customer
• D. The person presenting the identification seems to be much younger than his photo

Joe Brown a new small business owner wants lo open a new business account at Mega Bank. He Sils down with a bank officer who is very friendly and asks about his new business and his family Joe becomes uncomfortable about sharing so much information about himself with a stranger. He expresses his concern and the bank officer tells him that this information is required for anyone opening a newaccount with Mega Bank and that every other bank is going to ask him the same questions.
Assuming it is a low-risk customer which information does a bank need to collect and then verify from a new account holder?

• A. Financial documents on Joe's income and source of funds
• B. Joe's previous employment information and income
• C. Business name industry address tax identification number and corporate documents
• D. Number of employees expected transactions and types of expenses

An investigator was retained by Corporation A to locale and recover assets in a significant civil Fraud matter.
During this engagement the investigator uncovers significant assets and relers them to the legal team for seizure.
The investigator is later engaged by Corporation B to locate and recover assets in a separate civil fraud matter. During the asset identification process the investigator learns that Corporation B and Corporation A have competing interests and are both pursuing assets from the same subject.
Since only a few weeks have elapsed the investigator uses the information developed for Corporation A and merely updates the information. He submits an invoice to Corporation B for the number of hours it would have taken to properly complete the project if there were no pre-existing work that had already been completed.
Were the investigator's actions appropriate?

• A. No, it is appropriate lo invoice for Ihe amount of work required but sharing client information is inappropriate
• B. Yes, Ihe investigator was prudent to capitalize on his prior work effort and share the information
• C. Yes, invoicing another client for the amount of work it would have taken is appropriate
• D. No, the investigator should not double invoice and should disclose lo Corporation B his potential conflict of interest with Corporation A

You work in a federal government agency processing benefits for millions of people who meet a specified sell of conditions (e. g, age, business size, medical necessity). The requests for benefits are filed electronically. Knowing that Fraudsters often falsely claim eligibility you have been asked to recommend analytical solutions to reduce the fraud across the agency's operations.
Which analytical or investigative method would MOST effectively identify potential fraudsters at the agency's enterprise level of operations?

• A. Proactively screen transactions or claim requests against established business rules or criminal patterns prior to payment
• B. Partner will a law enforcement agency to review each applicant prior to paying any benefits
• C. Check for negative news information about applicants
• D. Begin reviewing historical tax information to possibly conduct an audit of all suspicious applicants

A law enforcement agent is investigating a properly within her jurisdiction that she believes may have been purchased with the proceeds of an online Fraud scheme. The property in question is a luxury condominium in a high-end residentialcommunity in a large urban area. It does not appear to be currently occupied and the agent suspects the properly might be used to integrate the fraudster s illicit profits.
After reviewing the case notes collected to date in the investigation the agent determines that the properly was purchased in the name of a shell company formed in another jurisdiction known for a high degree of corporate secrecy The agent is seeking to identity the beneficial owner of the properly to tie its purchase back to the proceeds of the fraud scheme.
Which is Ihe BEST next step in her investigation to find sources ol information that could identify the property's beneficial owner?

• A. Submit a mutual legal assistance treaty (MLAT) request to the authorities ol the jurisdiction where the shell company is located to ask for their help in the case
• B. Subpoena all financial institutions in the property s surrounding area to determine it any helped facilitate the sale of the property
• C. Subpoena the title insurance agency that assisted with reviewing and underwriting the transfer ol the property's title
• D. Conduct physical surveillance on the property and surrounding area to determine who is living in the location