If you want a fraud credential, three names come up again and again: the Certified Fraud Examiner (CFE) from the ACFE, the Certified Anti-Fraud Specialist (CAFS) from ACAMS, and the AGZIT Certified Fraud Prevention Analyst (AGZIT-FPA). They are not three versions of the same thing. They are built for different people, ask for different things before you can sit them, and teach from a different point of view.
This guide compares them side by side so you can pick the right one, or the right order. It is written by AGZIT, the publisher of AGZIT-FPA, so read our own course with that in mind. We have tried to describe the CFE and CAFS fairly, from each body’s published information.
The short answer
- Choose the CFE if your work is fraud examination in the wider sense (investigation, accounting, audit, legal issues) and you want the longest-established name in the field. It is membership-based and has an experience requirement.
- Choose the CAFS if you work in a bank or other financial institution, already sit in or near financial crime compliance, and want a fraud credential from the same body as the CAMS.
- Choose AGZIT-FPA if you want to learn institutional fraud prevention first, with no membership, no experience requirement and no cost to study. You pay for the certificate only after you pass the assessment.
Many people will end up holding more than one. They overlap, but they do not replace each other.
Side-by-side comparison
| AGZIT-FPA | Certified Fraud Examiner (CFE) | ACAMS CAFS | |
|---|---|---|---|
| Awarded by | AGZIT | Association of Certified Fraud Examiners (ACFE) | ACAMS |
| Full name | AGZIT Certified Fraud Prevention Analyst | Certified Fraud Examiner | Certified Anti-Fraud Specialist |
| Main focus | How a bank, fintech or payments firm prevents, detects, investigates and responds to fraud | Fraud examination across organisations: schemes, investigation, legal issues, prevention | Fraud risk management, detection, investigation and technology in financial institutions |
| Best suited to | Fraud analysts, operations, risk, compliance, payments and product staff, career changers | Examiners, auditors, investigators, accountants, security and legal professionals | Professionals in banks and non-bank financial institutions, and financial crime staff moving into fraud |
| Membership needed | No | Yes, associate membership of the ACFE | Yes, ACAMS membership |
| Entry requirement | None. No prior certification, degree or minimum experience | Points-based: a minimum number of eligibility points to sit the exam and more to be certified, from education and fraud-related experience, plus a period of professional experience | Eligibility credits, with an application outlining your qualifications |
| Study route | Free self-paced study guide, practice assessment | Self-study materials and exam preparation from the ACFE and others | Certificate courses plus a proctored exam, in self-study or enhanced formats |
| Assessment | 50 scenario-based questions, 60 minutes, 70% pass mark, 2 attempts | Exam covering fraud schemes and financial crimes, fraud investigations and legal issues, and fraud prevention and deterrence | Proctored exam after completing the certificate courses |
| Cost model | Study free; certificate paid only after passing | Membership, exam and maintenance requirements apply | Membership, courses and exam apply |
| Independence | Independent credential, not regulated | Independent professional credential | Independent professional credential |
For current fees, passing scores, exam length and renewal rules, always check the awarding body directly. They change, and we do not want you relying on a number printed here.
The Certified Fraud Examiner (CFE)
The CFE is the best-known fraud credential in the world and the one most people mean when they search for a fraud certification. It is awarded by the ACFE. Its exam covers three areas: fraud schemes and financial crimes, fraud investigations and legal issues, and fraud prevention and deterrence.
To earn it you must be an associate member of the ACFE and meet a points-based eligibility standard. Points come from education and from fraud-related work experience, and the ACFE also expects a period of professional experience in a field related to fraud detection or deterrence. Accepted fields include accounting and auditing, compliance and ethics, corporate security, fraud investigation and fraud prevention and risk management.
Where it fits: the CFE suits people who examine fraud: forensic accountants, auditors, investigators, corporate security and lawyers. It is broad across industries rather than specific to banking.
Things to weigh: the experience and membership requirements mean it is usually a mid-career credential. Someone just entering fraud work may not yet qualify.
The ACAMS Certified Anti-Fraud Specialist (CAFS)
The CAFS is awarded by ACAMS, the body behind the CAMS. It is aimed at professionals in banks and non-bank financial institutions who work in fraud or are moving towards it, and at financial crime professionals who want fraud expertise.
