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Education

What is a Fraud Analyst?

Also known as: Fraud Risk Analyst, Certified Fraud Analyst, Certified Fraud Examiner.

A fraud analyst is someone who investigates forgery and theft within customers’ accounts and transactions on behalf of a bank or a financial institution. They track and monitor the bank’s transactions and activity that comes through the customers’ accounts. It is their job to identify and trace any suspicious or high-risk transactions, determine if there is improper activity involved, and determine if there is any risk to the bank or its customers.

How to Become a Fraud Analyst

Interested in becoming a fraud analyst? Here are your next steps.

  1. Take the Sokanu Career Test

    Would you make a good fraud analyst? Sokanu's free assessment reveals how compatible you are with a career across 5 dimensions!

    Take the free career test
  2. Get the Education

    A bachelors degree is required to be a Fraud Analyst. An english literature degree is preferred. Schools offering education in this field include:

    Columbia College | Columbia, SC
    Offers: Bachelors
    Albertus Magnus College | New Haven, CT
    Offers: Bachelors
    Central Connecticut State University | New Britain, CT
    Offers: Bachelors
    Fairfield University | Fairfield, CT
    Offers: Bachelors
    University of Hartford | West Hartford, CT
    Offers: Bachelors
  3. Get Hired

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    Would you like to post jobs on this career? Find the best candidates using Sokanu's new psychometric job platform. Visit employers.sokanu.com today.

What does a Fraud Analyst do?

A fraud analyst is responsible for observing various customer transactions to flag or identify suspicious activity. Most accounts and customers have banking patterns that typically do not change over the long term. Any transactions or series of transactions that do not fit the expected activity generate a 'red flag', and will be looked at by a fraud analyst.

If any suspicious transactions are found, the fraud analyst will flag the account and keep it suspended until it can be checked and verified. Transactions can be looked at for any number of reasons: transaction type, transaction amount, unusual transfers to unlikely partners, places where transactions originate, or a flurry of activity beyond the accepted norm for the account.

For any suspicious transactions, the fraud analyst (typically an officer of the bank) will try to obtain information that can support the origin of the transaction. For fraudulent items, this information can bear out who perpetrated the fraudulent item and is responsible for the criminal activity in question. The analyst will contact the bank branch, the account holder, and any other intermediate parties that may have come in contact with or handled the questionable item. They are responsible for keeping any collected information confidential while working to catch the criminal(s) who may have committed the felony.

The fraud analyst must also keep models for analyzing fraud within the bank’s regions. This can help determine patterns of fraud over certain areas, and break down larger criminal rings responsible for fraud activity. This can also help to identify certain holes in security that can be targeted over time, so that the bank can identify system improvements that can be made to eliminate the risk of fraud or reduce the ways in which it can occur. The analyst may even have a say in software tools that can work towards detecting fraud and preventing it from occurring, or reporting security threats and suspicious activity quickly.

Find your perfect career

Would you make a good fraud analyst? Sokanu's free assessment reveals how compatible you are with a career across 5 dimensions!

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What is the workplace of a Fraud Analyst like?

The workplace for a fraud analyst is typically in a corporate office environment. The fraud analyst will typically be in a regional or central office, where he or she can monitor activity from multiple sources at once. At a moment’s notice, the fraud analyst may be able to access any type of data needed to investigate troublesome activity.

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How to Become a Fraud Analyst

Interested in becoming a fraud analyst? Here are your next steps.

  1. Take the Sokanu Career Test

    Would you make a good fraud analyst? Sokanu's free assessment reveals how compatible you are with a career across 5 dimensions!

    Take the free career test
  2. Get the Education

    A bachelors degree is required to be a Fraud Analyst. An english literature degree is preferred. Schools offering education in this field include:

    Columbia College | Columbia, SC
    Offers: Bachelors
    Albertus Magnus College | New Haven, CT
    Offers: Bachelors
    Central Connecticut State University | New Britain, CT
    Offers: Bachelors
    Fairfield University | Fairfield, CT
    Offers: Bachelors
    University of Hartford | West Hartford, CT
    Offers: Bachelors
  3. Get Hired

      Loading jobs...

    View all jobs →

    Would you like to post jobs on this career? Find the best candidates using Sokanu's new psychometric job platform. Visit employers.sokanu.com today.