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...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.
Fraud Investigator Pay By Employer
Common Career Paths for Fraud Investigator
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Though some Fraud Investigators move into positions like Fraud Manager (where the average salary is $70K), this progression is not the norm. However, it's more common for Fraud Investigators to move into roles as Loss Prevention Investigators or Security Managers.
Fraud Investigator Job Listings
Popular Skills for Fraud Investigator
Survey results imply that Fraud Investigators deploy a deep pool of skills on the job. Most notably, facility with Insurance, Forensic Interviewing, and Auditing are correlated to pay that is significantly above average, leading to increases of 26 percent, 20 percent, and 11 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. Those proficient in Data Analysis are, more often than not, also skilled in 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
Fraud Investigators will find that Boston offers an impressive pay rate, one which exceeds the national average by 25 percent. Fraud Investigators will also find cushy salaries in New York (+20 percent), San Francisco (+19 percent), Chicago (+17 percent), and Los Angeles (+13 percent). Fraud Investigators in Orlando take home the lowest salaries, earning a whopping 27 percent less than the national average. Employers pay around 26 percent less in Austin and 22 percent less in Columbus, below-median salaries for those in this field.
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Key Stats for Fraud Investigator
Gender
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Female
49 % |
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Male
51 % |
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Job Satisfaction
| Highly satisfied |
Rated 4 out of 5 based on 272 votes. |
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