Free CFE-Investigation: Certified Fraud Examiner - Investigation Exam Questions and Answers
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Last updated: September 19, 2026
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Question #1
An interviewer should primarily ask closed questions during the information phase of an interview.
Please select an optionIncorrectCorrect answer: B
The information phase uses open questions that let the respondent give a complete account without prompting. Closed questions are reserved for later, when specific facts must be confirmed.
Was this answer correct?Question #2
Shane, a Certified Fraud Examiner (CFE), is investigating Larsen, who is active on various social networking sites. Shane wants to search and extract information from Larsen's social media postings so that it can be used in court as evidence. Which of the following is the MOST ACCURATE statement regarding what Shane should do when conducting a social media investigation of Larsen?
Please select an optionIncorrectCorrect answer: B
Social media content can be altered or deleted, so the examiner must capture and preserve it in a way that establishes authenticity; mere links or bookmarks do not preserve evidence.
Was this answer correct?Question #3
Which of the following usually is considered the most useful source of financial information available to fraud examiners in tracing a subject's assets?
Please select an optionIncorrectCorrect answer: A
Bank and financial institution records show where a subject's money sits and moves, including accounts the examiner did not know existed. Service bills, card statements and paystubs are much narrower sources.
Was this answer correct?Question #4
Lisa, a fraud examiner at a private company, receives an anonymous call from a potential whistleblower. The whistleblower is hesitant to reveal their identity but will do so if it can be kept fully confidential. Which of the following statements is most accurate?
Please select an optionIncorrectCorrect answer: A
Examiners should not promise absolute confidentiality since legal proceedings may compel disclosure; the best approach is to promise a good-faith effort to protect the whistleblower's identity.
Was this answer correct?Question #5
When a fraud examiner is conducting an examination and is in the process of collecting documents, the fraud examiner should:
Please select an optionIncorrectCorrect answer: C
Handling originals minimally preserves fingerprints and other evidentiary value. Originals should generally be retained with a documented chain of custody rather than left in place, and delaying organization of the documents harms the case.
Was this answer correct?Question #6
Talia has been hired by SBS Inc, to implement a new data analysis program to search for warning signs of potential fraud within the company. Which of the following steps should Talia conduct first to most effectively use data analysis techniques for such an initiative?
Please select an optionIncorrectCorrect answer: A
Data analysis begins with building a profile of the potential frauds so the examiner knows what schemes and red flags to look for before identifying, cleansing, and monitoring data.
Was this answer correct?Question #7
Which of the following is NOT a common method that fraudsters use to hide their ill-gotten gains?
Please select an optionIncorrectCorrect answer: C
Hiding illicit gains means converting them or obscuring ownership, as with mortgage prepayment, transfers to another person's name or life insurance. A used vehicle purchase is routine spending that leaves a clear trail.
Was this answer correct?Question #8
Which of the following is the LEAST accurate statement about seizing a computer for examination?
Please select an optionIncorrectCorrect answer: B
When a computer is running, the examiner should preserve the scene and volatile data rather than browse files, which changes timestamps and other evidence. Leaving an off computer off and documenting the setup are correct practices.
Was this answer correct?Question #9
Which of the following data analysis functions is used to determine whether company policies are met by employee transactions such as verifying that traveling employees book their accommodations at approved hotels?
Please select an optionIncorrectCorrect answer: C
The compliance verification function tests whether transactions meet company policies, such as confirming employees used approved hotels.
Was this answer correct?Question #10
Which of the following can constitute a bribe, even if the illicit payment is never actually made?
Please select an optionIncorrectCorrect answer: A
Merely offering or promising a payment constitutes bribery; the illicit payment need never actually be made.
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Other ACFE certifications
- CFE: Certified Fraud Examiner (opens in a new tab)
- CFE-Financial-Transactions-and-Fraud-Schemes: Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam (opens in a new tab)
- CFE-Fraud-Prevention-and-Deterrence: Certified Fraud Examiner - Fraud Prevention and Deterrence Exam (opens in a new tab)
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FAQ
Learn More: https://www.acfe.com/myexam
- Q1: What are ACFE Certification Exams?
- A: ACFE (Association of Certified Fraud Examiners) Certification Exams validate your expertise in fraud prevention, detection, and investigation, showcasing your skills in maintaining ethical standards and compliance with financial regulations.
- Q2: Why should I pursue ACFE Certification?
- A: ACFE Certification enhances your professional credibility, demonstrating your knowledge in fraud examination and financial crime prevention. This can lead to better job opportunities, higher salaries, and career advancement.
- Q3: What are the benefits of ACFE Certification?
- A: Benefits include recognition as a Certified Fraud Examiner (CFE), improved job performance, access to exclusive resources, networking opportunities, and the ability to stay current with the latest fraud prevention strategies and regulatory changes.
- Q4: Who should take ACFE Certification Exams?
- A: Financial professionals, auditors, compliance officers, risk managers, law enforcement personnel, and anyone involved in fraud detection and prevention should consider these certifications to validate their expertise and advance their careers.
- Q5: What types of ACFE Certification Exams are available?
- A: ACFE offers the Certified Fraud Examiner (CFE) certification, which is comprehensive and covers various aspects of fraud prevention, detection, and investigation.
- Q6: How do I prepare for ACFE Certification Exams?
- A: Preparation can include official ACFE training programs, study guides, practice exams, webinars, and hands-on experience in fraud examination and financial crime prevention.
- Q7: Where can I take ACFE Certification Exams?
- A: ACFE Certification Exams can be taken online, providing flexibility to fit your schedule and location.
- Q8: How do ACFE Certifications impact my career?
- A: ACFE Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in fraud examination and compliance sectors.
- Q9: Are there any prerequisites for ACFE Certification Exams?
- A: Some exams may have prerequisites, such as foundational knowledge or prior certifications. Check the specific requirements for the CFE certification on the ACFE website.
- Q10: How often do I need to recertify for ACFE Certifications?
- A: ACFE Certifications typically require continuing education and recertification every two years to ensure that certified professionals stay updated with the latest fraud prevention and financial crime investigation practices.