Fraud Analyst Job Description, Key Duties and Responsibilities
If you are looking for information about the job description of a fraud analyst, including the duties, tasks, and responsibilities they commonly perform, this post will show it to you.
And if you are a job seeker looking to be hired as a fraud analyst, this post will also show you the major requirements most employers commonly want applicants for the role to meet to be eligible to access it. Please read on:
What Does a Fraud Analyst Do?
The fraud analyst is a professional detective who investigates forgery and theft within a customer’s account and transactions on behalf of a corporate organization.
They collaborate with the corporate security departments and postal officials (were fraud has occurred via mail) in the analysis of abuse scenarios and suspected fraud.
They work with insurance agencies, healthcare organizations, banks, telecommunication companies, payment solution providers, etc.
Their job description entails investigating cases of insurance and credit card fraud based on information received from the fraud detection system.
It also involves conducting interviews with individuals, employers, and witnesses who have been affected by fraudulent activities.
Fraud analysts are responsible for conducting research into records and transactions, particularly those that are electronic.
They serve and execute search warrants, and conduct surveillance to collect evidence of fraudulent activity.
The fraud analyst role also entails ensuring the quality, accuracy, and completeness of available data and alerting process; identifying data pain points (e.g. lack of data and frequency), and getting to work on the projects with the appropriate IT team to resolve the pain point.
They identify and detect suspicious orders by interpreting large, complex, sensitive data using an array of cutting edge systems and methodologies.
The fraud analyst work description also involves contesting buyer payment disputes on behalf of the organization (in the case of a payment solution service firm) across a variety of payment platforms.
It also entails finding existing fraud trends by analyzing accounts and transaction patterns, as well as propose and implement system improvements to fight fraud and protect customers.
The analyst is also proactively responsible for identifying instances of potential fraud, waste, and abuse through data analysis using company system and tool.
They also perform data analytics to identify fraud, waste or abuse in claims data; and prepare statistical/financial analysis reports with graphic presentation for notification of findings.
To become and work as a fraud analyst requires a Bachelor’s degree and relevant work experience. However, organizations may accept A High School Diploma with certification from an accredited body as a Certified Fraud Examiner.
Individuals interested in the fraud analyst career also require strong analytical, communication, and computer skills; as well as a strong eye for details and knowledge of criminal intelligence.
Fraud Analyst Job Description Example/Sample/Template
Fraud analysts perform various functions, primarily to identify instances of fraud and investigate fraudulent activities pertaining to an organization or its customers.
The major tasks, duties, and responsibilities that make up the fraud analyst job description are listed below:
- Responsible for the prevention and detection of potential fraud across all payment channels by reviewing customers’ accounts
- Monitor debit card fraud alerts daily and take necessary action to protect customers and the bank
- Identify fraud patterns through the monitoring of high-risk countries and merchants
- Contribute to the creation of fraud rules by providing analytical data to support decisions
- Ensure information flow and deliverables are met to mitigate fraud by facilitating weekly calls with external card fraud analyst at processor
- Review all alerts from external sources, including VISA CAMS, FICO, etc. and ensure that appropriate actions are taken to mitigate fraud
- Accurately document all actions taken on a case
- Verify activities through outbound calls and/or send “Potential Fraud Alert” e-mails to customers
- Responsible for reconciling debit card fraud disputes claims with the Master Fraud Transactions
- Provide support to the Operational and Business units of the organization on fraud related matters
- Regularly prepare reports for the bank’s Risk Management Organization
- Responsible for maintaining knowledge of fraud situation in the industry
- Report risk information and findings to the immediate supervisor in a timely manner
- Actively participate in team meetings; share information and make suggestions for improvements to fraud operations.
Fraud Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
If you are seeking a job as a fraud analyst, it is important to know that recruiters will expect you to have certain skills, abilities, experience, and other qualities and qualifications to convince them that you will be able to perform the purpose, objectives, and obligations of the fraud analyst position.
Shown below are major requirements individuals seeking the role of a fraud analyst may be expected to meet:
- Education: They require a minimum Bachelor’s degree in Business Administration or Criminal Justice, or in a relevant work experience
- Certification: It is a plus for individuals to be certified under an accredited body such as the Association of Certified Fraud Examiners (ACFE), Accredited Healthcare Fraud Investigator (AHFI), etc.
- Knowledge: The knowledge requirement for a fraud analyst depends on the sector they work in; the requirement for a bank or payment solution firm will defer from the healthcare sector
- Fraud analysts in a bank/payment solution firm requires strong knowledge of banking regulations such as COSO, SOX, FDICIA, GLBA, UCC, and REG E, and experience with the prevention and detection of card fraud by means of Fraud Risk Identification Service (FRIS) case management/alert system
- They also require an understanding of financial crimes, in particular cyber fraud means and threats; and an in-depth knowledge of the cards business and risk management concepts and practices, and performance implications of policies/actions
- Computer skills: They must possess advance computer skills, including but not limited to proficiency in Microsoft Office (Word, Excel, Power Point, Access, etc. They also require an analytical ability and competency in SQL query language and working with relational databases
- Analytical skills: They require strong analytical skills to detect and identify weaknesses in the bank’s systems; as well as identify the root cause of the weakness
- Communication skills: The fraud analyst job requires conducting investigations as well as interviewing individuals affected by fraudulent activities. They therefore need to have great verbal and written communication skills to take interviews, write statements and reports, and communicate effectively at all levels of the organization
- Attention to detail: They require strong attention to detail and accuracy to factor every piece of information in the investigation of cases
- Result orientation: They must be goal oriented individuals with a strong focus on completing tasks and producing high quality results within a fast-paced environment
- Collaborative skills: They require the ability to work in a team-oriented environment as well as the ability to collaborate with other professionals relevant in performing the job successfully
- Stress management: They require the ability to thrive under pressure
- Comfortable with large data set: They must be comfortable with analyzing and synthesizing large data sets and also require the ability to work independently and make complex investigative decisions
- Language skills: Multilingual is a plus.
