Fraud Analyst Salary
Job Description for Fraud Analyst
A fraud analyst specializes in investigating suspicious activities that could potentially include fraud. Fraud analysts often work with law enforcement officers, and they have an expansive knowledge of finance and relevant computer programs to perform their job. The job responsibilities of a fraud analyst include researching criminal fraud methods and tools, tracking financial data, creating reports, identifying and investigating possible fraudulent activities, and developing techniques and tools useful in the prevention of fraud. Fraud analysts are responsible for tracking criminal fraud, which may involve monitoring financial transactions and analyzing the data retrieved for irregular patterns. Fraud analyst work in a variety of industries, but they usually work in a private institution such as a bank.Read More...
Fraud analysts must continuously educate themselves on the latest advances in the field of fraud prevention, as well as on methods used by criminals to access financial information. New technology is essential for fraud analysts, so they must stay up to date with relevant advances in technology.
The educational minimum for most fraud analyst positions includes a bachelor's degree in finance or a related field. Some employers will substitute several years of experience in lieu of a degree. Fraud analysts working with a bank usually receive training from their employer as well. An eye for detail, good problem solving skills, strong organizational skills, and an analytical mind are essential. Excellent oral and written communication skills are necessary, as they are often required to interact with customers and other stakeholders on a regular basis.
Fraud Analyst Tasks
- Write reports, and document evidence, findings, and recommendations.
- Interview and elicit information from staff and contractors to resolve questions.
- Analyze data from multiple sources to identify discrepancies, spot fraud, and eliminate suspicion.
- Educate staff and contractors on fraud and associated behaviors.
Fraud Analyst Job Listings
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Popular Employer Salaries for Fraud Analyst
Bank of America Corp. (BOFA) offers the best pay with a median salary of $37K, though salaries there don't seem that varied, bottoming out near $32K and maxing out at just $52K.
Popular Skills for Fraud Analyst
Survey results suggest that Fraud Analysts put a wide range of professional skills to use. Most notably, facility with Risk Management / Risk Control, Banking, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 29 percent, 17 percent, and 14 percent, respectively. Those listing Microsoft Office as a skill should be prepared for drastically lower pay. Customer Service and Research Analysis also typically command lower compensation. For most people, competency in Customer Service indicates knowledge of SQL.
Pay by Experience Level for Fraud Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Fraud Analysts with a lot of experience tend to enjoy higher earnings. Relatively untried employees who have fewer than five years of experience earn around $39K on average. People who have worked for five to 10 years can expect a higher median salary of $44K. Fraud Analysts who work for 10 to 20 years in their occupation tend to earn about $48K. Survey participants who have worked for more than two decades report bringing in $61K on average.
Pay Difference by Location
For Fraud Analysts, San Francisco provides a pay rate that is 47 percent greater than the national average. Fraud Analysts can also look forward to large paychecks in cities like Chicago (+21 percent), Tampa (+15 percent), Los Angeles (+15 percent), and Seattle (+13 percent). One of the biggest compensable factors for Fraud Analysts is geography, with workers in San Antonio earning a whopping 24 percent below the national average. Two other places where employers offer below-median salaries are Newark (21 percent less) and Fort Worth (9 percent less).