Fraud Specialist Job Description

PayScale: Compensation Benefits for Fraud Analyst

It saves time and money to spot fraud before it becomes a big issue. Unusual activities on certain accounts, such as a large number of foreign transactions, may be noticed by fraud analysts at the bank. A scam may be stopped before it spreads further by checking authenticity.

Researching problems reported at other institutions helps analysts learn more about prevention methods. Fraud analysts come up with new techniques to prevent problems from happening by looking at data and thinking about fraudulent activity. A professional who works for an e-commerce site may look at online transactions to improve the company's online reputation.

Fraud analysts need to understand the laws. Knowledge like this helps them conduct investigations and collect evidence in ways that ensure the best chances of the guilty parties getting caught and punished. PayScale shows that the median annual salary for a fraud analyst is about $45,000.

Auditing Accounting Practices: The Internal Auditor'S Role in Detection of Fraud

Major scandals that have affected the accounting profession in recent times have been caused by fraud. Auditors and directors need to understand their role in the prevention and detection of fraud in order to maintain their confidence in the profession. The auditor's responsibilities relating to fraud in an audit of financial statements recognise that misstatement in the financial statements can arise from either fraud or error.

The distinguishing factor is whether the action that resulted in the misstatement was intentional or not. Fraud is a criminal activity. Auditors are not supposed to determine if fraud has actually occurred.

That is the responsibility of the legal system. Auditors must be aware of the impact of both fraud and error on the financial statements. The external auditor is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

The external auditor has a responsibility to consider the risk of material misstatement due to fraud. Auditors must identify how management assesses and responds to the risk of fraud to make such an assessment. If the auditor is aware of any fraudulent activity, they must ask management, internal auditors and those charged with governance.

Resume Examples for a Fraud Investigator Job

Fraud investigators find relevance in a wide range of fields, from private establishments to government agencies and insurance companies, where they work to identify and resolve financial maneuvers. Fraud investigators work with other professionals such as law enforcement agents, legal attorneys and medical doctors to interpret evidence and help with the resolution of technical difficulties. The work experience part of your resume shows that you have experience working as a fraud investigator and can be trusted to succeed on the job. If you are creating a resume for a fraud investigator job, you can use the skills required for the job given above in making the skills section of the resume.

Understanding and Reasoning about Fraud Investigation

1. Understand the business. Fraud investigators need to understand the business side of information technology and work with software to be good.

Business rules and processes are needed to help with different types of fraud. 2. Understand the source of information.

When fraud investigators are looking for evidence, they should know whether the information is on the server or somewhere else. Knowledge of the inner workings of a company is important to know where to get needed information. 3.

Writing skills The reports of the findings of fraud investigators should be clearly and concisely put together. The investigator's report marks the end of a case, as it becomes expedient for the client to get feedback on the assignment.

There are 4. Active listening Fraud investigators should take time to understand what other people are saying and give full attention to what they are saying.

Fraud Specialists

Fraud specialists or analysts are the people who respond to fraud reports. If an alert appears on a customer's account, the fraud specialist will call the account holder to verify the charges are correct. The customer is not punished for the fraud, and in most cases the funds are restored or the customer's credit card is credited for the fraudulent amount.

Fraud analysts will work with other departments to create and execute fraud prevention policies. Since the bank loses money in fraudulent situations, putting tighter controls, alert, and any other fraud prevention efforts in place can only improve the bank's profitability. A bachelor's degree is required for fraud specialists.

A degree may not be enough for some banks to hire a person with several years of experience. Fraud analysts may receive training related to the bank's specific products, services, and transaction procedures. Fraud analysts and specialists need to have good oral and written communication skills since they will often need to communicate with customers and other stakeholders.

Fraud employees should have strong organizational skills and be able to pay attention to detail. Fraud analysts and specialists make a wide range of salaries. The salary for a person with experience in the bank can be different depending on the size of the bank.

Experienced Fraud Examiners

The possibilities for fraudulent activity using electronic medium has increased with the growth of technology. The need for experienced fraud investigators has grown. The investigators may work for the federal government, police departments, insurance agencies, banks, and healthcare organizations.

Some fraud examiners work for their own clients in private practice. Civil and criminal investigations are performed by fraud investigators. They investigate cases of insurance and credit card fraud, interviewing and working with postal officials when offenses have occurred through the mail.

People who have been affected by fraudulent activity are interviewed by investigators. They conduct research, serve and execute search warrants, and conduct surveille on transactions that are electronic to gather evidence of fraudulent activity. Fraud investigators work with prosecutors and attorney generals to present investigation results and testify in court.

Criminal investigations, background investigations, suspect business practices, and insurance casualty claims are some of the things that applicants with experience with will be most likely to be hired as a fraud investigator. A potential fraud investigator needs to have the ability to conduct interviews, take statements, write reports, and collect and preserve evidence. Fraud investigators must be ethical and good at communicating.

Online Certified Fraud Investigation

Fraud investigators work with prosecutors. Some people form their own companies and get hired to investigate fraud. Their hours might be irregular and include working nights and weekends.

Fraud involving electronic means has risen, leading to an increasing need for skilled fraud investigators. The CFE exam tests fraud investigators in various areas. You can take it online at any time, but you have to take it in one sitting and complete it in 30 days.

You have three attempts to pass each section. You must get 75% of the questions in each section to pass. To become a fraud investigator, you need to have a bachelor's degree in criminal justice, business administration, accounting, legal studies, fraud management or a related field.

If you have experience in finance, criminal justice, law, auditing, insurance or private investigation, you could be a good candidate for certification. To remain certified, certified fraud investigators must pay their annual membership fees and complete at least 20 hours of continuing education each year. There are a variety of learning opportunities at the ACFE.