Fraud Investigator Salary
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
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Popular Employer Salaries for Fraud Investigator
Dominating the field, J.P. Morgan Chase & Co. (JPMCC), Capital One Financial Corp, Wells Fargo Bank, Geico, and Amazon.com Inc are top firms with a reputation for hiring a great number of Fraud Investigators. Humana, Inc. offers the largest salaries in town — $72K on average. Also paying near the top of the field are J.P. Morgan Chase & Co. (JPMCC) at $66K, UnitedHealth Group at $63K, and Geico, where Fraud Investigators annually earn $61K.
Other low-paying employers include Citibank at $40K and Wells Fargo Bank at $41K, though some Fraud Investigators there earn up to $92K.
Popular Skills for Fraud Investigator
Survey results imply that Fraud Investigators deploy a substantial tool kit of skills at work. Most notably, facility with Insurance, Forensic Interviewing, and Interviewing are correlated to pay that is significantly above average, leading to increases of 28 percent, 20 percent, and 14 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. It is often found that people who know Data Analysis are also skilled in Auditing and Medicaid Fraud Investigation.
Pay by Experience Level for Fraud Investigator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Fraud Investigators, experience does not seem to be a major factor in determining pay. The average worker who claims fewer than five years of experience earns around $46K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $53K. Fraud Investigators see a median salary of $61K after reaching one to two decades on the job. Fraud Investigators who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $66K.
Pay Difference by Location
For Fraud Investigators, location is an influential factor in determining pay. American cities to the east — Boston, New York, and Philadelphia — all offer salaries upward of the national average; in fact, these names represent the highest-paid cities for Fraud Investigators in the country. Trailing the national average by 19 percent, Columbus is the market with the smallest paychecks. Two other places where employers offer below-median salaries are Atlanta (16 percent less) and Richmond (15 percent less).
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