What does a fraud specialist do?
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 specialist responsibilities
Here are examples of responsibilities from real fraud specialist resumes:
- Manage A/R and financial functions for large automotive global account, generating annual revenues in excess of $100M/contract year.
- Identify violations of FDCPA, FCRA.
- Work with mainframe and online systems to file fraud disputes and ACH debits as well as ATM transaction.
- Adhere to policies of the FCRA and laws enforce by the CFPB.
- Specialize in BSA and AML compliance.
- Resolve credit bureau disputes using e-Oscar for regulations and handling.
- Create case files for investigations of suspicious activity relate to AML.
- Converse directly with customers to resolve issues and act as a liaison with MasterCard.
- Modify, update, or delete the client's credit report as the result of a dispute reinvestigation utilizing e-Oscar.
- Implement risk base OFAC monitoring practices using IP addresses and other technologically traceable indicators.
- Base on statutory guidelines, identify and institute appropriate appeals into expedited appeals process.
- Complete SAR filings in timely manner and providing effective feedback to investigators on management reviews.
- Maintain client confidentiality as set forth by HIPAA and adhere agreements and standards regarding ethical behavior and confidentiality.
- Review, detect, and stop suspicious ACH transactions and customer activity using proprietary technology and risk management processes.
- Assist in tracking and trending of dispute issues including appeals and grievances while providing recommendations for re-education to other departments.
Fraud specialist skills and personality traits
We calculated that 6% of Fraud Specialists are proficient in Fraud Losses, Inbound Calls, and Outbound Calls. They’re also known for soft skills such as Detail oriented, Physical strength, and Communication skills.
We break down the percentage of Fraud Specialists that have these skills listed on their resume here:
- Fraud Losses, 6%
Minimized company fraud losses by identifying possible fraudulent applications and taking proper action to identify any future applications related to cases.
- Inbound Calls, 5%
Answered inbound calls from customers calling to report debit cards as lost or stolen or potential fraudulent activity on their cards.
- Outbound Calls, 5%
Received inbound and performed outbound calls based on customer accounts showing possible fraudulent activity.
- Phone Calls, 5%
Take inbound phone calls from customers and financial institutions pertaining to fraudulent activity.
- Fraud Trends, 5%
Recognized and identified national fraud trends with activity specific details and behaviors.
- Good Judgment, 5%
Take ownership of each call while using good judgment and critical thinking.
"fraud losses," "inbound calls," and "outbound calls" are among the most common skills that fraud specialists use at work. You can find even more fraud specialist responsibilities below, including:
Detail oriented. The most essential soft skill for a fraud specialist to carry out their responsibilities is detail oriented. This skill is important for the role 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 specialist resume shows how their duties depend on detail oriented: "maintain complex spreadsheets detailing fraud information on account level to be utilized by field investigators when presenting cases to law enforcement. "
Physical strength. Many fraud specialist duties rely on physical strength. "fire investigators may have to move debris at the site of a fire in order to get a more accurate understanding of the scene.," so a fraud specialist will need this skill often in their role. This resume example is just one of many ways fraud specialist responsibilities rely on physical strength: "recommended process improvement opportunities to management geared to strengthen internal controls, detect fraud, and/or prevent future fraud. "
Communication skills. fraud specialists are also known for communication skills, which are critical to their duties. You can see how this skill relates to fraud specialist responsibilities, because "fire inspectors must clearly explain fire code violations to building and property managers." A fraud specialist resume example shows how communication skills is used in the workplace: "assisted local and government law enforcement agencies in fraud investigations by maintaining communication and providing requested documentation in a timely manner. "
The three companies that hire the most fraud specialists are:
- Regions Bank53 fraud specialists jobs
- Global Payments46 fraud specialists jobs
- JPMorgan Chase & Co.19 fraud specialists jobs
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Compare different fraud specialists
Fraud specialist 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.
These skill sets are where the common ground ends though. The responsibilities of a fraud specialist are more likely to require skills like "fraud losses," "inbound calls," "outbound calls," and "phone calls." On the other hand, a job as a certified fraud examiner requires skills like "litigation," "cfe," "background investigations," and "financial statements." As you can see, what employees do in each career varies considerably.
On average, certified fraud examiners reach higher levels of education than fraud specialists. Certified fraud examiners are 17.4% more likely to earn a Master's Degree and 3.2% more likely to graduate with a Doctoral Degree.Fraud specialist vs. Fraud examiner
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.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that fraud specialist responsibilities requires skills like "fraud losses," "inbound calls," "outbound calls," and "phone 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 specialists. They're 11.0% more likely to obtain a Master's Degree while being 3.2% more likely to earn a Doctoral Degree.Fraud specialist vs. Fraud investigator
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a fraud specialist is likely to be skilled in "phone calls," "good judgment," "quality customer service," and "law enforcement," while a typical fraud investigator is skilled 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 specialists are paid the highest salary in the finance industry, with average annual pay of $44,419.fraud investigators typically earn similar educational levels compared to fraud specialists. Specifically, they're 4.5% more likely to graduate with a Master's Degree, and 0.6% more likely to earn a Doctoral Degree.Fraud specialist vs. Fraud analyst
Updated January 8, 2025
