An anti-fraud program held up as national best practice exposed the Queensland Police Service to a significant fraud risk, the corruption watchdog has found.

After a 22-month investigation, the Crime and Corruption Commission found the Fraud and Cyber Crime Group's sponsorship-funded Project Synergy was not transparent, had no fraud prevention plan and had internal records that were incomplete and inaccurate.

A file photo of Fiscal the Fraud Fighting Ferret with an officer unrelated to the fraud squad. Credit:Jorge Branco

A since-discontinued primary school education program taking a "large proportion of Project Synergy profits" was singled out for particular attention.

The CCC found more than $47,000 was spent on merchandise for Fiscal the Fraud Fighting Ferret, "including some questionable items such as wine coolers for a children's program".