Top 11 Fraud Investigator Certifications

Certifications are important for fraud investigators in the job market because they demonstrate a certain level of expertise and knowledge. They also serve as a form of validation for prospective employers, which can help to increase the credibility and trustworthiness of an applicant. Additionally, certifications can help to differentiate one candidate from another, since they are proof that the individual has taken the time to gain additional education and training in their specialized field. Finally, certifications may also be necessary or preferred by some employers when considering applicants for certain positions.

The purpose of this article is to review some of the top certifications available for Fraud Investigators and explain how they can help to further a fraud investigator's career.

What are Fraud Investigator Certifications?

Fraud investigator certification is a program designed to provide fraud investigators with the knowledge, skills, and abilities needed to detect and investigate fraudulent activities. This certification is offered through a variety of organizations and can be obtained by completing an online course or through in-person training.

The certification provides fraud investigators with the necessary tools to identify fraudulent activity, analyze evidence, interview witnesses, and present clear findings. It also helps them develop an understanding of the laws governing fraud investigation, as well as best practices for conducting investigations. Additionally, the certification teaches fraud investigators how to develop strategies for preventing future occurrences of fraud.

This certification can help fraud investigators strengthen their credentials when seeking employment opportunities and increase their chances of being hired for a position. It can also enable them to take on more complex cases due to their increased knowledge of investigative techniques and legal requirements. In addition, having this credential can provide fraud investigators with greater credibility when presenting evidence in court proceedings or testifying before a jury.

Pro Tip: When selecting a fraud investigator certification program, make sure to review the course curriculum and instructor credentials to ensure that the program provides an up-to-date and comprehensive understanding of anti-fraud techniques. Additionally, look for programs that offer continuing education opportunities in order to stay current on best practices and emerging fraud trends.

Related: What does a Fraud Investigator do?

Top 11 Fraud Investigator Certifications

Here’s our list of the best certifications available to Fraud Investigators today.

1. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation awarded by the Association of Certified Fraud Examiners (ACFE). The CFE credential recognizes individuals who have demonstrated expertise in detecting and deterring fraud.

The CFE qualification requires applicants to demonstrate knowledge, skills, and abilities in four key areas: financial transactions and fraud schemes, investigative techniques, law, and criminology. Candidates must also pass an examination that tests their proficiency in these areas.

To become a Certified Fraud Examiner, candidates must meet the following requirements:

- Have at least two years of professional experience in the field of fraud prevention or investigation;

- Successfully complete a comprehensive four-hour CFE Examination;

- Agree to abide by the ACFE Code of Professional Ethics; and

- Pay all applicable fees.

The CFE Exam is offered twice annually – once in May and once in November – at testing centers around the world. The exam consists of 200 multiple choice questions covering topics such as financial transactions and fraud schemes, investigative techniques, law, and criminology. Candidates have three hours to complete the exam.

The cost to take the CFE Exam is $395 for members of the ACFE ($495 for nonmembers). This fee covers registration for one exam session. Additionally, there are fees associated with membership in the ACFE ($175/year for members; $225/year for nonmembers).

2. Certified Anti-Money Laundering Specialist (CAMS)

Certified Anti-Money Laundering Specialist (CAMS) is a professional certification offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). This certification is designed to provide individuals with the knowledge and skills necessary to detect, prevent, and report money laundering activities. It is intended for professionals who work in the financial services industry, such as bankers, compliance officers, auditors, attorneys, and regulators.

The CAMS certification requires a candidate to pass an examination that covers topics such as anti-money laundering laws and regulations, risk management practices, financial crimes investigation techniques, and customer due diligence. The exam consists of 200 multiple choice questions and must be completed within 3 hours. In order to qualify for the exam, candidates must have at least two years of relevant experience in the field or hold an equivalent degree from an accredited college or university.

It typically takes about 4-6 weeks to prepare for the CAMS exam. Candidates should review study materials provided by ACAMS or purchase a study guide from a third party provider. Additionally, there are online courses available that can help prepare for the exam.

The cost of obtaining the CAMS certification varies depending on whether or not you are an ACAMS member. For non-members, the cost is $1,295 USD plus applicable taxes; for members it is $995 USD plus applicable taxes.

3. Certified Forensic Accounting Professional (CFAP)

Certified Forensic Accounting Professional (CFAP) is a professional designation granted by the American College of Forensic Examiners Institute (ACFEI). It is designed to recognize professionals who have demonstrated expertise in the field of forensic accounting and financial investigation.

To become a CFAP, an individual must complete a comprehensive course of study and pass an examination that covers topics such as fraud prevention and detection, investigative techniques, legal aspects of forensic accounting, and financial statement analysis. The program also includes a practicum project that requires the applicant to demonstrate their knowledge in a practical setting.

The program typically takes between 6-12 months to complete depending on the individual’s background and experience. To begin the process, applicants must first register with ACFEI and pay an application fee. Once accepted into the program, they will be required to complete all coursework and successfully pass the examination.

