Exam CFE - Financial Transactions and Fraud Schemes topic 1 question 94 discussion

Actual exam question from ACFE's CFE - Financial Transactions and Fraud Schemes

Question #: 94
Topic #: 1

[All CFE - Financial Transactions and Fraud Schemes Questions]

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?

A. Mail PINs and other associated account information together to reduce their chances of being lost in the email.
B. Send a welcome letter to new customers to determine if the address submitted on the account application is valid.
C. Track the use of an access device for the next several days if a customer reports that it has been lost or stolen.
D. Make the same employee responsible for both the issuance of PINs and access devices.

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Suggested Answer: D 🗳️

by vynyfulu at April 5, 2025, 12:19 p.m.

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_denw

1 week, 3 days ago

Selected Answer: B

It helps verify customer identity and address before any sensitive materials (like debit cards or PINs) are sent. It’s low-cost, proactive, and helps detect synthetic or stolen identities — a common tactic in EFT fraud.

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