CAFS Exam Study Guide (2026)
Everything the CAFS Certification Exam (Certified Anti-Fraud Specialist) tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 100 multiple-choice and multiple-select questions |
|---|---|
| Time | 175 minutes |
| Passing score | Scaled score of 75 |
| Format | Closed book, computer-based |
| Certifying body | ACAMS (Association of Certified Anti-Money Laundering Specialists) |
| Test provider | Pearson VUE (test center or online proctored) |
Mind map: the whole exam on one screen
1. Fraud Fundamentals
This topic covers what fraud is, why people commit it and how it is classified. Expect definition questions and short scenarios.
Key facts
- Fraud is intentional deception for unlawful gain or to cause loss to another.
- Cressey's fraud triangle: pressure, opportunity and rationalization. The fraud diamond adds capability.
- Controls mainly reduce opportunity; culture and ethics programs work on rationalization.
- First-party fraud is committed by the customer themselves; third-party fraud by someone else using the victim's identity or account.
- Internal (occupational) fraud is committed by employees, managers or executives against their employer.
- The ACFE's occupational fraud tree has three branches: corruption, asset misappropriation and financial statement fraud.
- Fraud proceeds must be laundered, so fraud is a major predicate offence for money laundering.
Flashcards
Exam tip: If a scenario stresses weak controls or lack of oversight, the question is pointing to 'opportunity'.
2. Building a Fraud Risk Management Program
The largest CAFS domain. Know governance, fraud risk assessment, risk appetite, the fraud risk lifecycle and how to measure the program.
Key facts
- A fraud risk program needs board oversight, clear ownership, a documented fraud risk policy and adequate resources.
- The fraud risk management lifecycle runs prevention, detection, investigation, response and recovery, then lessons learned.
- A fraud risk assessment identifies schemes, rates inherent risk, maps controls and assesses residual risk against appetite.
- The COSO/ACFE Fraud Risk Management Guide sets out five principles: governance, risk assessment, prevention and detection controls, investigation and corrective action, and monitoring.
- KRIs (such as rising chargeback or first-payment default rates) signal changing risk; KPIs measure program performance.
- Fraud and AML teams should share data; many firms run combined financial crime (FRAML) functions.
- Customer education and friction (such as warnings and payment delays) are part of prevention for scams.
Flashcards
Exam tip: For 'what should the program do first' questions, pick governance or the fraud risk assessment, not a specific tool.
3. External Fraud Schemes
Learn the main schemes against banks and their customers, and the red flags that separate them.
Key facts
- Account takeover: a criminal gains access to a genuine account (stolen credentials, SIM swap) and moves the funds.
- Authorized push payment (APP) fraud: the real customer is tricked into sending the payment.
- Synthetic identity fraud combines real and fake data to create a new identity, often built up then busted out.
- Business email compromise uses spoofed or hacked email to redirect payments, often by changing supplier bank details.
- Check fraud includes counterfeiting, check washing (altering payee or amount) and check kiting (exploiting float).
- Card fraud includes card-not-present fraud, skimming, card testing and lost or stolen cards.
- Loan and mortgage fraud uses false income, employment or asset information.
Flashcards
Exam tip: Ask: who pressed 'send'? If it's the real customer, it's a scam (APP). If it's the criminal, it's unauthorized fraud.
Test yourself on these topics
Take the free 15-question CAFS test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Scams, Mules and First-Party Fraud
Scams and mules are the fastest-growing fraud area. This topic covers scam types, how mule networks work and how first-party fraud differs.
Key facts
- Common scams: impersonation (bank, police, government), investment and crypto scams, romance scams, purchase scams and invoice scams.
- Pig butchering combines a romance-style relationship with a fake investment platform.
Flashcards
Exam tip: Inbound monitoring matters: the receiving (mule) account is often the best place to stop APP fraud proceeds.
5. Internal Fraud and Insider Threats
Fraud by employees is rarer but often costlier. Know the main schemes, behavioral red flags and the controls that prevent them.
Key facts
- Asset misappropriation (such as theft of cash, false expenses and payroll fraud) is the most common type of occupational fraud.
- Financial statement fraud is the least common but usually causes the largest losses.
Flashcards
Exam tip: An employee who never takes holidays and handles everything personally is a classic exam red flag.
6. Prevention and Detection Controls
This topic covers the controls and tools that stop and spot fraud, from authentication to analytics.
Key facts
- Strong customer authentication and multi-factor authentication reduce account takeover.
- Device fingerprinting, IP intelligence and behavioral biometrics help detect bots and impostors.
Flashcards
Exam tip: Where a question asks for the 'best' control, choose the one that stops the scheme before money leaves, not one that only detects it later.
7. Fraud Investigations, Response and Recovery
Know how to run a fraud investigation, handle evidence and interviews, recover losses and meet reporting duties.
Key facts
- Start by containing the loss: freeze accounts, stop payments and preserve evidence.
- Keep a documented chain of custody for all evidence.
Flashcards
Exam tip: Never pick an answer that confronts the subject before evidence is secured. Evidence and witnesses come first.
How to pass
- 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.
Frequently asked questions
How long should I study for the CAFS exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the CAFS exam online?
Yes. ACAMS exams are delivered by Pearson VUE at test centers or online with a remote proctor. Format: closed book, computer-based. Check the current Candidate Handbook from ACAMS for the rules.
What score do I need to pass the CAFS exam?
Scaled score of 75. The exam has 100 multiple-choice and multiple-select questions and a time limit of 175 minutes.
What are the most tested topics?
The outline covers fraud fundamentals, building a fraud risk management program, external fraud schemes, scams, mules and first-party fraud, internal fraud and insider threats, prevention and detection controls, fraud investigations, response and recovery. Use the free practice test to see which ones you need most.
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- All 10 ACAMS exams, from CKYCA to CAMS and the advanced certifications
- Full question banks + timed simulations
- Study notes, flashcards & mind maps
- Spaced repetition + mistakes bank
- Readiness Score & detailed reports
- Video lessons as they release
- New exams added during your access
- 5 bonuses: red flags cheat sheet, key numbers sheet, study planner and more
- Pass Guarantee: complete the prep, pass or 100% back
Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.
Summarized from ACAMS' official candidate information and the standards and regulations cited, checked October 2026. Confirm current requirements with ACAMS (Association of Certified Anti-Money Laundering Specialists).