What does a Fraud Analyst do?
Fraud analysts work in organizations including insurance companies, banks, or realtors to detect and deter deceitful actions. They strive to resolve fraud cases including identity theft or unauthorized usage of credit or debit cards. Once they are alerted of potential fraud incidents, they ask questions, fill out paperwork, assist with refunds, and change account numbers. Fraud analysts also seek to discover the source of the fraud, and they notify proper authorities.
Fraud analysts examine data and fraudulent activity to brainstorm new techniques to help prevent future fraudulent activity from happening. Notably, fraud analysts are often called upon to assist with more traditional incidents and cases, including false identifications or fake claims. The increase in use and reliance upon technology has created new opportunities for fraudsters to pinpoint and target victims digitally, and fraud analysts assist in these incidents. Fraud analysts need a bachelor's degree in finance, computer science, or a related job field.
- Interview providers, members or any other individual(s) necessary to complete a case review or special project.
- Utilize open source, law enforcement and third-party data to support lead generation and build out cases.
- Complete compliance training and adhere to internal procedures and controls, as required.
- Coordinate data extracts by assess multiple databases both internally and externally.
- Conduct in-depth investigation to attempt to identify a suspect.
- Fully engage in team communication and, on occasion, provide guidance to team as appropriate.
- Responsible for notifying customers, vendor or merchants regarding pending cases related to fraud.
- Carry out supervisory responsibilities in accordance with the organizations policies and applicable laws.
- Accountable for continuous performance to complete the job assigned.
- Ability to manage parallel tasks and accurately document resolutions.
- Responsible for updating annually the changes in insurance laws with regard to lines of business.
- Recommend solutions and process changes to eliminate issues from reoccurring.
- Responsible for interviews which might include providers and members and may be conducted onsite or offsite.
- Assist lead investigators through administrative support including client facing communications and activities.
- Finalist candidates will be required to complete an investigative assignment to be considered.
- The role requires a curious learner who takes initiative and is adaptable to changing business needs.
- Analyze and take ownership of outcomes and make appropriate adjustments for the future by develop dispute correspondence and case files to meet or exceed the defined standards of quality and productivity expectations.
- Resolve cardholder claims utilizing Association guidelines while adhering to Federal regulations.
- Bachelor's or Graduate's Degree in business, business administration, computer science or engineering or equivalent experience.
- Experience with AML, SQL, and R Language.
- Demonstrated sound judgment and threat detection capabilities.
- Prior experience working in banking.
- Demonstrated critical thinking, collaboration, and time management skill.s
- Six Sigma Green Belt or Six Sigma training.
- Demonstrated problem solving and decision making skills.
- Comfortable working with ratios and templating.
How much does a Fraud Analyst make?
Fraud Analyst Career Path
Learn how to become a Fraud Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Fraud Analyst Insights
“I have had an amazing time in the fraud team and have made really good friends.”
“I remember EMA (now EMG) was terrifying to work for because there was no job security.”
“opportunity to work in a different department within banking industry which i have worked in my first full time job.”
“Salary is fairly good but if you value your career for your personal development DO NOT GO THERE because they have nothing valuable to offer”
“No work from home for me because I don't have a teammate but we can work from home during covid times”
“Flexible and good place to start your career”
“There aren't really any I love my job and I think the pay is right for the role”
“Required to go where directed even if you don't want to; work life balance can be skewed towards work quite easily.”
Fraud Analyst Interviews
Frequently asked questions about the roles and responsibilities of a Fraud Analyst
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