OIC Financial Crimes & Fraud Investigation 3

Question 1

What role does forensic accounting play in a financial crimes investigation?

Accepted Answer

It applies accounting and auditing skills to analyze financial evidence for legal proceedings

Answer

It provides psychological profiling of white-collar criminals

Answer

It manages the seizure and storage of physical currency evidence

Answer

It evaluates the solvency of businesses during bankruptcy proceedings

Question 2

What is 'skimming' in the context of financial fraud?

Accepted Answer

Removing cash from a business before it is recorded in the accounting system

Answer

Copying credit card data using a hidden electronic device at point-of-sale terminals

Answer

Intercepting electronic fund transfers before they reach the intended recipient

Answer

Diverting a portion of payroll deposits into unauthorized accounts

Question 3

What is 'phishing' in the context of financial crimes?

Accepted Answer

Using deceptive electronic communications to trick victims into revealing financial credentials

Answer

Monitoring online forums for financial crime tips using undercover identities

Answer

Hacking financial institution databases to extract customer account data

Answer

Placing fraudulent ATM overlays to capture card information

Question 4

What is the general federal statute of limitations for wire fraud and bank fraud offenses?

Accepted Answer

10 years from the date of the offense

Answer

3 years from the date of the last fraudulent act

Answer

5 years from the date of the offense

Answer

7 years from the date of discovery

Question 5

In financial fraud investigations, what does the term 'layering' refer to?

Accepted Answer

Creating complex layers of financial transactions to obscure the origin of illicit funds

Answer

Recruiting multiple participants at different levels to perpetuate a Ponzi scheme

Answer

Establishing multiple shell companies in different states to avoid detection

Answer

Concealing financial crime evidence beneath legitimate business records

Question 6

Which of the following best describes 'identity theft' as it relates to financial crimes?

Accepted Answer

Fraudulently obtaining and using another person's personal identifying information for financial gain

Answer

Impersonating a law enforcement officer to gain access to financial records

Answer

Creating a fictitious business identity to obtain fraudulent loans

Answer

Using a deceased person's name to collect government benefits

Question 7

When conducting a financial fraud investigation in Oregon, which state agency has primary regulatory authority over financial institutions and can assist with financial crime investigations?

Accepted Answer

Oregon Division of Financial Regulation (DFR)

Answer

Oregon Department of Justice Consumer Protection Division

Answer

Oregon Secretary of State Audits Division

Answer

Oregon Department of Revenue Criminal Enforcement Unit