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A Certified Fraud Examiner (CFE) is a highly trained professional armed with top-tier anti-fraud training and resources. CFEs bring a dynamic skill set to the table, including expertise in financial transactions, legal issues, and investigative techniques.
The Association of Certified Fraud Examiners (ACFE) ensures these professionals stay sharp, providing ongoing training and resources to keep them ahead of industry trends.
Becoming a CFE means committing to lifelong learning and professional growth. To stay aligned with industry developments, CFEs must fulfill their CPE requirements, ensuring they remain at the forefront of the fight against fraud.
A commitment to lifelong study and professional growth is a must to become a CFE. To align with industry developments, fulfilling CPE hours is necessary as per the CFE CPE requirements.
By completing Continuing Professional Education (CPE), CFEs need to keep up-to-date professionally as fraud is constantly evolving. Each year, CFEs must obtain at least 20 CPE credits: 10 must relate to fraud detection and deterrence and 2 must relate to ethics.
Preparing for the CFE exam demands a significant time commitment as it is a crucial undertaking. The exam is a closed-book exam and comprises four sections, each with 100 multiple-choice questions. In each section, you have a two-hour limit and no two exams are the same.
The Association of Certified Fraud Examiners (ACFE) accepts Continuing Professional Education (CPE) credits and below are some CPE types:
Source: ACFE
From the day you become certified through the next anniversary month, you are exempt from reporting CPE as a new CFE. Each new CFE will have a different exemption time frame based on the certification and anniversary date.
CFE CPE courses must cover fraud examination, fraud prevention and deterrence, ethics, or other related topics that enhance a CFE's competency.
MY-CPE offers CFE CPE Certification courses approved by NASBA and meets ACFE standards, making all its courses eligible for ACFE CPE credits.
It is crucial to maintain track of Continuing Professional Education (CPE) records as a Certified Fraud Examiner (CFE). Keep a CPE proof for three years. This includes CPE certificates or any credit you earn. It is also important to note that ACFE does not maintain CPE records for members.
The documentation must include the name, course description, name of sponsors, CPE credits, and course date. ACFE does not accept CPE documentation such as registration forms, paid invoices, course syllabi, and PPT slides.
Certified Fraud Examiners (CFEs) must stay abreast of the latest trends and challenges to combat fraud effectively. Here are some key updates that reflect the current landscape and emerging areas of focus for CFEs:
Data Analytics: CFEs are leveraging data analytics to uncover hidden patterns and anomalies in large datasets.
AI and Modern Tools: As fraudsters adopt new digital tools, professionals must stay current with advanced technologies to remain effective in their roles.
Emphasis on Compliance: Adherence to key regulations, such as the GDPR and CCPA, is crucial for maintaining compliance and safeguarding organizational integrity.
Digital Frauds: With the rise of cryptocurrencies and cybercrime, CFEs must continuously update their knowledge and techniques to tackle emerging digital threats.
Remote Working Challenge: The shift to remote work presents new challenges for fraud detection, requiring CFEs to develop innovative strategies for a decentralized work environment.
There are numerous ways in which you can optimize the CFE benefits. This applies to whether you are a seasoned CFE or have obtained your CFE credential recently. Here are some strategies that can help you leverage your CFE credential and help you advance your career:
Set a schedule for earning your CPE credits throughout the year to avoid last-minute rushes.
Focus on courses that align with your professional goals and areas of expertise, especially those related to fraud detection and ethics.
Take advantage of online courses and webinars, which offer flexibility and a wide range of topics.
Keep detailed records of your CPE activities and credits to ensure you meet the requirements and are prepared for any audits.
Look for opportunities to earn CPE credits through free or discounted courses, saving both time and money while meeting your obligations.
You can enhance your professional reputation by promoting your CFE credential. If you are a certified CFE professional the chances of earning more than your non-certified counterparts is 17% more.
To increase chances of earning your CFE credentials you can utilize tools such as the CFE Digital Badge. The tool helps you showcase your expertise in digital resumes, social media sites, and email signatures.
As a CFE you can also upload your resume in the ACFE job board. Moreover, you can explore the professional development tools in the anti-fraud field. Make sure to familiarize yourself with the CPE reporting requirements and fulfill the necessary credits each year.
Having access to a wealth of technical knowledge provided by the ACFE is another advantage. ACFE provides publications and resources where you can expand your expertise in fraud detection.
With networking, you can join various committees as a CFE. This includes the development committee, chapter committees, and participation in the mentoring program. With the CFE credential, you can also publish leadership content in Fraud Magazine.
To stay active and pay annual membership dues, CFEs must earn a minimum of 20 CPE credits. At the end of your anniversary month, you must certify CFE CPE compliance and renew your membership.
You may be subject to suspension if you are not able to showcase CFE CPE compliance. In case you face any challenges, you can apply for a deadline extension through your ACFE account.
To do so, you may submit a request to the ACFE citing the situations resulting in non-compliance. In case of a false request, the member may be subject to discipline including expulsion.
All the courses of MY-CPE are eligible for ACFE Credits as it has met the standards set by the ACFE. Along with offering CPE courses for CFE, MY-CPE focuses on providing quality course content to meet CFE requirements. 
CFEs must obtain at least 20 CPE credits annually. This includes 10 credits related to fraud detection and deterrence and 2 credits focused on ethics.
You need to maintain CPE records for three years, including certificates or proof of credits earned. Report these only if requested during a CPE audit; ACFE does not keep CPE records for members.
Accepted CPE activities include college courses, in-house training, self-study, instructor roles, authoring publications, and more.
Failure to meet CPE requirements can lead to suspension of your CFE certification. If you face difficulties, you can request an extension by contacting the ACFE.
Imtiaz Munshi, CPA
Imtiaz Munshi, CPA