The cost of becoming a CFAP varies based on several factors including location, course materials, and exam fees. Generally speaking, it can range from $2,000 - $5,000 USD depending on these variables.

4. Certified Financial Crime Investigator (CFCI)

Certified Financial Crime Investigator (CFCI) is a certification program offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). It is designed to give financial crime professionals the knowledge and skills necessary to identify, investigate, and report financial crimes. The CFCI certification is recognized as a professional credential in the field of financial crime investigation.

The CFCI program consists of two parts: an online course and an in-person exam. The online course covers topics such as money laundering, terrorist financing, fraud, cybercrime, and more. It takes approximately 8-10 hours to complete the course. After completing the online course, applicants must pass a proctored exam at an ACAMS testing center.

The cost for the CFCI certification program is $1,200 USD plus applicable taxes. This fee includes both the online course and the in-person exam. Applicants must also pay a $100 USD registration fee when they register for the exam.

In order to be eligible for the CFCI certification program, applicants must have at least two years of experience in financial crime investigation or related fields such as law enforcement or banking compliance. Additionally, applicants must be able to demonstrate knowledge of anti-money laundering laws and regulations.

5. Certified Fraud Prevention Professional (CFPP)

Certified Fraud Prevention Professional (CFPP) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). This certification is designed to recognize individuals who have demonstrated expertise in fraud prevention and detection.

The CFPP program consists of two parts: an online exam and a practical application. The online exam covers topics such as fraud prevention, detection, investigation, and prosecution. It also covers topics related to ethics and professional conduct. The practical application requires candidates to demonstrate their knowledge through case studies, simulations, and other activities.

The CFPP program typically takes about six months to complete. Candidates must pass the online exam with a score of 70% or higher in order to be eligible for the practical application portion of the program.

The cost of the CFPP program varies depending on where you take it. Generally speaking, it can range from $1,000-$2,000 USD for all materials and fees associated with taking the course.

In order to become certified as a CFPP, candidates must successfully complete both parts of the program and maintain their certification by completing continuing education requirements every two years.

6. Certified Forensic Interviewer (CFI)

A Certified Forensic Interviewer (CFI) is a professional who has been trained to conduct forensic interviews of victims, witnesses, and suspects in criminal cases. The CFI credential is recognized internationally as a mark of excellence in the field of forensic interviewing.

To become a CFI, an individual must meet certain criteria and pass an exam administered by the International Association of Interviewers (IAI). To be eligible for the exam, applicants must have at least two years of experience conducting investigative interviews and/or completing training related to investigative interviewing. The exam consists of 150 multiple-choice questions that cover topics such as legal issues, interviewing techniques, investigative strategies, report writing, and ethics.

The exam takes approximately three hours to complete and can be taken at any approved IAI testing center. The cost for the exam depends on whether or not you are an IAI member; it is $250 for non-members and $200 for members. Upon successful completion of the exam, applicants will receive their CFI certification which is valid for three years.

7. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). The CIA is the most recognized internal audit certification in the world and is designed to demonstrate knowledge, expertise, and proficiency in the practice of internal auditing.

The CIA designation requires passing three exams: Part 1: Essentials of Internal Auditing; Part 2: Practice of Internal Auditing; and Part 3: Business Knowledge for Internal Auditing. Each part consists of multiple-choice questions that must be completed within four hours.

To get the CIA designation, you must meet certain eligibility requirements and pass all three parts of the exam. You must have a minimum of a bachelor’s degree from an accredited college or university, or equivalent work experience. You must also have at least two years of professional experience in internal auditing, control, or related fields.

The cost to take the CIA exam varies depending on where you take it and which country you are taking it in. In general, it costs around $1,000 USD for all three parts combined.

8. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation granted by the American Institute of Certified Public Accountants (AICPA). A CPA is an accountant who has passed the Uniform CPA Examination, met additional state education and experience requirements, and been licensed by their state board of accountancy.

The process to become a CPA varies by state. Generally, it takes four years of college-level accounting courses and two years of public accounting experience to qualify for the exam. Once you have met these requirements, you can apply to take the Uniform CPA Exam. The exam consists of four sections: Auditing & Attestation, Business Environment & Concepts, Financial Accounting & Reporting, and Regulation.

The cost to take the exam varies by state but typically ranges from $800-$1,500 depending on how many sections you are taking at once. After passing all four sections of the exam, there may be additional fees associated with applying for your license in your state. These fees range from $50-$400 depending on your state’s requirements.

Once you have received your license from your state board of accountancy, you can begin practicing as a Certified Public Accountant (CPA).

9. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, formerly known as AIMR (Association for Investment Management and Research). The CFA Program is a self-study, graduate-level program divided into three levels that cover topics such as investment tools, asset valuation, portfolio management techniques, and ethical and professional standards. It is a globally recognized credential that measures an individual’s ability to apply real-world investment analysis and portfolio management skills.

