Fraud Investigator Job Description

Fraud Investigator Job Description, Skills, and Salary

Are you searching for a fraud investigator job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a fraud investigator. Feel free to use our fraud investigator job description template to produce your own fraud investigator job description. We also provide you with information about the salary you can earn as a fraud investigator.

 

Who is a Fraud Investigator?

Fraud investigators, often called fraud examiners, look into claims of possible fraud. They are in charge of conducting interviews with people who may have information about the fraud, examining the pertinent records, and reporting their findings. They may be employed by private businesses or public institutions, but in any case, their job is to spot instances of fraud and prevent it from happening again.

To find proof of fraud, fraud investigators frequently employ a variety of investigative techniques. This could entail looking through bank documents, speaking with witnesses, looking at digital data, etc.

What distinguishes a forensic accountant from a fraud investigator?

A fraud investigator only deals with anti-fraud systems and fraud cases. Forensic accountants examine financial records or books and resolve financial disputes following the law. While forensic accountants must be CPAs, fraud investigators are not needed to be CPAs.

 

Fraud Investigator Job Description

What is a fraud investigator job description? A fraud investigator job description is simply a list of duties and responsibilities of a fraud investigator in an organization. Below are the fraud investigator job description examples you can use to develop your resume or write a fraud investigator job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

The duties and responsibilities of a fraud investigator include the following:

  • Conduct thorough, private investigations into claims of possible fraud.
  • Interview anyone who may know something about a specific fraud claim.
  • Conduct asset searches, personnel investigations, and background checks on suspects.
  • Examine supporting data such as victim testimony and financial records to ascertain whether fraud happened.
  • Write thorough reports on their discoveries and provide them to management.
  • Communicate with fraud victims, law enforcement, and court personnel if a civil or criminal case is initiated.
  • Testify in civil or criminal procedures on fraud charges.
  • Conduct interrogations of witnesses and suspects to learn more about the occurrence.
  • Examine financial records for abnormalities like fraud, theft, or money laundering.
  • Recognize fraudulent behavior to try to stop it from happening again.
  • Investigate potential criminal activities to learn the truth.
  • Speak with witnesses and suspects to learn more about the suspected crime.
  • Provide expert witness testimony in court to aid in the prosecution of criminal cases
  • Examine loan or other financial instrument applications to see if applicants fit the requirements.
  • Gather information about the situation and give it to the prosecutor so they can decide whether to press charges.
  • Conduct training courses and seminars on fraud prevention strategies.

 

Qualifications

A fraud investigator may need the following qualifications:

  1. Education: A bachelor’s degree in criminal justice, forensic accounting, forensic science, or a closely related field is often required of fraud investigators. Some employers favor applicants with a master’s degree in forensic science or criminal justice.
  2. Experience and training: Fraud investigators are trained on the job throughout a term of employment with a business. During this time, they become familiar with the company’s clients and staff as well as its specialized processes and procedures. Additionally, they receive training on the company’s fraud detection tools.
  3. Licenses and certificates: Employers may demand that candidates complete a certification exam unique to the business to demonstrate their general expertise.

 

Essential Skills

The following abilities are necessary for fraud investigators to succeed:

