Fraud analysts are employed by banks or financial institutions to investigate fraudulent activity related to customers' accounts. They monitor financial transactions made through the bank to trace theft or forgery. Their responsibility is to minimize potential risks to the bank and its clients.
As a fraud analyst, your job will be to flag suspicious activity by monitoring banking patterns and singling out transactions that do not fit into the expected range. You will suspend accounts where you find transactions that are not the usual type or amount directed towards unlikely partners. Your job will be to investigate and find information to verify whether these movements are signs of criminal activity.
You will work in an office environment. If you take on this position, it is probably because you are an adventurous and ambitious person who thrives on independent work. A degree will be necessary to get hired: a bachelor's in criminal justice or business administration would do for starters.
There is more than meets the eye when it comes to being a fraud analyst. For example, did you know that they make an average of $26.93 an hour? That's $56,022 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 1,300 job opportunities across the U.S.
There are certain skills that many fraud analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, physical strength and empathy.
When it comes to the most important skills required to be a fraud analyst, we found that a lot of resumes listed 15.5% of fraud analysts included fraud trends, while 11.3% of resumes included customer service, and 9.3% of resumes included fraudulent activity. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the fraud analyst job title. But what industry to start with? Most fraud analysts actually find jobs in the finance and retail industries.
If you're interested in becoming a fraud analyst, one of the first things to consider is how much education you need. We've determined that 51.7% of fraud analysts have a bachelor's degree. In terms of higher education levels, we found that 5.2% of fraud analysts have master's degrees. Even though most fraud analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a fraud analyst. When we researched the most common majors for a fraud analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on fraud analyst resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a fraud analyst. In fact, many fraud analyst jobs require experience in a role such as customer service representative. Meanwhile, many fraud analysts also have previous career experience in roles such as cashier or sales associate.