How to Become A Fraud Investigator

Every year, fraud costs the economy billions of dollars. The digital world has opened up many opportunities for fraud, exposing the victims to the enormous cost of deceit. Hence, the role and importance of a fraud investigator assumes an added importance. It is the duty of fraud investigators to uncover scams and bring perpetrators to justice.

Tasks and Responsibilities

A fraud investigator performs the following tasks:

  • Document all investigations
  • Prepare written reports of investigation results
  • Prepare evidence for presentation in court
  • Testify in court about investigation findings
  • Interview suspects and witnesses and record their statements
  • Coordinate investigative efforts with attorneys and law enforcement officers
  • Provide suggestions to agencies and businesses about ways to improve fraud detection
  • Collect financial documents related to investigation
  • Conduct in-depth financial activity investigation
  • Create and maintain databases of information about fraudulent activity
  • Analyze financial data to detect irregularities in areas such as financial relationships, billing trends, and regulatory compliance procedures.
  • Design, implement, and maintain fraud detection tools
  • Lead and participate in fraud investigation teams
  • Review investigation reports to determine need for further investigation
  • Provide training to others in fraud investigation and prevention techniques
  • Assess business operations to identify risk areas of fraud
  • Negotiate with parties about recovery of losses due to fraud
  • Research and examine new technologies for use in fraud detection systems
  • Obtain and serve subpoenas
  • Arrest individuals charged with fraud

Is fraud investigation the right career choice for you?

Fraud investigators must possess a number of communication, interpersonal, and stress management skills. Mentioned below are the qualities of an effective fraud investigator:

  • Integrity
  • Attention to detail
  • Analytical thinking
  • Dependability
  • Persistence
  • Initiative
  • Self control
  • Stress tolerance
  • Flexibility
  • Cooperation
  • Leadership
  • Innovation

Fraud investigators may specialize in three types of industries:

  • Finance and Insurance industry

The finance and insurance industry employs fraud investigators within a finance firm, a government agency, or a large investment firm. The responsibilities of these individuals include reviewing and investigating suspicious activity. Due to the complex nature of finance, this industry requires substantial knowledge and training in order to perform investigations.

  • Consumer protection industry

Fraud investigators in the consumer protection industry work in the consumer departments of various police and government agencies. These investigators are also often called in the criminal courts to provide evidence.

  • Forensics industry

Fraud investigators in the forensics industry work for large accounting firms or police agencies. They provide the detailed analysis and evidence collecting required for court cases.

Become a Fraud Investigator

Educational Requirements

Usually a high school diploma is required for an entry-level job in fraud investigation. A bachelor’s degree in law, business administration, fraud management, economic crime, criminal justice or accounting may be required by some employers. Companies might also prefer candidates who have completed law enforcement training. Continuing education courses are essential for fraud investigators to stay up-to-date with federal laws which may affect how fraud cases are handled.

The exact educational and experience requirements to become a fraud investigator vary depending on the industry and specialization.

Financial Fraud Investigator: A fraud investigator in the finance industry usually possesses:

  • A bachelor’s degree in business or accounting
  • Advanced certification in auditing, investigation, or finance
  • At least five years of experience in the financial industry

Forensic Fraud investigator: Most forensic investigators begin their careers as accountants in an auditing firm. They may obtain additional certification while performing a range of audit tasks. In order to become a forensic fraud investigator, usually the following are required:

  • To be a certified public accountant
  • Additional courses may be required to obtain the designation of a Certified Fraud Examiner.

Consumer Fraud investigator: To become this type of investigator:

  • A background in business, private investigation, or research is helpful
  • There are usually no specific educational or experience requirements for this type of job

Licensure Requirements

Candidates must comply with the laws of the state in which they wish to practice fraud investigation. The licensure requirements may vary from one state to another. Some states require the investigator to take pre-licensing education courses and take an exam before he/she obtains a license. Other states allow the investigator to work under a license obtained by his/her company and they may not necessarily have to obtain a license.

Investigators may be required to take continuing education courses before allowing the license to be renewed every year.

Salary and Advancement

The median annual wages of fraud investigators was $ 61,160 in May 2012, according to O*Net Online. Actual salary may vary by different amounts depending on the specialization within the field, years of experience, and a number of other factors. Typically promotions of these professionals pertain to supervisory positions within law enforcement agencies for which fraud investigators work. The projected job openings for fraud investigators are 25,800 from 2012 to 2022, according to O*Net Online.