The programme is organised around five modules: building a fraud risk management programme, fraud detection and analytics, fraud investigations, technologies to combat fraud, and fraud case studies. It covers typologies such as authorised push payment fraud and account takeover. You must be an ACAMS member and meet an eligibility-credit requirement, complete the certificate courses and pass a proctored exam.
Where it fits: the CAFS is the closest of the three to AGZIT-FPA in subject matter, because both are about fraud inside financial institutions. It suits someone who already works in financial crime compliance and wants a fraud credential alongside it.
Things to weigh: it requires membership and an application, and it is built around paid courses.
AGZIT-FPA: the AGZIT Certified Fraud Prevention Analyst
AGZIT-FPA is an online anti-fraud certification about how a bank, fintech or payments firm prevents, detects, investigates and responds to fraud. The study guide covers seven modules:
- Fraud fundamentals
- The fraud risk management programme
- External fraud: authorised push payment scams, account takeover, mule accounts, card fraud, identity and first-party fraud, business email compromise
- Internal and third-party fraud, including whistleblowing
- Detection and analytics
- Investigation and response
- Regulation, liability and technology: who bears the loss, and AI, deepfakes and emerging fraud
Every chapter ends with worked scenarios, and every module has a fictional case study, so you practise the decision as well as the definition. The course takes about 18 hours at your own pace. Study is free. You sit a 50-question assessment (60 minutes, 70% pass mark, 2 attempts), and you pay for the certificate only after you pass. Each certificate carries a unique ID that an employer can check at app.agzit.com/verify without an account.
Where it fits: newcomers to fraud work, career changers, and people in operations, risk, compliance, payments or product teams who deal with fraud but are not fraud specialists. It needs no membership, degree or experience.
Things to weigh: AGZIT-FPA is a newer credential from a smaller body, so it does not yet have the long recognition the CFE has. It is independent, not a regulatory requirement, and it does not give you the CFE or CAFS designation. Its case is practical: it shows you can reason through real fraud decisions, and anyone can verify it.
How to choose
You are new to fraud and want a first credential. Start with AGZIT-FPA. It has no entry barrier, and the free study guide means you can judge the material before spending anything on the certificate.
You work in a bank or fintech’s financial crime team. The CAFS and AGZIT-FPA are the closest matches. You could study AGZIT-FPA first to build the foundation, then decide whether the CAFS adds value for your employer.
You are an auditor, accountant, investigator or lawyer with fraud experience. The CFE is probably the strongest fit, because it recognises that experience and is known across industries.
Your employer names a specific credential. Follow the employer. If a job advert asks for the CFE, an AGZIT certificate will not replace it.
You want to hold more than one. The three are complementary. AGZIT-FPA builds the foundations of institutional fraud prevention; the CFE and CAFS add their own recognition, membership networks and routes.
Frequently asked questions
Is AGZIT-FPA equivalent to the CFE or CAFS? No. They are separate credentials from separate organisations, with different requirements and a different focus. AGZIT-FPA does not award or replace the CFE or CAFS designation.
Do I need a CFE or CAFS to take AGZIT-FPA? No. AGZIT-FPA needs no prior certification, degree or minimum experience.
Which is the best fraud certification? There is no single best one. The right choice depends on your role, your industry, your experience and what your employer recognises.
Which fraud certification is best for someone starting out? One without membership or experience requirements, so that you can begin now. AGZIT-FPA is built for that, and its study material is free.
Is AGZIT affiliated with the ACFE or ACAMS? No. AGZIT is independent and is not affiliated with or endorsed by the ACFE or ACAMS. CFE and CAFS are credentials of their respective bodies.
Can an employer verify an AGZIT-FPA certificate? Yes. Every certificate carries a unique ID that anyone can check at app.agzit.com/verify.
Start with the free study guide
You can study the full AGZIT-FPA guide at no cost and decide about the certificate after you pass the assessment. Start the Anti-Fraud Certification.
Related reading: Is the CFE worth it?, How to become a fraud analyst and Fraud analyst skills and salary.
Information about the CFE and CAFS is taken from the awarding bodies’ published pages and may change. Check acfe.com and acams.org for current requirements. CFE and Certified Fraud Examiner are marks of the ACFE; CAFS and CAMS are marks of ACAMS. AGZIT is independent and not affiliated with or endorsed by either body.