{"id":14352,"date":"2021-01-28T17:55:48","date_gmt":"2021-01-29T01:55:48","guid":{"rendered":"https:\/\/www.springboard.com\/?p=14352"},"modified":"2023-08-23T09:46:25","modified_gmt":"2023-08-23T16:46:25","slug":"how-to-become-a-fraud-analyst","status":"publish","type":"post","link":"https:\/\/www.springboard.com\/blog\/data-analytics\/how-to-become-a-fraud-analyst\/","title":{"rendered":"How To Become a Fraud Analyst"},"content":{"rendered":"\n<p>Fraud analysts are in high demand right now. In fact, vacancies for fraud analysts have an average growth of 4.84% per year. Fraud analysts must have a specific skill set, relevant education, and technical knowledge.<\/p>\n\n\n\n<p>There are many routes to becoming a fraud analyst, but all require mastering certain skills and technical knowledge. Here is a comprehensive guide with 3 steps to help you become a fraud analyst\u2014including key skills, job roles, and responsibilities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How To Become a Fraud Analyst in 3 Steps<\/h2>\n\n\n\n<p>Becoming a certified fraud examiner requires hard work, but it&#8217;s worth it. There are four main steps you can take toward getting your dream job in this profession.<\/p>\n\n\n<div id=\"rank-math-howto\" class=\"rank-math-block\" >\n<div class=\"rank-math-howto-description\">\n\n<\/div>\n\n<ol class=\"rank-math-steps \">\n<li id=\"howto-step-1667372163440\" class=\"rank-math-step\">\n<p class=\"rank-math-step-title \">Complete a Course<\/p>\n<div class=\"rank-math-step-content \"><\/div>\n<\/li>\n<li id=\"howto-step-1667372187647\" class=\"rank-math-step\">\n<p class=\"rank-math-step-title \">Get a degree<\/p>\n<div class=\"rank-math-step-content \"><\/div>\n<\/li>\n<li id=\"howto-step-1667372206980\" class=\"rank-math-step\">\n<p class=\"rank-math-step-title \">Gaining hands-on work experience<\/p>\n<div class=\"rank-math-step-content \"><\/div>\n<\/li>\n<li id=\"howto-step-1690276781277\" class=\"rank-math-step\">\n<p class=\"rank-math-step-title \">Obtain useful certifications<\/p>\n<div class=\"rank-math-step-content \"><\/div>\n<\/li>\n<\/ol>\n<\/div>\n\n\n\n\n\n<style>.blog-cta-salsey-03 {\toverflow: hidden;\t}\t.blog-cta-salsey-03-img {\tmax-width: 160px !important;\t}\t@media (min-width: 768px) {\t.blog-cta-salsey-03-content {\tmax-width: calc(100% - 281px);\t}\t.blog-cta-salsey-03-img {\tposition: absolute;\tmax-width: 100% !important;\tright: -10px;\tbottom: -10px;\t}\t}<\/style><div class=\"blog-cta-salsey-03 bg-blue-50 p-3 my-5 position-relative\"><div class=\"d-block d-md-flex\"><img decoding=\"async\" loading=\"lazy\" width=\"212\" height=\"232\" src=\"https:\/\/www.springboard.com\/blog\/wp-content\/uploads\/2023\/08\/dac-student.png\" alt=\"Data Analyst student\" class=\"blog-cta-salsey-03-img mb-3 mb-md-0\" \/><div class=\"blog-cta-salsey-03-content\"><div class=\"d-flex align-items-center mb-2\"><img decoding=\"async\" class=\"pe-2\" width=\"86\" height=\"71\" loading=\"lazy\" src=\"https:\/\/www.springboard.com\/blog\/wp-content\/uploads\/2023\/04\/job-guarantee-heading-badge.png\" alt=\"Job Guarantee\" style=\"mix-blend-mode: multiply\"><h4 class=\"fw-bold mb-0\">Become a Data Analyst. Land a Job or Your Money Back.<\/h4><\/div><p>Transform real-world datasets into actionable recommendations. Master technical and strategic thinking skills and frameworks. Land a job \u2014 or your money back.<\/p><p class=\"mb-sm-0\"><a class=\"btn btn-primary btn-lg\" href=\"https:\/\/www.springboard.com\/courses\/data-analytics-career-track\/#job-guarantee\">Explore course<\/a><\/p><\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">1.  Complete a Course<\/h3>\n\n\n\n<p>One of the best ways to kickstart your career is to complete an <a href=\"https:\/\/www.springboard.com\/courses\/cyber-security-career-track\/\">online cybersecurity bootcamp<\/a>. You can learn everything there is to learn about cybersecurity in a short amount of time, and you&#8217;re guaranteed a job at the end of the course, too. