Unfortunately no, there isn't a built in way to do this and the file type will need to be checked when it is being uploaded. You will need to use a hook similar to the on below.
add_filter('cred_form_validate', 'tsbmp1_validate_data_281_303',10,2);
function tsbmp1_validate_data_281_303($error_fields, $form_data){
$form_ids = array( 271 );
// field data are field values and errors
list($fields,$errors)=$error_fields;
if (in_array($form_data['id'],$form_ids) ) {
if ( ( !empty( $fields[ 'wpcf-image' ])) ) {
$file_type = $fields['wpcf-image']['file_data']['type'];
if ( ( $file_type != 'image/jpeg' ) ) {
$errors['image'] = 'Please ensure your image is a JPG/JPEG ;
}
}
}
return array($fields,$errors);
}
The code above code will only allow the file to be uploaded if the file is a JPEG so this restricts it to JPEG only.
Please let me know if this example helps.
Thanks,
Shane