Becoming a certified fraud investigator is a great way to further one’s career in the field of fraud prevention and detection. With fraud becoming an increasingly prevalent issue in our society, it is important for professionals to stay ahead of the curve and be equipped with the appropriate tools and certifications to ensure that they are well-prepared to handle the complexities of fraud cases. Earning a fraud investigator certification provides individuals with the knowledge and skills necessary to properly investigate, detect, and prevent fraud. Such a certification will also provide professionals with a competitive edge over other job candidates and allow them to have a greater impact in their current or future positions. In this blog post, we will explore the requirements, benefits, and implications of earning a fraud investigator certification.
How to become a Certified Fraud Examiner?
How to earn fraud investigator certification
You must have at least two years of professional experience in a field related to fraud, such as law, criminology, or accounting, in order to be eligible for certification. Additionally, you must concur with the ACFE’s code of professional ethics. After completing the subsequent steps, you can work toward your fraud investigator certification:
1. Obtain at least a bachelors degree in any field
If you don’t have a degree, you can still be considered if you have two years of professional experience for every year you spent in college.
2. Become a member of the Association of Certified Fraud Examiners
By becoming a member, you can get exam preparation assistance and network with other professionals in the industry.
3. Study and apply for the Certified Fraud Examiner examination
You can prepare for this by reading the Fraud Examiners Manual, enrolling in a four-day review course, or taking an online course. Additionally, you must present documentation of your training, work history, and three professional recommendations when applying. Within three to five days, your application will be approved.
4. Pass the CFE exam
Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence are all topics that fraud investigators must pass the CFE exam on. You can take the exam at any time online, but you have 30 days to finish it after starting it and you have to finish each section in one sitting. You have three tries to pass each section. To pass, you must correctly answer 75% of the questions in each section.
The benefits of earning your fraud investigator certification include:
Some states demand licenses for fraud investigators, especially those engaged in private investigations. Consider becoming a Certified Insurance Fraud Investigator through the International Association of Special Investigation Units if you intend to work solely in the insurance fraud industry. A college degree, professional investigative experience, as well as preparation for and passing an exam are requirements for this certification.
What is a fraud investigator?
A fraud investigator is a specialist who aids businesses, financial institutions, healthcare facilities, and government agencies in identifying and combating fraud. They may look into fraud involving credit cards, insurance claims, the mail, workers’ compensation, the internet, investments, telemarketing, and other types of fraud. A fraud investigators job responsibilities might include:
Fraud investigators often work closely with law enforcement and prosecutors. Some establish their own businesses and are hired by clients to look into fraud cases. They might work odd hours, including on the weekends and at night. Due to the rise in electronic fraud, there is an increasing demand for knowledgeable fraud investigators who are also skilled in technology.
FAQs about earning fraud investigator certification
These are some typical queries fraud investigators have regarding the certification procedure.
How much does certification cost?
The CFE exam costs $400. You pay a discounted exam fee of $300 if you purchased the CFE Exam Prep Course to prepare for it.
IASIU members pay $200 for the CIFI exam, while non-members must pay $400.
How can I prepare for the CFE Exam?
The four-day CFE Exam Review Course is one of the most thorough ways to prepare for the CFE exam. All through the year, the ACFE offers these courses across the nation. You can also enroll in the online CFE Exam Prep Course, which offers practice exams and sample questions. You can also study the Fraud Examiners Manual, which is where the ACFE gets all of its exam questions.
Where can I take the CFE exam?
Since the exam is entirely computer-based, you can take it whenever and wherever you like. The keys to unlock the exam will be sent to you via email once the ACFE approves your test application.
How long does the CFE exam take?
The CFE exam is divided into four sections, each of which takes two hours to complete. You have 75 seconds to answer each question. The exam is completed in eight to ten hours on average. However, as long as you complete each section within 30 days of starting, you can do so whenever you like.
Can I retake the exam?
Yes, you can pay a $25 fee per section to retake the CFE exam. You have three chances to pass each section. You can retake the exam for free if you purchased the CFE Exam Prep Course to prepare for it and failed.
What are my job options with a fraud investigator certificate?
Entry-level positions are available for newly certified fraud investigators in industries like law, insurance, and government. They can also submit applications for positions as a private detective, insurance adjuster, and many other positions.
How do I maintain my certification?
For certification renewal, certified fraud investigators must continue their education for at least 20 hours each year and pay their annual membership dues to the ACFE. The ACFE provides numerous opportunities for learning and activities that count toward those 20 hours.
FAQ
How long does it take to become a certified fraud examiner?
A Member’s Only Installment Plan with three monthly payments of $294 (payable only by credit card) is available to ACFE members. Payment includes administration fee. If applicable, tax will be added to your initial payment and is not included.
Is CFE a good certification?
The Association of Certified Fraud Examiners (ACFE) is a group that was established to combat business fraud and deception. Austin, Texas serves as the organization’s headquarters. It was established in 1988.
How much does CFE cost?
- Career Growth. Members have exclusive access to the ACFE Career Center and Job Board.
- A Global Network of Colleagues. …
- More Knowledge. …
- Major Savings.
How do you become a certified CFE?
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