This article provides a comprehensive review of over 20 years of research on the acceptance of false information regarding recently experienced events, examining various theoretical perspectives that attempt to explain this phenomenon. Key hypotheses evaluated include the trace alteration hypothesis, blocking hypothesis, task demands/strategic effects hypothesis, source monitoring, and an activation-based semantic memory account, highlighting the complexities and inconsistencies in the literature. Ultimately, the article proposes an activation-based semantic network model of memory as a framework for understanding the findings and guiding future research in this area.