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Specialist · Updated October 2026

CAFS Certification Exam (Certified Anti-Fraud Specialist): free practice test

ACAMS' anti-fraud certification for fraud prevention, detection and investigation teams at banks and non-bank financial institutions. It covers the fraud risk management lifecycle, from building a fraud risk program to detecting schemes, investigating cases and recovering losses.

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About the CAFS exam

ACAMS' anti-fraud certification for fraud prevention, detection and investigation teams at banks and non-bank financial institutions. It covers the fraud risk management lifecycle, from building a fraud risk program to detecting schemes, investigating cases and recovering losses.

What's on the exam

CAFS
Fraud Fundamentals
7 key facts
Building a Fraud Risk Management Program
7 key facts
External Fraud Schemes
7 key facts
Scams, Mules and First-Party Fraud
7 key facts
Internal Fraud and Insider Threats
7 key facts
Prevention and Detection Controls
7 key facts
Fraud Investigations, Response and Recovery
7 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CAFS exam

  • Building a fraud risk management program is the largest domain. Know governance, risk assessment, controls and metrics.
  • Learn each scheme by its red flags: account takeover, authorized push payment scams, synthetic identity, first-party fraud and business email compromise.
  • Questions often ask for the BEST next step. Choose the answer that protects the customer and evidence first, then reports.
  • 100 questions in 175 minutes: about 1 minute 45 seconds each.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the first study-notes topic, flashcards and the AML Red Flags Cheat Sheet.

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What's in the full CAFS prep

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150+ exam-style questions written to each official outline. Every answer explained, with the rule it comes from.

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Key study notes

Each topic boiled down to the 5 to 7 facts that get tested, with the standard or rule behind them.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. Donald Cressey's fraud triangle says fraud is most likely when three elements are present. Which set is correct?
Answer: Pressure, opportunity, rationalization. Cressey's fraud triangle: a pressure (often financial), an opportunity (weak controls) and a rationalization. Controls mainly reduce opportunity.
2. In a fraud risk assessment, the risk that exists before any controls are applied is called:
Answer: Inherent risk. Inherent risk is the risk before controls. Residual risk is what remains after controls are applied, and it is compared against the firm's risk appetite.
3. A customer is tricked by a scammer posing as their bank into sending money from their own account to a 'safe account'. What type of fraud is this?
Answer: Authorized push payment (APP) fraud. In APP fraud the genuine customer authorizes the payment because they've been deceived. In account takeover the criminal gets into the account and moves the money themselves.
4. A fraudster combines a real Social Security number with a made-up name and date of birth to build credit over time, then 'busts out'. This is:
Answer: Synthetic identity fraud. Synthetic identities mix real and fake data, so there's often no single victim to complain. They are built up slowly, then maxed out (bust-out fraud).
5. A finance clerk receives an email that appears to come from a known supplier, asking to change the bank account for future invoices. What scheme is most likely?
Answer: Business email compromise (BEC). BEC uses spoofed or compromised email accounts to redirect payments. The key control is to verify any change of payment details through a known, independent phone number.
6. A customer genuinely buys goods online, receives them, then disputes the card charge claiming they never arrived. This is an example of:
Answer: First-party fraud (friendly fraud). First-party fraud is committed by the account holder themselves, such as false chargebacks, loan stacking or bust-out schemes.
7. Writing checks between accounts at two banks to take advantage of the float before funds clear is called:
Answer: Check kiting. Check kiting inflates balances using the delay between deposit and clearing. Faster clearing and monitoring of uncollected funds reduce the risk.
8. Someone lets criminals use their bank account to receive and pass on stolen funds, keeping a small cut. They are acting as a:
Answer: Money mule. Money mules move proceeds of fraud and other crimes. Recruitment often targets students and job seekers with 'payment processing' job offers.
9. Which control is the strongest defense against account takeover through stolen passwords?
Answer: Multi-factor authentication. Multi-factor authentication means a stolen password alone isn't enough. Device fingerprinting and behavioral biometrics add further layers.
10. Segregation of duties prevents fraud mainly by:
Answer: Making sure one person cannot both initiate and approve a transaction. Splitting incompatible duties (initiate, approve, record, reconcile) means fraud would need collusion, which is harder to commit and easier to detect.
11. Under UK rules in force since 7 October 2024, what is the maximum mandatory reimbursement per claim for victims of APP scams on Faster Payments?
Answer: £85,000. The Payment Systems Regulator's mandatory reimbursement regime caps reimbursement at £85,000 per claim, with the cost shared between the sending and receiving firms.
12. When starting a fraud investigation, why is keeping a documented chain of custody for evidence important?
Answer: It shows the evidence hasn't been altered, so it can be relied on in court or by regulators. Chain of custody records who handled evidence and when. Gaps can make evidence inadmissible or unreliable.
13. In an internal fraud investigation, interviews should usually follow which order?
Answer: Neutral witnesses first, then corroborating witnesses, with the suspect last. Starting with neutral and corroborating witnesses builds the facts and evidence before the subject is interviewed, which is usually done last.
14. Which of these is a key risk indicator (KRI) rather than a performance metric for a fraud program?
Answer: Rising rate of first-payment defaults on new accounts. KRIs signal changes in risk exposure, such as rising first-payment defaults, chargeback ratios or mule account openings. Activity counts measure effort, not risk.
15. Why should fraud and AML teams share information inside a financial institution?
Answer: Fraud proceeds must be laundered, so fraud alerts often reveal money laundering and SAR obligations. Fraud is a major predicate offence for money laundering. Many firms now run combined financial crime (FRAML) functions so mule networks and laundering of fraud proceeds are caught.

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Certification guide

ACAMS eligibility credits: how to reach 40 or 60: Before you can sit CAMS, CGSS, CAFS or CCAS, ACAMS needs to see 40 eligibility credits plus an active membership. Advanced certifications need 60 credits or an active CAMS. Credits come from your education, your anti-financial crime work experience and training. Here's how to count them.

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Exam details are summarized from the official candidate information available in October 2026. ACAMS changes formats and fees, so confirm with ACAMS (Association of Certified Anti-Money Laundering Specialists) before you book. AMLExamPrep is not affiliated with ACAMS or Pearson VUE.

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