About Certified Fraud Examiners
A Certified Fraud Examiner is responsible for overseeing initiatives for fraud detection, loss prevention and other forms of crime that involve fraudulent activities. Individuals interested in becoming a Certified Fraud Examiner (CFE) must pass a formal Certified Fraud Examiner examination that is provided by the Association of Certified Fraud Examiners (ACFE).
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Significance
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Anti-fraud professionals and loss prevention bureaus are involved with understanding not only how fraud occurs but also why fraud is prevalent in our society so that they can develop new methods to enforce the law. The Certified Fraud Examiner designation is granted to those individuals who pass the ACFE-sponsored examination and train diligently in their field to understand the laws and regulations of their assigned territory.
Function
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A CFE can work in both the business or consumer industry where they are responsible for detecting and tracing fraudulent transactions, understanding the motive behind fraudulent behavior and writing investigative reports used for court proceedings. They may also be involved with conducting background checks, reviewing financial statements, investigating employee theft and locating hidden assets while conducting a corporate investigation.
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Benefits
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A fraud professional who earns the CFE designation can earn a significantly higher salary or obtain higher compensation fees than someone who does not complete the CFE educational program and examination. Anti-fraud professionals in the United States earned nearly 18% more with CFE designation, and compensation or fees can be even more attractive with years of experience in the field.
Types
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Certified Fraud Examiners obtain a wide range of skills during their comprehensive training process and can work in a variety of industries. The CFE has a varied skill set that allows them to employ knowledge from the fields of accounting, investigative law and criminology.
Considerations
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In most cases, individuals interested in obtaining certification for the Certified Fraud Examiner designation must complete a bachelor's degree program in a related field from an accredited college or university or have at least two years of experience in a fraud-related field in place of each year of formal education. Certification is only granted to individuals who also have at least two years of professional experience in accounting or auditing, criminology or sociology, loss prevention or criminal justice.
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