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Working as a Fraud Specialist

Even though you don't have a police badge, you still fight crimes and protect people from illegal attacks in your job as a fraud specialist. Fraud specialists work for banks or financial institutions to investigate fraud on customers' accounts. By monitoring transactions and tracking suspicious financial activity, fraud specialists identify potential risks to customers' assets.

As a fraud specialist, you will observe customers' banking patterns and red flag any transaction that veers from the usual transaction patters. Tracing suspicious transaction amounts, types, or partners, you have to spot information that proves criminal activity. It's up to you to suspend accounts under attack and to verify if any illegal activities occured against the customer's assets.

This position requires an investigative mind prone to analytical thinking. You will work in a corporate office environment, monitoring accounts and accessing necessary information the moment suspicious activities arise.

There is more than meets the eye when it comes to being a fraud specialist. For example, did you know that they make an average of $16.08 an hour? That's $33,443 a year!

What Does a Fraud Specialist Do

There are certain skills that many fraud specialists 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 communication skills.

When it comes to the most important skills required to be a fraud specialist, we found that a lot of resumes listed 24.2% of fraud specialists included fraud trends, while 10.9% of resumes included communication, and 10.0% of resumes included outbound calls. 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 specialist job title. But what industry to start with? Most fraud specialists actually find jobs in the finance and retail industries.

How To Become a Fraud Specialist

If you're interested in becoming a fraud specialist, one of the first things to consider is how much education you need. We've determined that 33.5% of fraud specialists have a bachelor's degree. In terms of higher education levels, we found that 6.7% of fraud specialists have master's degrees. Even though some fraud specialists 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 specialist. When we researched the most common majors for a fraud specialist, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on fraud specialist resumes include associate degree degrees or master's degree degrees.

You may find that experience in other jobs will help you become a fraud specialist. In fact, many fraud specialist jobs require experience in a role such as customer service representative. Meanwhile, many fraud specialists also have previous career experience in roles such as cashier or sales associate.

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Average Salary$33,443
Job Growth Rate8%

Fraud Specialist Career Paths

Top Careers Before Fraud Specialist

Cashier
13.9 %

Top Careers After Fraud Specialist

Cashier
8.7 %

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Fraud Specialist

Fraud Specialists in America make an average salary of $33,443 per year or $16 per hour. The top 10 percent makes over $44,000 per year, while the bottom 10 percent under $24,000 per year.
Average Salary
$33,443

Best Paying Cities

City
Average Salary
Elgin, IL
Salary Range35k - 57k$45k$45,062
Santa Ana, CA
Salary Range31k - 54k$42k$41,613
Fargo, ND
Salary Range31k - 49k$40k$39,534
Columbus, OH
Salary Range28k - 50k$38k$38,083
Miami, FL
Salary Range26k - 50k$37k$36,713
Hillsboro, OR
Salary Range28k - 45k$36k$36,077
$21k
$57k

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Fraud Specialist II
Fraud Specialist II
State of Oklahoma
State of Oklahoma
01/21/2021
01/21/2021
$46,36701/21/2021
$46,367
Fraud Specialist
Fraud Specialist
Randstad
Randstad
01/13/2021
01/13/2021
$33,39201/13/2021
$33,392
Fraud Specialist
Fraud Specialist
Randstad
Randstad
01/13/2021
01/13/2021
$54,26201/13/2021
$54,262
Fraud Specialist-Customer Service PM Shift
Fraud Specialist-Customer Service PM Shift
Discover Financial Services
Discover Financial Services
11/25/2020
11/25/2020
$33,39211/25/2020
$33,392
Fraud Specialist
Fraud Specialist
Robert Half
Robert Half
11/24/2020
11/24/2020
$39,65311/24/2020
$39,653
See More Recent Salaries

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Fraud Specialist Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Fraud Specialist. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Fraud Specialist Resume

At Zippia, we went through countless Fraud Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

Fraud Specialist Demographics

Gender

female

61.8 %

male

34.4 %

unknown

3.8 %

Ethnicity

White

58.3 %

Hispanic or Latino

16.7 %

Black or African American

13.8 %

Foreign Languages Spoken

Spanish

70.3 %

German

4.0 %

French

3.0 %
See More Demographics

Fraud Specialist Education

Majors

Business
27.7 %

Degrees

Bachelors

33.5 %

High School Diploma

28.6 %

Associate

20.6 %

Top Colleges for Fraud Specialists

1. California State University - Bakersfield

Bakersfield, CA • Public

In-State Tuition
$7,309
Enrollment
9,142

2. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

3. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

4. SUNY Farmingdale

Farmingdale, NY • Public

In-State Tuition
$8,306
Enrollment
9,394

5. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

6. Howard University

Washington, DC • Private

In-State Tuition
$26,756
Enrollment
6,166

7. SUNY at Albany

Albany, NY • Public

In-State Tuition
$10,011
Enrollment
13,434

8. Western Carolina University

Cullowhee, NC • Public

In-State Tuition
$3,926
Enrollment
9,835

9. SUNY College at Plattsburgh

Plattsburgh, NY • Public

In-State Tuition
$8,369
Enrollment
5,229

10. SUNY College at Oswego

Oswego, NY • Public

In-State Tuition
$8,440
Enrollment
7,039
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Fraud Specialist

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 24.2% of fraud specialists listed fraud trends on their resume, but soft skills such as detail oriented and physical strength are important as well.

Best States For a Fraud Specialist

Some places are better than others when it comes to starting a career as a fraud specialist. The best states for people in this position are New York, Delaware, New Jersey, and Rhode Island. Fraud specialists make the most in New York with an average salary of $51,737. Whereas in Delaware and New Jersey, they would average $46,258 and $45,287, respectively. While fraud specialists would only make an average of $45,266 in Rhode Island, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Delaware

Total Fraud Specialist Jobs:
72
Highest 10% Earn:
$81,000
Location Quotient:
1.22
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Rhode Island

Total Fraud Specialist Jobs:
68
Highest 10% Earn:
$78,000
Location Quotient:
1.07
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Pennsylvania

Total Fraud Specialist Jobs:
809
Highest 10% Earn:
$79,000
Location Quotient:
1.01
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Fraud Specialist Employers

1. Citi
4.8
Avg. Salary: 
$30,860
Fraud Specialists Hired: 
441+
2. Wells Fargo
4.7
Avg. Salary: 
$30,869
Fraud Specialists Hired: 
216+
3. JPMorgan Chase
4.9
Avg. Salary: 
$30,860
Fraud Specialists Hired: 
199+
4. U.S. Bank
4.7
Avg. Salary: 
$82,328
Fraud Specialists Hired: 
171+
5. Capital One
4.7
Avg. Salary: 
$30,864
Fraud Specialists Hired: 
134+
6. Bank of America
4.8
Avg. Salary: 
$30,862
Fraud Specialists Hired: 
75+
Updated October 2, 2020