What does a fraud analyst do?
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.
Fraud analyst responsibilities
Here are examples of responsibilities from real fraud analyst resumes:
- Accomplish investigations that meet the criteria for referrals to the OIG and/or the FBI.
- Lead the requirement gathering effort from key customers for development of new JAVA applications and for troubleshooting customer issues.
- Review, research, investigate, negotiate, adjust payments, and resolve appeals and grievances for Medicaid and Medicare claims.
- Perform fundamental SQL database queries to accurately update financial fraud trends monthly analysis report.
- Produce SARs as required by FinCEN.
- Interact with various departments to research securities present on UBSPW.com.
- Authore suspicious activity reports in accordance with FINCEN's requirements.
- Create and maintain spreadsheets and Powerpoint spreadsheets of fraud research findings.
- Compile descriptive, informative, and polish SAR reports on suspicious activity.
- Maintain contact and relationships with OIG, FBI, and NICB network.
- Keep up to date with annual BSA compliance, regulations and red flags.
- Interview customers, store personnel and observe potential suspect through ATM and store photos.
- Examine prospective accounts with potential OFAC violations and make decisions to continue business or terminate the relationship.
- Assist customers within a high-volume call center environment in the completion of filing fraudulent ATM transaction claims.
- Assist in creation of annual BSA and compliance training and train all credit union staff as assigned.
Fraud analyst skills and personality traits
We calculated that 13% of Fraud Analysts are proficient in Customer Service, Fraud Prevention, and SQL. They’re also known for soft skills such as Detail oriented, Physical strength, and Empathy.
We break down the percentage of Fraud Analysts that have these skills listed on their resume here:
- Customer Service, 13%
Specialized customer Service Professional handling incoming calls from business and individual customer, researching claims of Identity Theft and/or fraudulent activity.
- Fraud Prevention, 7%
Serviced both inbound/outbound fraud prevention and investigation calls from/to cardholders to address account inquiries and credit card transactions.
- SQL, 6%
Performed fundamental SQL database queries to accurately update financial fraud trends monthly analysis report.
- Outbound Calls, 6%
Receive inbound and make outbound calls to customers regarding fraudulent activity and unauthorized transactions and take action on unauthorized activity.
- Fraudulent Transactions, 5%
Reviewed debit and credit card account information and transactions in an attempt to verify customer information and identify potential fraudulent transactions.
- Law Enforcement, 4%
Protected firm financial assets and liabilities investigating fraud claims, collaborating with financial institutions and law enforcement to resolve cases.
"customer service," "fraud prevention," and "sql" are among the most common skills that fraud analysts use at work. You can find even more fraud analyst responsibilities below, including:
Detail oriented. One of the key soft skills for a fraud analyst to have is detail oriented. You can see how this relates to what fraud analysts do because "fire inspectors must notice minutiae when inspecting sites for code violations or fire risks or for investigating the cause of a fire." Additionally, a fraud analyst resume shows how fraud analysts use detail oriented: "demonstrated attention to detail in reviewing ofac account information. "
Physical strength. Another essential skill to perform fraud analyst duties is physical strength. Fraud analysts responsibilities require that "fire investigators may have to move debris at the site of a fire in order to get a more accurate understanding of the scene." Fraud analysts also use physical strength in their role according to a real resume snippet: "worked closely with law enforcement when appropriate, and was responsible for developing recommendations to strengthen internal controls and guidelines. "
Communication skills. While "communication skills" is last on this skills list, don't underestimate its importance to fraud analyst responsibilities. Much of what a fraud analyst does relies on this skill, seeing as "fire inspectors must clearly explain fire code violations to building and property managers." Here is a resume example of how this skill is used in the everyday duties of fraud analysts: "maintained and developed internal and external debit card loss prevention communications. "
The three companies that hire the most fraud analysts are:
- ZOOM+Care104 fraud analysts jobs
- Citizens Alliance51 fraud analysts jobs
- Bank of America14 fraud analysts jobs
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Compare different fraud analysts
Fraud analyst vs. Certified fraud examiner
A fraud investigator specializes in investigating and identifying fraudulent activities within a company and its clients. Their responsibilities depend on their line of work or industry of employment. However, most of the time, their duties will revolve around devising strategies and systems to detect inconsistencies, monitoring suspicious transactions and accounts, conducting reviews to identify any security lapses or vulnerabilities in the procedures, and teaching staff how to notice any fraudulent activities. Furthermore, it is vital to implement the policies and regulations of the company.
While similarities exist, there are also some differences between fraud analysts and certified fraud examiner. For instance, fraud analyst responsibilities require skills such as "customer service," "sql," "outbound calls," and "fraudulent transactions." Whereas a certified fraud examiner is skilled in "litigation," "cfe," "background investigations," and "financial statements." This is part of what separates the two careers.
On average, certified fraud examiners reach higher levels of education than fraud analysts. Certified fraud examiners are 16.3% more likely to earn a Master's Degree and 3.3% more likely to graduate with a Doctoral Degree.Fraud analyst vs. Fraud examiner
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.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that fraud analyst responsibilities requires skills like "customer service," "fraud prevention," "sql," and "outbound calls." But a fraud examiner might use other skills in their typical duties, such as, "siu," "fraud detection," "law enforcement agencies," and "hr."
In general, fraud examiners achieve higher levels of education than fraud analysts. They're 9.9% more likely to obtain a Master's Degree while being 3.3% more likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for fraud analysts in the next 3-5 years?
Dr. Todd Steen
The Granger Professor of Economics, Hope College
Fraud analyst vs. Fraud investigator
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from fraud analyst resumes include skills like "customer service," "sql," "law enforcement," and "strong analytical," whereas a fraud investigator is more likely to list skills in "law enforcement agencies," "investigative reports," "criminal justice," and "in-depth investigations. "
Fraud investigators make a very good living in the finance industry with an average annual salary of $59,765. On the other hand, fraud analysts are paid the highest salary in the finance industry, with average annual pay of $62,728.Most fraud investigators achieve a similar degree level compared to fraud analysts. For example, they're 3.4% more likely to graduate with a Master's Degree, and 0.7% more likely to earn a Doctoral Degree.Fraud analyst vs. Fraud specialist
Even though a few skill sets overlap between fraud analysts and fraud specialists, there are some differences that are important to note. For one, a fraud analyst might have more use for skills like "customer service," "sql," "fraudulent transactions," and "debit cards." Meanwhile, some responsibilities of fraud specialists require skills like "phone calls," "good judgment," "quality customer service," and "powerpoint. "
The finance industry tends to pay the highest salaries for fraud specialists, with average annual pay of $44,419. Comparatively, the highest fraud analyst annual salary comes from the finance industry.In general, fraud specialists hold similar degree levels compared to fraud analysts. Fraud specialists are 1.1% less likely to earn their Master's Degree and 0.1% more likely to graduate with a Doctoral Degree.Types of fraud analyst
Updated January 8, 2025
