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The differences between fraud prevention specialists 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 prevention specialist and a fraud specialist. Additionally, a fraud prevention specialist has an average salary of $37,798, which is higher than the $37,709 average annual salary of a fraud specialist.
The top three skills for a fraud prevention specialist include fraud prevention, outbound calls and customer service. The most important skills for a fraud specialist are fraud losses, inbound calls, and outbound calls.
| Fraud Prevention Specialist | Fraud Specialist | |
| Yearly salary | $37,798 | $37,709 |
| Hourly rate | $18.17 | $18.13 |
| Growth rate | 6% | 6% |
| Number of jobs | 33,725 | 19,890 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 44% | Bachelor's Degree, 42% |
| Average age | 49 | 43 |
| Years of experience | 4 | 4 |
A fraud prevention specialist is in charge of reviewing and monitoring business transactions to ensure accuracy and thwart off fraudulent activities. Although the extent of their responsibilities depends on their place or industry of employment, it typically includes gathering and analyzing data, performing research and analyses, conducting audits and assessments, and utilizing various tools and programs. Moreover, a fraud prevention specialist must develop guidelines and conduct investigations on incidents to prevent them from happening again, all while enforcing the company's security policies and regulations.
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 prevention specialists and fraud specialists have different pay scales, as shown below.
| Fraud Prevention Specialist | Fraud Specialist | |
| Average salary | $37,798 | $37,709 |
| Salary range | Between $23,000 And $61,000 | Between $25,000 And $56,000 |
| Highest paying City | Cerritos, CA | New York, NY |
| Highest paying state | Alaska | New York |
| Best paying company | Apple | Goldman Sachs |
| Best paying industry | Technology | Finance |
There are a few differences between a fraud prevention specialist and a fraud specialist in terms of educational background:
| Fraud Prevention Specialist | Fraud Specialist | |
| Most common degree | Bachelor's Degree, 44% | 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 prevention specialists' and fraud specialists' demographics:
| Fraud Prevention Specialist | Fraud Specialist | |
| Average age | 49 | 43 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 37.3% Female, 62.7% |
| Race ratio | Black or African American, 6.0% Unknown, 7.3% Hispanic or Latino, 12.3% Asian, 1.2% White, 71.4% American Indian and Alaska Native, 1.9% | 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 | 18% | 4% |