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Get a degree<\/h3>\n\n\n\n<p>The education requirements to become an entry-level fraud analyst aren&#8217;t too demanding. You&#8217;ll <a href=\"https:\/\/www.springboard.com\/blog\/career-advice\/things-to-do-after-high-school\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.springboard.com\/blog\/career-advice\/things-to-do-after-high-school\/\" rel=\"noreferrer noopener\">typically only need a high-school diploma<\/a> or equivalent education. Only 43.4% of fraud analysts <a href=\"https:\/\/www.zippia.com\/fraud-analyst-jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">hold a bachelor&#8217;s degree<\/a>. However, since you&#8217;ll be ensuring the safety of people&#8217;s assets during transactions and monitoring fraudulent activity, most employers prefer that you have a bachelor&#8217;s degree in a related field before they hire you, according to the <a href=\"https:\/\/www.bls.gov\/ooh\/business-and-financial\/claims-adjusters-appraisers-examiners-and-investigators.htm\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Bureau of Labor Statistics (BLS)<\/a>.<\/p>\n\n\n\n<p>As you consider how to become a fraud analyst through pursuing higher education, make sure your <a href=\"https:\/\/www.acfe.com\/cfe-qualifications.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">coursework and qualifications<\/a> are focused on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accounting and auditing<\/li>\n\n\n\n<li>Criminology and sociology<\/li>\n\n\n\n<li>Fraud investigation<\/li>\n\n\n\n<li>Economics<\/li>\n\n\n\n<li>Mathematics<\/li>\n\n\n\n<li><a href=\"https:\/\/www.springboard.com\/blog\/data-analytics\/what-is-data-analytics\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.springboard.com\/blog\/data-analytics\/what-is-data-analytics\/\" rel=\"noreferrer noopener\">Data Analytics<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.springboard.com\/blog\/data-science\/data-engineering-tools\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.springboard.com\/blog\/data-science\/data-engineering-tools\/\" rel=\"noreferrer noopener\">Data engineering<\/a><\/li>\n\n\n\n<li>Business administration<\/li>\n\n\n\n<li>Loss prevention<\/li>\n\n\n\n<li>Law<\/li>\n<\/ul>\n\n\n\n<p>Depending on the industry you&#8217;re working in, you could also take advantage of vocational schools and community college programs. For example, if you&#8217;re interested in working with auto-damage appraisal, you could find an autobody repair degree program to learn how to estimate the costs of repairing a damaged vehicle. \u200c<\/p>\n\n\n\n<p>The BLS states that some insurance companies might even hire people who have previously worked in criminal justice as <a href=\"https:\/\/www.bls.gov\/ooh\/business-and-financial\/claims-adjusters-appraisers-examiners-and-investigators.htm#tab-4\" target=\"_blank\" rel=\"noreferrer noopener\">private investigators or law enforcement officers<\/a> because of their interviewing and interrogation skills.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Gaining hands-on work experience<\/h3>\n\n\n\n<p>As mentioned above, earning relevant work experience could also help you get your desired position. Finding an internship or entry-level job will give you the skills potential employers are looking for. Most entry-level fraud analysts work under the supervision of employees with more seniority and progress from small claims to more complex ones as they learn about investigation and settlement. In certain circumstances, a fraud analyst may be required to collaborate with <a href=\"https:\/\/www.springboard.com\/blog\/data-analytics\/what-does-data-analyst-do\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.springboard.com\/blog\/data-analytics\/what-does-data-analyst-do\/\" rel=\"noreferrer noopener\">data analysts<\/a> in order to reduce the risk of all potential fraud. Fraud analysts <a href=\"https:\/\/www.glassdoor.ca\/Career\/how-to-become-fraud-analyst_KO14,27.htm\" target=\"_blank\" rel=\"noreferrer noopener\">can grow to become<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financial analysts<\/li>\n\n\n\n<li>Risk analysts<\/li>\n\n\n\n<li>Finance managers<\/li>\n\n\n\n<li>Controllers<\/li>\n<\/ul>\n\n\n\n<p>Gaining professional experience as a fraud investigator is a process that requires patience. But the experience you earn as an entry-level fraud analyst will give you the foundation to move on to higher-ranking positions.