Fraud Analyst
As the scale of business increases, so does the element of risk involved. Companies are constantly on the look-out for any defaulters or swindlers looking to con the firm. However, with the increase in stakes, companies need to be extremely alert to any possible loopholes in their security system. Thus, the role of fraud analysts has become very crucial.
Fraud Analyst - Job Description
Fraud analysts are employed in various spheres namely, banking, finance, insurance, cyberspace etc. Their major responsibilities include investigating a particular fraud and devising new techniques to prevent such scams in the future. For this, fraud analysts have to conduct various tasks that include:
1. The foremost task for a fraud analyst is to scrutinize the work cases very minutely to find any potential fraudulent cases. This is especially important while analyzing bank accounts, credit history, illegal use of credit cards and investment portfolios.
2. While analyzing these accounts, if there are any discrepancies, the analysts immediately take up that account and take any legal action against the owner. They must constantly monitor transaction characteristics and account changes. In this stage, analysts look for indicators or warning signs that would point to any potential fraud.
3. Thus, if account owners have a consistent bad credit history or very poor bank balances, fraud analysts need to monitor such accounts very closely. They must maintain a detailed report of the discrepancies, level of risk involved for the company and the fraud type.
4. Often detecting such cases can be very difficult, especially for very large number of transactions or companies. Thus, in such cases analysts must rely on multiple systems and tools. Analysts also need to refer to several established procedures and guidelines while solving such problematic cases.
5. As a part of their work, they also need to take large number of calls and talk to several of their clients in the process of their fraud investigations.
6. Often clients are cheated of their accounts and companies need to reimburse fraud claims in such cases. In such cases, analysts need to first verify the credibility of the fraud and once found appropriate can ask the company to settle the claims.
7. Fraud analysts also play a vital role in investigating cyber crime. The virtual world is a colossal maze and tracing online frauds is very difficult.
8. Some of the major challenges in this include identifying fake or criminal websites, network abuse and data threats. Also, the virtual world gives a chance to mask the real identity very easily. Thus, analysts need to conduct extensive research and drilldown greatly to reach up to the roots of the forgery.
Salary
The average salary of fraud analysts is about $65,000. However, for larger companies and projects candidates can also aim to get remuneration packages ranging from $71,000 to $90,000. However, the figure greatly depends upon the skill set and experience that reflects in the resume of the candidate.
Many candidates, especially freshers, lose out on good opportunities due to poorly formatted resumes. It is recommended to follow the format of professionally made sample resumes to secure desired positions.
With the growing number of thefts and cases of cheating, analysts must be extremely alert and be prepared with the latest techniques and procedures to prevent such crimes.
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