The average salary for an Experienced Fraud Investigator is $66,389.
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What Do Fraud Investigators Do?
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.
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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.
Popular Employer Salaries for Fraud Investigator
The top respondents for the job title Fraud Investigator are from the companies J.P. Morgan Chase & Co. (JPMCC), State Farm Insurance Company and Geico. Reported salaries are highest at State Farm Insurance Company where the average pay is $83,335. Other companies that offer high salaries for this role include Geico, earning around $75,000. UnitedHealth Group pays the lowest at around $60,000. J.P. Morgan Chase & Co. (JPMCC) also pays on the lower end of the scale, paying $73,000.
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Somewhat common (8 - 20%)
Fraud Investigator Job Listings
What Are Popular Skills for Fraud Investigators?
Skills in Data Analysis, Forensic Interviewing, Medicaid Fraud Investigation and Regulatory Compliance are correlated to pay that is above average. Skills that pay less than market rate include Fraud Investigation.
What is the Pay by Experience Level for Fraud Investigators?
An entry-level Fraud Investigator with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $49,317 based on 74 salaries. An early career Fraud Investigator with 1-4 years of experience earns an average total compensation of $55,385 based on 519 salaries. A mid-career Fraud Investigator with 5-9 years of experience earns an average total compensation of $60,075 based on 318 salaries. In their late career (20 years and higher), employees earn an average total compensation of $75,575.
Pay Difference by Location
Employees with Fraud Investigator in their job title in New York, New York earn an average of 27.7% more than the national average. These job titles also find higher than average salaries in Los Angeles, California (22.5% more) and Boston, Massachusetts (10.3% more). The lowest salaries can be found in Tampa, Florida (12.6% less), Atlanta, Georgia (3.8% less) and Chicago, Illinois (3.6% less).
Years of Experience
This data is based on 1,150 survey responses.