<\/p>\n\n\n\n<p>To land a job as a fraud analyst, you could benefit from having a background in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Computer science<\/li>\n\n\n\n<li>Programming languages (<a href=\"https:\/\/www.springboard.com\/blog\/data-science\/sql-what-you-need-to-know\/\" target=\"_blank\" rel=\"noreferrer noopener\">like SQL<\/a>)<\/li>\n\n\n\n<li>Finance<\/li>\n\n\n\n<li>Banking<\/li>\n\n\n\n<li>Accounting<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Obtain useful certifications<\/h3>\n\n\n\n<p>According to the <a href=\"https:\/\/nipr.com\/licensing-center\/about\" target=\"_blank\" rel=\"noreferrer noopener\">National Insurance Producer Registry<\/a>, some states expect their fraud analysts to be licensed before they can start working. While some states have minimal requirements, others ask candidates to complete prelicensing education and receive a certain score on their licensing exam. A few states offer a waiver for fraud prevention professionals and let them work under their employer&#8217;s license.<\/p>\n\n\n\n<p>Keep in mind that some territories within the U.S. also require proof of continuing education credits before fraud analysts and claims adjusters can renew their licenses each year. To meet this requirement, you can attend workshops, lectures, and courses in your area of expertise. For example, if you work for a life and health insurance company, you must earn credits to keep up with medical procedures, prescription drugs, and other related topics.<\/p>\n\n\n\n<p>You can also earn other types of relevant credentials. To become certified by the <a href=\"https:\/\/www.acfe.com\/cfe-qualifications.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Association of Certified Fraud Examiners<\/a>, you&#8217;ll need to have at least two years of relevant work experience and pass the Certified Fraud Examiner Exam. Or, you can bypass the CFE Exam if your education qualifies to take its place. The CFE Exam <a href=\"https:\/\/www.acfe.com\/faq-certification.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">consists of four sections<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Law<\/li>\n\n\n\n<li>Deterrence<\/li>\n\n\n\n<li>Financial transactions and fraud schemes<\/li>\n\n\n\n<li>Investigation and fraud prevention<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Required Fraud Analyst Skills<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.springboard.com\/library\/static\/b1e937eeaf0350e24a389d88f21a1c82\/12609\/fraud-analyst-skills.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.springboard.com\/library\/static\/b1e937eeaf0350e24a389d88f21a1c82\/4b190\/fraud-analyst-skills.jpg\" alt=\"Required Fraud Analyst Skills\" title=\"Required Fraud Analyst Skills\"\/><\/a><\/figure>\n\n\n\n<p>Fraud analysts are often ambitious individuals with an adventurous mindset. To be a good fraud examiner, you must have strong interpersonal skills as well as persuasion and negotiation abilities. Some other <a href=\"https:\/\/www.recruiter.com\/careers\/fraud-examiners-investigators-and-analysts\/\" target=\"_blank\" rel=\"noreferrer noopener\">important skills to have as a fraud risk analyst<\/a> are:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Communication skills<\/h3>\n\n\n\n<p>On the job, you&#8217;ll be getting tons of information from claimants, witnesses, medical experts, and others involved in a claim. Effectively asking questions and efficiently gathering information will help you to be a successful fraud analyst.