Fraud Investigator Job Description & Responsibilities

A fraud investigator is responsible for monitoring any illegal activities that can cause financial loss or any other kind of loss to the company or institution. These fraudulent activities vary depending on the institutions. Some institutions that offer Fraud Investigator Jobs are insurance companies, banks, professional organizations, enforcement agencies, etc. A fraud investigator evaluates the case of suspected fraud and makes recommendations about future measures.

You are also responsible for monitoring the operation of the special investigation units. And will also assist fraud analysts and their team members with investigations. After the investigation, you should be able to prepare a detailed report and present it to top management.

A fraud investigator accomplishes their mission by performing the following tasks:

• Examining records that are already present
• Gathering required pieces of evidence
• Interviewing involved witnesses
• Prepares a final report
• Recommends actions in fraud cases

Also Read: How To Become a Cyber Security Analyst

Duties of a fraud investigator :

A fraud investigator job requires the fulfillment of the following duties from a fraud investigator :

• Tracking down individuals involved in illegal or suspicious activities and interviewing them. Evaluating the gathered information in the course of the investigation process.
• Thorough research and assessment are to be carried out based on the internal protocols of the organization to narrow down the required evidence.
• The case documentation should be carefully examined to understand the history of the suspect’s violations and to retain the information necessary for future references.
• Creating professional reports and summaries with supporting evidence when the investigation process is complete and sharing it with the management.
• Continuous up-gradation of the professional expertise and skill set has to be done via seminars and workshops which will add more value.

Fraud Investigator Job description

A Fraud Investigator performs a variety of tasks and is responsible for monitoring and investigating any fraudulent activities or work injuries that may take place in the organization. A fraud investigator has to have exceptional research and analytical skills.

A fraud investigator can either work with a team of experienced investigators or be the leader of such a team if having the required experience. A senior fraud investigator would report to the head of the department.

Responsibilities of a fraud investigator

A fraud investigator job demands the following responsibilities :

• Conducting thorough research and investigation of suspected fraud allegations to gather evidence.
• Interviewing individuals who are linked or have any information relevant to the fraudulent activity.
• Doing background checks, employee investigations, and asset searches on suspected individuals.
• Examining various documents like victim testimonies and financial records to find out whether the fraud occurred
• Prepare reports that clearly state the investigations and evidence. These reports have to be shared with the management.
• Create and implement preventive measures that will stop fraud.
• New software tools used for fraud detection, prevention, and reporting have to be recommended that can be used.
• Providing expert advice to less experienced staff in case of fraud detection and investigation.
• Identifying any possible threats to the company and taking appropriate actions to avoid them promptly.

Requirements for a fraud investigator job 

The following are the requirements for a fraud investigator job :

• A Bachelor’s degree in fields like business, criminal justice, or in any related field is required.
• Prior experience of working as an investigator in any field like Government agencies, financial institutions, etc is required for accessing the job.
• A fraud investigator should possess strong interpersonal skills and should be able to work with teammates, clients, and other professionals to achieve the desired objective.
• Strong interrogation skills are required for questioning witnesses and suspects to gather evidence and facts during the investigation.
• Excellent communication skills are required to present the findings of the investigation to the clients/ management in a precise language.
• Excellent research skills required to gather evidence 
• Passion for the job is required to become a successful fraud investigator.
• Honesty and ethical behavior are expected with high levels of integrity and confidentiality.
• Good organizational skills are required to efficiently manage the assigned cases.

The average salary of a fraud investigator

The role of a fraud investigator in the Philippines is crucial for identifying and preventing fraudulent activities across various sectors, including banking, finance, and corporate services. The average salary for a fraud investigator can vary based on experience, location, and industry.

General Salary Overview

• Entry-Level (0-2 years of experience): Approximately ₱400,000 - ₱600,000 per annum.
• Mid-Level (3-5 years of experience): Approximately ₱600,000 - ₱1,000,000 per annum.
• Senior-Level (5+ years of experience): Approximately ₱1,000,000 - ₱1,500,000 per annum.

Salary by City

Salary by Industry

Salary by Top Employers

This overview indicates that fraud investigators in the Philippines can expect varying salaries based on their location and industry. Major urban areas like Quezon City and Manila generally offer higher salaries due to the concentration of financial institutions and corporate offices.

Key skills and personality traits of a fraud investigator

A fraud investigator job demands a set of specialized skills be pursued by the fraud investigator which is as follows :

• Paying great attention to even the smallest detail
• Ability to work under pressure amidst changing business priorities
• Be a strategic thinker
• Good interrogation skills and oral presentation skills
• Flexible to work during any hour of the day
• Good knowledge on collecting and preserving evidence
• Being assertive and ethical
• Having strong knowledge of cyber risk and common fraud types 
• Persistence and patience 

Why should one pursue a career in fraud investigation?

With the increasing rate of online thefts and frauds, we need someone who can identify these and track them. This has led to the rise in the number of fraud investigation jobs.

Here are some reasons to consider pursuing a career in fraud investigation.

Interesting investigating work that will keep you hooked until the end :

If you have a curious and inquiring mind which loves to solve puzzles and tackle intellectual challenges, then a career in fraud investigation can be rewarding.

Fraud investigation job will give you a lot of interesting investigating work that will help you in developing your skills in this field

Opportunity to work with advanced technology

Fraud investigation careers allow working with advanced technology. Data Science and Artificial Intelligence play a great role in helping fraud investigators by saving their time.

Multiple career options

Since fraud is not limited to only one industry, it gives you multiple options to choose in which sector you want to work. Even after selecting a niche, the fraud investigation job gives you the flexibility to choose based on the area of activity of fraud you want to work in.

Great scope for Career Progression

Many industries are realizing the importance of a fraud investigation team, this gives scope for new managerial and senior-level positions to be opened.

A lot to learn from fellow team members

A fraud investigation team is a bunch of highly talented and experienced professionals who are constantly sharing new ideas, techniques. So there is a lot of learning that takes place within the team too.

How to become a successful fraud investigator

A fraud investigator job is earned by following the steps below:

• Earn a bachelor’s degree in any field like criminal justice, accounting, or a related field by attending an educational program.
• Gain hands-on experience in the field by either opting for an internship or a part-time job. 
• Pass advanced certification exams like Certified Fraud Examiner (CFE) and Certified Insurance Fraud Investigator (CIFI) as these will add more weightage to resume
• Obtain licensure depending on the laws of the state in which you want to practice fraud investigation.
• Update your resume with the gained experience and relevant skills and start hunting for fraud investigation jobs.
• Keep yourself updated with the latest trends and technology as it will add more value to your job profile.

A fraud investigation job provides different job titles depending on the industry. The job titles can be one among the following

• Fraud Analyst
• Fraud Examiner
• A Senior Fraud Investigator
• Fraud Investigation Officer

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