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The differences between fraud investigators 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 investigator and a fraud specialist. Additionally, a fraud investigator has an average salary of $49,010, which is higher than the $37,709 average annual salary of a fraud specialist.
The top three skills for a fraud investigator include law enforcement agencies, investigative reports and fraud investigations. The most important skills for a fraud specialist are fraud losses, inbound calls, and outbound calls.
| Fraud Investigator | Fraud Specialist | |
| Yearly salary | $49,010 | $37,709 |
| Hourly rate | $23.56 | $18.13 |
| Growth rate | 6% | 6% |
| Number of jobs | 5,470 | 19,890 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 42% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
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.
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 investigators and fraud specialists have different pay scales, as shown below.
| Fraud Investigator | Fraud Specialist | |
| Average salary | $49,010 | $37,709 |
| Salary range | Between $32,000 And $74,000 | Between $25,000 And $56,000 |
| Highest paying City | Sacramento, CA | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Deutsche Bank | Goldman Sachs |
| Best paying industry | Finance | Finance |
There are a few differences between a fraud investigator and a fraud specialist in terms of educational background:
| Fraud Investigator | Fraud Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 42% |
| Most common major | Criminal Justice | Business |
| Most common college | California State University - Bakersfield | California State University - Bakersfield |
Here are the differences between fraud investigators' and fraud specialists' demographics:
| Fraud Investigator | Fraud Specialist | |
| Average age | 43 | 43 |
| Gender ratio | Male, 49.6% Female, 50.4% | 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% |