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The differences between fraud analysts and fraud specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a fraud analyst and a fraud specialist. Additionally, a fraud analyst has an average salary of $53,187, which is higher than the $37,709 average annual salary of a fraud specialist.
The top three skills for a fraud analyst include customer service, fraud prevention and SQL. The most important skills for a fraud specialist are fraud losses, inbound calls, and outbound calls.
| Fraud Analyst | Fraud Specialist | |
| Yearly salary | $53,187 | $37,709 |
| Hourly rate | $25.57 | $18.13 |
| Growth rate | 6% | 6% |
| Number of jobs | 10,891 | 19,890 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 42% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
Fraud analysts are responsible for monitoring bank accounts, accounting paperwork, and financial transactions. They analyze the data to identify any fraudulent and suspicious activities within an organization. Their duties and responsibilities may vary depending on which industries they work in. These may include keeping the confidentiality of any collected information, resolving customers' problems, and maintaining fraud analysis models to enhance the effectiveness and efficiency of company systems. Fraud analysts are also expected to provide recommendations for anti-fraud processes and new software tools to improve fraud detection and prevention.
A fraud specialist is responsible for tracking and monitoring illegal transactions on customers' financial accounts without the authorization of the account owner. Fraud specialists report any suspicious account movements and unusual transactions that may be risky to the financial institution and customers. They may suspend a flagged account temporarily until the investigation is complete, verifying all transaction details and keep all information confidential until further notice. A fraud specialist must have excellent communication and critical-thinking skills to identify and resolve financial cases immediately to prevent loss and reputational damage to the bank.
Fraud analysts and fraud specialists have different pay scales, as shown below.
| Fraud Analyst | Fraud Specialist | |
| Average salary | $53,187 | $37,709 |
| Salary range | Between $30,000 And $92,000 | Between $25,000 And $56,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Rhode Island | New York |
| Best paying company | Aspiration | Goldman Sachs |
| Best paying industry | Finance | Finance |
There are a few differences between a fraud analyst and a fraud specialist in terms of educational background:
| Fraud Analyst | Fraud Specialist | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 42% |
| Most common major | Business | Business |
| Most common college | California State University - Bakersfield | California State University - Bakersfield |
Here are the differences between fraud analysts' and fraud specialists' demographics:
| Fraud Analyst | Fraud Specialist | |
| Average age | 43 | 43 |
| Gender ratio | Male, 41.0% Female, 59.0% | Male, 37.3% Female, 62.7% |
| Race ratio | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 4% | 4% |