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Analytical skills<\/h3>\n\n\n\n<p>Once you&#8217;ve collected the necessary information, you&#8217;ll have to determine the type of investigation you&#8217;ll need to perform. Your analytical skills are vital to identifying potential fraud risks and deciding what steps the company must take.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Attention to detail<\/h3>\n\n\n\n<p>As a fraud and risk analyst, you&#8217;ll have to review numerous documents. Even the tiniest details can have massive financial consequences when overlooked or misinterpreted. That&#8217;s why you must be detail-oriented and organized when performing risk analysis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Decision-making<\/h3>\n\n\n\n<p>Fraud analysts need to assess the costs and benefits of the actions their clients must take. Having good judgment and decision-making skills will help you select the best available options.<\/p>\n\n\n<div class=\"bg-leaf-50 p-4 my-3\"><h4 class=\"fw-bold text-center\">Get To Know Other\tData Analytics Students<\/h4><div class=\"row row-cols-1 row-cols-lg-3\"><div class=\"col\"><div class=\"card success-story-card h-100 d-flex justify-content-between mb-0\"><div class=\"flex-grow-1 text-center\"><a class=\"d-inline-block rounded-circle\" href=\"\/success\/sarah-savage\" style=\"width:125px;height:125px;overflow:hidden\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/res.cloudinary.com\/springboard-images\/image\/upload\/v1648221343\/Student%20Success\/Sarah_Savage.jpg\" alt=\"Sarah Savage\" style=\"object-fit:contain;max-width:170px;height:125px\" \/><\/a><p class=\"fw-bold mb-0\">Sarah Savage<\/p><p class=\"text-muted lh-1\">Content Data Analyst at EdX<\/p><\/div><div class=\"w-100 d-block d-md-none mt-3\"><\/div><p class=\"mb-0 mx-auto text-center\"><a class=\"btn btn-primary mx-auto\" href=\"\/success\/sarah-savage\">Read Story<\/a><\/p><\/div><\/div><div class=\"col d-none d-md-block\"><div class=\"card success-story-card h-100 d-flex justify-content-between mb-0\"><div class=\"flex-grow-1 text-center\"><a class=\"d-inline-block rounded-circle\" href=\"\/success\/cana-curtis\" style=\"width:125px;height:125px;overflow:hidden\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/res.cloudinary.com\/springboard-images\/image\/upload\/v1682910063\/Cana_Curtis_profile.jpg\" alt=\"Cana Curtis\" style=\"object-fit:contain;max-width:170px;height:125px\" \/><\/a><p class=\"fw-bold mb-0\">Cana Curtis<\/p><p class=\"text-muted lh-1\">Research Analyst at Virginia Commonwealth University<\/p><\/div><p class=\"mb-0 mx-auto text-center\"><a class=\"btn btn-primary mx-auto\" href=\"\/success\/cana-curtis\">Read Story<\/a><\/p><\/div><\/div><div class=\"col d-none d-md-block\"><div class=\"card success-story-card h-100 d-flex justify-content-between mb-0\"><div class=\"flex-grow-1 text-center\"><a class=\"d-inline-block rounded-circle\" href=\"\/success\/joel-antolijao\" style=\"width:125px;height:125px;overflow:hidden\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/res.cloudinary.com\/springboard-images\/image\/upload\/v1648514795\/Student%20Success\/Joel_Antolijao.jpg\" alt=\"Joel Antolijao\" style=\"object-fit:contain;max-width:170px;height:125px\" \/><\/a><p class=\"fw-bold mb-0\">Joel Antolijao<\/p><p class=\"text-muted lh-1\">Data Analyst at FanDuel<\/p><\/div><p class=\"mb-0 mx-auto text-center\"><a class=\"btn btn-primary mx-auto\" href=\"\/success\/joel-antolijao\">Read Story<\/a><\/p><\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Fraud Analyst Salary<\/h2>\n\n\n\n<p>The job of a fraud analyst is crucial to a lot of industries. That&#8217;s why the services of these professionals are in high demand, and the salaries remain competitive in the U.S. market. According to <a href=\"https:\/\/www.careerexplorer.com\/careers\/fraud-analyst\/salary\/\" target=\"_blank\" rel=\"noreferrer noopener\">Career Explorer<\/a>, the median annual salary for fraud examiners is roughly $70,280, but it can range from $38,030 to $123,360 depending on geographical location, level of expertise, employer, and other factors.