  1. Technical expertise: The capacity to use technology, software and other tools to carry out a task is referred to as technical skill. Since fraud investigators frequently utilize technology to collect and evaluate data, technological expertise is crucial for this line of work.
  2. Exceptional analytical abilities: The capacity to gather and evaluate information is known as analytical ability. A fraud investigator needs to be able to gather information and make judgments about a situation, therefore this is a crucial talent.
  3. Exceptional investigative abilities: You must be able to gather information and do interviews if you want to become a fraud investigator. To gather the data required to ascertain whether a crime has been committed and who did it, you must have the ability to ask the correct questions. Additionally, you must be able to read and analyze records and paperwork.
  4. Strong communication abilities: For fraud investigators to effectively transmit information to their coworkers and superiors, they must have strong communication skills. They must also be able to listen to and comprehend the information that is communicated to them by their coworkers and managers. When working in a team, this is extremely crucial.
  5. Business acumen: Business savvy is required for fraud investigators to comprehend the financial components of a case. They must be able to comprehend financial paperwork and understand how businesses function. Additionally, they must understand how to analyze data and apply it to look for signs of fraud.
  6. Curiosity: When conducting investigations, curiosity—which entails asking questions to learn the causes of a specific event—is an important trait. This ability involves a thirst for knowledge and can support a professional’s perseverance in an investigation when its pace slows.
  7. Decent problem-solving abilities: These abilities aid fraud investigators in compiling the data they gather. Since most investigation work entails trying to solve a case or learning more about an incident, these specialists must identify connections between various events. Effective investigators analyze their facts to draw findings that direct them on how to handle a situation in the best possible way.
  8. Research skills: Knowing how to gather pertinent data and understand it is frequently important when investigating a fraud investigator. To fully understand a scenario, fraud investigators frequently review background material on certain topic matters. A legal investigator, for instance, might look into the past of the criminals to find out about their criminal records and other crucial information.
  9. Evidence collection: Finding pertinent information is the capacity to identify facts that confirm or support a particular belief, such as hints that assist fraud investigators in understanding why something may have happened. Fraud investigators frequently gather information by carrying out tests or visiting and examining a crime scene. It’s frequently crucial for fraud investigators to follow accepted legal practices when gathering evidence.
  10. Skills for interviews: The ability to question witnesses aids fraud investigators in gathering crucial data. This could involve questioning a perpetrator or victim during an interrogation to learn what transpired during a specific criminal occurrence. Effective interviewers are aware of the right questions to ask to get useful responses and the best ways to promote cooperation.
  11. Report writing skills: The ability to correctly submit documentation of one’s findings is provided by this style of writing. For these specialists, clarity is usually crucial to ensure that readers can understand their reports. They may also present their findings to a court, which will use them to convict or exonerate a defendant. They also add supporting evidence to back up their conclusions.
  12. Critical thinking skills: These abilities aid fraud investigators in conducting unbiased case analyses and avoiding presumptions that can impair their capacity to draw factual judgments. These skills enable experts to assess the situation, which can aid them in either validating earlier deductions or accurately changing their assessments of a case when making critical judgments about an investigation.
  13. Honesty: This ability aids fraud investigators in avoiding prejudice and ensuring objectivity when acquiring data. It’s crucial for fraud investigators to strategically share secret information or decide never to reveal it because they may manage it. Effective fraud investigators frequently follow a code of ethics when gathering information, and they are honest when presenting their evidence.
  14. Flexibility: These experts must be adaptive because investigations may change as a person acquires facts. This can call for abandoning an early notion and reevaluating the best course of action. When researching a topic or event, successful fraud detectives frequently are impartial and consider different viewpoints. This competence necessitates the readiness to apply cutting-edge research techniques and technology to aid in their work.
  15. Good observation skills: Observation, which involves staying aware of one’s surroundings, is a crucial investigative skill. Surveying a location and writing down significant details are frequently used while acquiring information. When interviewing a person, professionals can also utilize this expertise to spot non-verbal signs and conflicting comments that can assist a fraud investigator in drawing accurate conclusions.
  16. Courage: Some inquiries may include risky individuals or situations, therefore perseverance is necessary. Investigating can be aided by maintaining a state of readiness for many scenarios. Professionals can use this ability to obtain facts that might irritate some parties involved in an inquiry.
  17. Self-motivation: Being self-motivated is advantageous in an investigative position because these jobs frequently need solo effort. Perseverance is a skill that investigators use to carry on their research despite obstacles or setbacks. Effective fraud investigators frequently keep their eyes on the big picture so they can eventually reach valid conclusions.

 

How to Become a Fraud Investigator

Before starting your work as a fraud investigator, you must fulfill several qualifications. For you to succeed as a fraud investigator, you will need to develop your abilities and get the necessary training and experience. The most typical actions you might do in your career path are listed here.

  1. Attend an educational program: Most entry-level fraud investigators must have a high school diploma or an equivalent as their minimum educational qualification. However, certain businesses can insist on a bachelor’s or associate’s degree in accounting, criminal justice, business administration, fraud management, or economic crime. Each sector that hires fraud investigators could have particular standards. You can learn the fundamentals of investigative accounting, litigation assistance, fraud data analysis, modern political philosophy, social problems, public policies, and computational data exploration by enrolling in forensic accounting and criminal justice courses.