If you are a recruiter hiring for the position of a fraud analyst, this post will help you to quickly make a detailed description of the job for your organization.
You need to make a comprehensive description of the fraud analyst position in your company to increase your chances of attracting the best suited persons to your offer.
This article is also useful to individuals looking to start a career as a fraud analyst. It will increase their knowledge of the duties and responsibilities of fraud analysts and also show them the qualities to develop to gain employment and succeed in the career.
Did you find this post helpful in learning about what fraud analyst do? Please, leave a comment in the box below. You can also share your job description if you work as a fraud analyst.
What are the skills of a fraud analyst? ›
- Data Analytics.
- Law Enforcement.
- Risk Management.
- Communication Skills.
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.What skills do you need to work in fraud? ›
- strong communication skills.
- IT skills.
- good attention to detail.
- to be confident and trustworthy.
- good organisation skills.
- to be able to work under pressure.
- strong decision-making skills.
With my expertise in performing all facets of fraud analysis, combined with my inherent interpersonal, analytical and problem-solving skills, I am ready to provide outstanding service within your organization and look forward to discussing the position with you in further detail.How do I become a data analyst for fraud? ›
- Bachelor's degree in criminal justice or computer science (preferred)
- Proficiency with fraud detection software and tools.
- Creative problem-solving abilities.
- Attention to detail.
- Superb written and verbal communication skills.
Fraud analysts work extremely hard to identify those taking advantage of stolen information or deceptive practices and spot criminal trends such as phishing, social engineering and chargeback, to prevent them occurring both today and in the future.What does a fraud business analyst do? ›
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.What do you think are the most important qualities in a Fraud Investigator and which relevant skills would you bring to the role from previous experience? ›
Excellent communication skills are required to present the findings of the investigation to the clients/ management in a precise language. Excellent research skills required to gather evidence. Passion for the job is required to become a successful fraud investigator.What are the first three steps when dealing with fraud NHS? ›
Spot it. Report it. Together we stop it.How do I write a cover letter for an analyst position? ›
- Address your letter to the Hiring Manager by name.
- Start with an attention-grabbing introduction.
- Highlight your most relevant Business Analyst qualifications and experiences.
- Emphasize your top successes.
- Show enthusiasm for the role and company.
What is a cover letter for a job? ›
A cover letter is a document attached to a job application designed to introduce the candidate in a more personal way. It should complement the information from a resume or CV, expanding on the skills and achievements and highlighting a selection of the most relevant accomplishments.What is the meaning of fraud analyst? ›
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.What are the roles and responsibilities of financial analyst? ›
Evaluate and analyze capital expenditures, depreciation, proposals, investment opportunities, rate of return, profit plans, operating records, financial statements, etc. Study a company's financial data to give advice for guiding business investments and overall financial strategy.What is fraud analyst in telecom? ›
Revenue Assurance and Telecommunications Fraud Analytics. We use advanced analytics to assess usage, subscription, and order management information to determine the legitimacy of calls, configurations, and business rules in the telecom networks.How much is the salary of fraud analyst in the Philippines? ›
|TTEC Fraud Analyst salaries - 2 salaries reported||₱25,500/mo|
|Shopee Fraud Analyst salaries - 2 salaries reported||₱29,542/mo|
|Union Bank of the Philippines Fraud Analyst salaries - 2 salaries reported||₱30,000/mo|
|Majorel Fraud Analyst salaries - 2 salaries reported||₱17,500/mo|
A financial analyst is responsible for a wide range of activities including gathering data, organizing information, analyzing historical results, making forecasts and projections, making recommendations, and generating Excel models, presentations, and reports.How do I write a financial analyst resume? ›
Done right, a financial analyst resume summary should include: Your job title (“Financial Analyst”) Your years of experience (“With 6+ years of experience in the field”) Your top 1-2 achievements (“Experienced in identifying wasteful processes and cutting spend by over 12% at Company X”)What skills are needed for a financial analyst? ›
- Accounting skills. ...
- Interpersonal skills. ...
- Communication skills. ...
- Problem-solving skills. ...
- Technical skills. ...
- Leadership and management skills. ...
- Financial literacy skills. ...
- Critical-thinking skills.
What is revenue assurance in telecom? Revenue assurance implies that a telecom company can bill for products and services as per the commercial agreement with the client and avoid revenue leakage. It ensures integrity and accuracy of all systems involved in rating, invoicing and billing.How can we prevent telecom fraud? ›
The new idea for telecom fraud detection is that via collaboration, multiple operators can exchange call data to prevent any fraudulent call from connecting. Such collaboration can facilitate a community of operators that can proactively co-operate to monitor and validate calls over multiple operators.