It typically takes about two to four years to complete the CFA Program depending on how much time you can devote each week. To become a CFA charterholder, you must pass all three levels of the exam within four years. You also need to have at least four years of qualified work experience in the investment decision-making process or in a related field.

To get started with the CFA Program, you must first register with the CFA Institute. You will then receive study materials which include textbooks, practice exams, webinars, online courses, and other resources. After studying the material and taking practice exams to prepare for the actual exam, you can register for one or more levels of the exam.

The cost of registering for each level of the CFA Program varies depending on when you register and whether or not you are eligible for discounts offered by employers or universities. Generally speaking, it costs around $1,000 USD per level plus additional fees for registration and study materials.

10. Accredited Financial Crime Specialist (AFCS)

Accredited Financial Crime Specialist (AFCS) is a professional certification that demonstrates an individual’s knowledge and expertise in the field of financial crime prevention. This certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). It is designed to help professionals in the financial services industry identify, prevent, detect, and respond to money laundering and other financial crimes.

The AFCS certification requires applicants to have at least two years of experience in a relevant field such as banking, accounting, law enforcement, or compliance. Applicants must also pass an online exam that covers topics such as risk management, anti-money laundering laws and regulations, suspicious activity monitoring and reporting, fraud prevention techniques, and more.

The exam takes approximately three hours to complete and costs $395 USD. After passing the exam, applicants will receive their AFCS certificate within four weeks. The certification is valid for three years from the date of issue.

To maintain their AFCS certification status, individuals must complete at least 20 hours of continuing education credits every year. ACAMS also offers additional courses that can be taken to earn these credits.

11. Chartered Global Management Accountant (CGMA).

Chartered Global Management Accountant (CGMA) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). The CGMA designation recognizes professionals who have demonstrated advanced knowledge, experience, and skills in management accounting.

It typically takes between two and four years to obtain the CGMA designation. To become a CGMA, you must complete an approved educational program, pass the CGMAP Exam, and meet certain work experience requirements. The CGMAP Exam consists of three parts: Financial Reporting & Analysis; Strategic Business Management; and Performance Management.

The cost for obtaining the CGMA designation varies depending on your country of residence. Generally speaking, it costs around $1,000 USD to register for the CGMAP Exam and related materials. In addition, there may be additional fees associated with taking continuing education courses or attending seminars related to management accounting.

Once you have obtained the CGMA designation, you will need to pay annual maintenance fees to maintain your credential. These fees are usually around $150 USD per year.

Do You Really Need a Fraud Investigator Certificate?

The short answer is no. You do not need a fraud investigator certificate to become a successful fraud investigator. However, having one can certainly give you an edge in the job market and in your career as a fraud investigator.

Having a fraud investigator certificate proves that you have the right credentials and knowledge to effectively investigate cases of fraud and white-collar crime. It also shows potential employers that you are committed to staying up-to-date on the latest trends and techniques in the field of fraud investigation.

While having a certificate isn’t necessary, it can be beneficial for those interested in progressing their career as a fraud investigator or working in a specialized area of investigation, such as cybercrime or financial crimes. Certificates may also be required if you desire to work with law enforcement or other government organizations in the fight against financial crime.

In most cases, obtaining a certificate requires taking classes from an accredited school or institution, although some employers may offer certification programs through their own companies instead. The courses usually cover topics such as forensic accounting, criminal psychology, data analysis and investigative interviewing techniques - all important skills for any successful fraud investigator.

In summary, while having a fraud investigator certificate is not necessarily required for success in this field, it can help give you an edge over other applicants when applying for jobs and provide evidence of your commitment to professional development within the industry.

Related: Fraud Investigator Resume Examples

FAQs About Fraud Investigator Certifications

1. What is a Fraud Investigator Certification?

Answer: A Fraud Investigator Certification is a credential that demonstrates proficiency in the principles and practices of fraud investigation, including the detection, prevention, and investigation of various types of fraud.

2. Who should get a Fraud Investigator Certification?

Answer: Anyone who works in the field of fraud investigation or is looking to enter the field should consider getting a Fraud Investigator Certification. This includes law enforcement officers, financial auditors, private investigators, and other professionals involved in fraud investigations.

3. How do I become certified as a Fraud Investigator?

Answer: To become certified as a Fraud Investigator, you must complete an approved certification program which typically requires completion of coursework and/or passing an exam. Some certifications may also require practical experience or additional training.

4. Are there any prerequisites for taking a Fraud Investigator Certification exam?

Answer: Yes, some certifying organizations may have specific prerequisites such as completion of certain courses or having prior work experience in the field of fraud investigation before taking their certification exam. It is important to check with individual certifying organizations for their specific requirements before beginning any certification process.

5. How long does it take to complete a Fraud Investigator Certification program?

Answer: The length of time it takes to complete a certification program can vary depending on the specific requirements set by each certifying organization but typically ranges from six months up to one year or more for advanced certifications.