In order to prevent fraud, detect fraud, or investigate fraud, one needs to understand fraud schemes as much as possible. The authors believe the best classification (taxonomy) for understanding fraud schemes is the one used by the Association of Certified Fraud Examiners (ACFE). There are several reasons for this choice. The ACFE is emerging as the primary antifraud organization. Its only purpose is the antifraud profession, whereas the American Institute of Certified Public Accountants (AICPA), Institute of Internal Auditors (IIA), and Information Systems Audit and Control Association (ISACA) have different primary objectives. Other groups have a similar goal, but none has the sole purpose of fighting fraud. As such, the ACFE's model serves as the de facto standard for the antifraud profession.