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The differences between senior fraud analysts and fraud specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a senior fraud analyst, becoming a fraud specialist takes usually requires 2-4 years. Additionally, a senior fraud analyst has an average salary of $91,428, which is higher than the $37,709 average annual salary of a fraud specialist.
The top three skills for a senior fraud analyst include SQL, fraud risk and fraud prevention. The most important skills for a fraud specialist are fraud losses, inbound calls, and outbound calls.
| Senior Fraud Analyst | Fraud Specialist | |
| Yearly salary | $91,428 | $37,709 |
| Hourly rate | $43.96 | $18.13 |
| Growth rate | 3% | 6% |
| Number of jobs | 13,411 | 19,890 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 57% | Bachelor's Degree, 42% |
| Average age | 39 | 43 |
| Years of experience | 2 | 4 |
A Senior Fraud Analyst performs extensive research and analyses to detect suspicious transactions and determine fraudulent activities in financial institutions or business establishments. Their responsibilities typically revolve around monitoring financial transactions and documents, gathering and analyzing various data, conducting account assessments, validating information, and thoroughly reviewing documents. There are also instances where they must set objectives, establish guidelines, produce progress reports, and resolve issues promptly and efficiently. Moreover, as a senior fraud analyst, it is essential to lead and serve as a role model for junior fraud analysts, overseeing their performance while implementing company 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.
Senior fraud analysts and fraud specialists have different pay scales, as shown below.
| Senior Fraud Analyst | Fraud Specialist | |
| Average salary | $91,428 | $37,709 |
| Salary range | Between $69,000 And $120,000 | Between $25,000 And $56,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | SoFi | Goldman Sachs |
| Best paying industry | Start-up | Finance |
There are a few differences between a senior fraud analyst and a fraud specialist in terms of educational background:
| Senior Fraud Analyst | Fraud Specialist | |
| Most common degree | Bachelor's Degree, 57% | Bachelor's Degree, 42% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | California State University - Bakersfield |
Here are the differences between senior fraud analysts' and fraud specialists' demographics:
| Senior Fraud Analyst | Fraud Specialist | |
| Average age | 39 | 43 |
| Gender ratio | Male, 43.5% Female, 56.5% | Male, 37.3% Female, 62.7% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 10.0% White, 69.0% 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 | 11% | 4% |