Fraud Investigator Salary
|Salary||$38,795 - $82,804|
|Bonus||$0.00 - $8,261|
|Profit Sharing||$0.00 - $9,000|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$34,396 - $81,719|
|Hourly Rate||$14.22 - $27.12|
|Overtime||$19.70 - $45.17|
|Bonus||$0.00 - $8,261|
|Profit Sharing||$0.00 - $9,000|
|Total Pay (||$34,396 - $81,719|
Job Description for Fraud Investigator
In general, fraud investigators work to determine whether individuals or organizations have attempted deception to realize a financial benefit. Fraud investigation applications are numerous, and so fraud investigators typically specialize in a particular field, such as insurance or accounting. The vast majority of fraud investigator work within the field of insurance, due to the high inherent potential for insurance fraud and the volume of fraud cases that occur annually.Read More...
No matter the particular field, the primary duties of fraud investigators involve examining evidence, performing data analysis and interviewing involved parties in an effort to determine whether an attempt at fraud has occurred. In the insurance industry, where most fraud investigators work, the typical case begins with an informant’s tip or a flag triggered by automatic computer analysis of insurance claims. The investigator then opens the case to determine whether the individual has staged events for a claim or has requested compensation for unnecessary claims.
To enter the field of fraud investigation, individuals generally must possess a high school diploma or equivalent; however, companies usually give hiring preference to applicants with related experience or college-level education. In terms of work history, employers view former police officers, private investigators, and insurance adjusters favorably, as these roles are associated with interviewing and evidence analysis skills. Correspondingly, fraud investigators must be both analytically minded and excellent communicators with strong verbal abilities.
Fraud investigators typically work regular business hours in an office environment, especially within the financial or insurance fields. However, some amount of fieldwork is often necessary, and investigators are occasionally required to stand as witnesses in court.
Fraud Investigator Tasks
- Investigate fraud by obtaining statements of fact, depositions or confessions from complainants, employers and witnesses.
- Oversee the development and implementation of fraud prevention, detection and resolution strategies.
- Research records and obtain, analyze, and appraise evidentiary data.
- Perform desk and on-site investigational audits.
- Develop, perform, and present fraud cases.
Common Career Paths for Fraud Investigator
Popular Employer Salaries for Fraud Investigator
Known for taking on a considerable number of Fraud Investigators, J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Bank, Capital One Financial Corp, Geico, and Amazon.com Inc are leading firms in the industry. Heading up the field in terms of compensation, Humana, Inc. offers the most; Fraud Investigators earn $72K on average there. Geico, J.P. Morgan Chase & Co. (JPMCC), and UnitedHealth Group also offer top salaries for Fraud Investigators. Workers at these firms can expect to earn about $69K, $65K, and $63K, respectively.
Workers also receive paychecks lighter than average at Paypal, Inc. ($39K), Capital One Financial Corp ($40K), and Citibank ($40K).
Popular Skills for Fraud Investigator
Survey respondents exploit a significant toolbox of skills in their work. Most notably, facility with Insurance, Forensic Interviewing, and Auditing are correlated to pay that is significantly above average, leading to increases of 28 percent, 22 percent, and 13 percent, respectively. Those listing Customer Service as a skill should be prepared for drastically lower pay. Investigation and Anti-Money Laundering also typically command lower compensation. Most people familiar with Data Analysis also know Auditing and Medicaid Fraud Investigation.
Pay by Experience Level for Fraud Investigator
Pay by Experience for a Fraud Investigator has a positive trend. An entry-level Fraud Investigator with less than 5 years of experience can expect to earn an average total compensation of $46,000 based on 495 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Fraud Investigator with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $55,000 based on 295 salaries. An experienced Fraud Investigator which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $63,000 based on 274 salaries. A Fraud Investigator with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $65,000 based on 117 salaries.
Pay Difference by Location
Boston offers some of the highest pay in the country for Fraud Investigators, 27 percent above the national average. Fraud Investigators can also look forward to large paychecks in cities like New York (+22 percent), San Francisco (+21 percent), Chicago (+18 percent), and Los Angeles (+15 percent). The lowest-paying market is Orlando, which sits 26 percent below the national average, proving that location is a significant contributor to overall pay. A couple other locations with smaller-than-average paychecks include Austin (25 percent lower) and Columbus (20 percent lower).
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