Depending on your enrollment status as a student, these educational programs can be completed in two to four years. When you start searching for jobs, you will stand out from the competition if you take classes or get a degree in fraud management or a related profession.

  1. Obtain professional experience: Interning or looking for part-time work in the industry are the greatest ways to obtain experience as a fraud investigator. If at all possible, you should strive to get some experience while enrolled in school or right after you graduate. When your education is finished, these options will provide you the chance to gain practical experience in the anti-fraud industry and will probably increase your chances of landing a regular full-time job as a fraud investigator. To sit for advanced certification tests, you must have one to three years of relevant experience.
  2. Pass advanced certification exams: Although certification is not required for fraud investigators, certain employers may prefer to hire a candidate with credentials. The Certified Fraud Examiner (CFE) and the Certified Insurance Fraud Investigator are the two primary certification programs for fraud investigation experts that you might take into consideration (CIFI). The International Association of Special Investigation Units offers the CIFI, whereas the Association of Certified Fraud Examiners (ACFE) offers the CFE (IASI). Your capacity to demonstrate your professional expertise in the anti-fraud sector, expand your earning potential, improve your marketability, and develop your career will all be aided by these credentials.
  3. Acquire a license: The state you live in will have different licensing requirements. You must abide by all laws in the state where you want to practice fraud investigation. Before you can get a license, some states could make you undergo education classes for pre-licensing and take an exam. Other states might mandate licensing for your employer and permit you to work for a licensed business without having your license.
  4. Refresh your resume: Update your resume with your new abilities and applicable experience after completing the necessary school, certification, and licensure criteria. For instance, you may try researching the job descriptions for the positions you’re applying for, making a note of the essential qualifications, and adding those skills—based on your relevant experience—to your resume. A thoughtful resume will make it stand out from those of your competition.
  5. Continually learn: A fraud investigator’s license may need to be renewed by taking continuing education courses in some states. Additionally, your employer can ask you to regularly update your understanding of specific fraud-related topics since the techniques are likely to alter during your employment. You can further your education by taking training classes, seminars, or webinars online or in person.

 

Where to Work as a Fraud Investigator

Fraud investigators frequently work for private businesses or governmental organizations. They typically put in a 40-hour work week, however, they occasionally extend that to finish investigations. Fraud investigators need to be self-sufficient and able to think critically to solve challenging puzzles. Additionally, they must be able to focus on details and possess exceptional writing and communication abilities.

 

Fraud Investigator Salary Scale

In the USA, the typical fraud investigator’s compensation is $55,926 annually or $28.68 per hour. Most experienced workers can earn up to $83,732 per year, while entry-level employees start at $40,847 annually.

In the UK, the average fraud investigator makes £28,000 a year, or £14.36 an hour. Most experienced workers earn up to £40,000 per year, while entry-level roles start at £23,500.

In Canada, the average fraud investigator makes $68,456 a year, or $35.11 an hour. Most experienced workers earn up to $88,709 per year, while entry-level roles start at $37,050.

In Australia, the average gross wage for a fraud investigator is $92,998, which equates to a $45 hourly wage. Additionally, they receive a $1,600 bonus on average. Wage estimates are based on data from anonymous Australian employees and employers via salary surveys. An entry-level fraud investigator makes an average salary of $67,281 with 1-3 years of experience. The average pay for a senior-level fraud investigator (8+ years of experience) is $114,663.

In Ireland, the average yearly salary for a fraud investigator is roughly 44,700 EUR. The lowest salary is 22,300 EUR, and the highest is 69,300 EUR (highest).

The average gross pay for fraud investigators in Germany is 58.219 euros or 28 euros per hour. They also receive an average bonus of 1.001 euros. Wage projections are based on anonymous employee and employer responses to a salary survey conducted in Germany. An entry-level fraud investigator has an average income of 42.051 Euros (1-3 years of experience). The average compensation for a senior-level fraud investigator (8+ years of experience) is 71.665 Euros.

In Nigeria, the average monthly salary for a fraud investigator is about 384,000 NGN. The lowest salary is 192,000 NGN, and the highest is 596,000 NGN (highest).

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