<\/p>\n\n\n\n<p>The average fraud analyst wages depending on seniority are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Top-level: $123,360<\/li>\n\n\n\n<li>Senior-level: $94,580<\/li>\n\n\n\n<li>Mid-level: $70,280<\/li>\n\n\n\n<li>Junior-level: $51,100<\/li>\n\n\n\n<li>Entry-level: $38,030<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Fraud Analyst Job Description<\/h2>\n\n\n\n<p>Fraud analysts investigate theft and fraud within transactions on behalf of a company or a financial institution. They also perform surveillance and risk management services for their customers and monitor the most recent fraud trends to stay on top of any suspicious or high-risk activity that could jeopardize their client&#8217;s assets.<\/p>\n\n\n\n<p>Credit card fraud prevention analysts, for example, know that most customers have established banking patterns they rarely change. Recognizing their clients&#8217; regular activity helps them identify if there are any red flags that could indicate fraud. When suspicious transactions occur, the examiner will take the pertinent steps to ensure the account is safe.<\/p>\n\n\n\n<p>Fraud and risk analysts have the obligation of keeping all information they collect safe and confidential to prevent further criminal activity. They must also keep <a href=\"https:\/\/www.springboard.com\/blog\/data-analytics\/7-types-of-data-visualizations-and-how-to-use-them\/\" target=\"_blank\" rel=\"noreferrer noopener\">models and databases<\/a> for evaluating fraud risks to identify holes in security and suggest improvements. Fraud analysis is, therefore, an important and necessary occupation to keep risk-prone interactions running safely and smoothly.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#efeff6\"><strong>Since you&#8217;re here&#8230;<br><\/strong>Switching to a career in data analytics is possible, no matter your background. We\u2019ve helped <a href=\"https:\/\/www.springboard.com\/success\/\" target=\"_blank\" rel=\"noreferrer noopener\">over 10,000 students <\/a>make it happen. Check out our <a href=\"https:\/\/www.springboard.com\/resources\/learning-paths\/data-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">free data analytics curriculum<\/a> to gauge your interest, or go all-in with our <a href=\"https:\/\/www.springboard.com\/courses\/data-analytics-career-track\/\" target=\"_blank\" rel=\"noreferrer noopener\">Data Analytics Bootcamp<\/a>.<\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fraud analysts are in high demand right now. In fact, vacancies for fraud analysts have an average growth of 4.84% per year. Fraud analysts must have a specific skill set, relevant education, and technical knowledge. There are many routes to becoming a fraud analyst, but all require mastering certain skills and technical knowledge. Here is [&hellip;]<\/p>\n","protected":false},"author":100,"featured_media":18655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_eb_data_table":"","footnotes":""},"categories":[134],"tags":[],"marketing_tags":[1464],"class_list":{"0":"post-14352","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-analytics"},"acf":[],"_links":{"self":[{"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/posts\/14352"}],"collection":[{"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/users\/100"}],"replies":[{"embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/comments?post=14352"}],"version-history":[{"count":4,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/posts\/14352\/revisions"}],"predecessor-version":[{"id":49315,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/posts\/14352\/revisions\/49315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/media\/18655"}],"wp:attachment":[{"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/media?parent=14352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/categories?post=14352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/tags?post=14352"},{"taxonomy":"marketing_tags","embeddable":true,"href":"https:\/\/www.springboard.com\/blog\/wp-json\/wp\/v2\/marketing_tags?post=14352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}