How long does it take to become a Fraud Investigator?

Training to become a criminal investigator could take anywhere from 2 months to several years. Depending on whether you decide to get a high school diploma, an undergraduate or a graduate degree in your field of interest, the timing could vary substantially. On the job training time plus the amount of time it takes you to study for the CFE exam will also fluctuate.

What are the requirements to become a Fraud Investigator?

There are no formal education requirements needed to be hired as a Fraud Investigator. However, a bachelor's degree in subjects like Forensic Sciences or Accounting may prove helpful after you start working in the field. Candidates must pass the CFE exam to become a Certified Fraud Examiner. All aspirants must also clear a physical examination, a drug test, a polygraph exam and a background investigation.

How much can I make as a Fraud Investigator?

The median Annual Wage for Detectives and Private Investigators in 2018 was $50,090. The number of jobs available in the industry was 41,400 in 2016 and the projected growth in employment opportunities for people aspiring to work in this field is rising at a higher than average rate.

Frequently Asked Question(s)

Q:What is the prerequisite to the MBA Fraud Management degree online?

A:The prerequisite to the MBA Fraud Management degree online programs includes having a bachelors degree in similar field prior to your acceptance. Tests like Graduate Record Exam (GRE) Graduate Management Admission Test (GMAT) or Miller Analogies Test (MAT) are also taken into consideration.

Q:Which areas do fraud investigators like FBI work in?

A:Fraud Investigators such as the FBI work in various programs, such as international/domestic terrorism, cyber, public corruption, foreign counter-intelligence, civil rights, white-collar crime, organized crime/drugs, violent crimes and matters of applicant.

Q:What is taught in the Masters of Fraud Investigation?

A:Masters of Fraud Investigation teaches working with the corporate industry to increase the understanding and awareness of fraudulent activities. Detection and prevention of fraud are the key points of study.

Q:What are the areas of study in the Post Graduate degrees in Fraud Investigation?

A:The Post Graduate degrees in Fraud Investigation have courses like Criminology, Forensic Accounting, Fraud Detection, Fraud Investigation, Fraud Prevention and Legal Framework.

Q:How to get a career in Fraud Investigation?

A:Making a career in the field of fraud investigation requires you to earn a degree program in the required area of study. You can pursue a Bachelor's degree in Fraud Investigation and be a professional in any bank, Credit Card Company, corporation, investment firm or an insurance company. Career prospects for a degree in fraud investigation are very bright.

Q:What major courses are taught to students in financial fraud investigator degrees?

A:Financial fraud investigator degrees can be earned at associate degree level, bachelor degree, and master degree level. The common courses that are included in the curriculum of financial fraud degree programs are: investigative auditing, computer investigations, accounting principles, accounting system and software, money laundering statutes, financial networks, case management and presentation, financial analysis, international money markets, and asset management.

Q:What are the careers in investigation of fraud?

A:Careers for Fraud Investigation degrees are very bright. These allow degree holders to take up prestigious positions as fraud investigators in the public sector as well as in the private sector. Private organizations pay a fortune to fraud investigators to catch frauds hurdling their progress lines. Fraud Investigators are of great significance in the telecommunication industry, the internet industry, public administration, and management firms.

Q:What are popular careers in fraud management that can be pursued with a bachelor degree?

A:The professional field of business and banking always requires the need of fraud management experts. Students with a bachelor degree in fraud management can take on job positions such as forensic accountants, auditors, fraud manager, risk analyst, operations risk manager, internet fraud manager, counter fraud specialist, credit transaction manager, and many more.

Q:What different kinds of fraud careers can be pursued with qualifications in fraud management?

A:Students who have sufficient education in fraud management can initiate successful fraud careers in a number of organizations. The job type will depend on the area a student has specialized in. top industries which require the services of fraud managers include the banking sector, information technology industry, E commerce industry, and Government agencies.

Q:What is Fraud Investigation degree about?

A:Fraud Investigation degrees can be pursued with a bunch of specializations, e.g. accounting fraud, criminal fraud investigation, fraud examination, auditing fraud, business fraud, financial fraud and various others. The components of the degree are dependent upon the specialty area. However, in general, fraud investigation cover courses on detection of fraud, its analysis, consequences, legal procedures and others specific courses.

Q:Mention a few job positions that pursue fraud examination careers with relevant qualifications?

A:Students who have completed higher education in fraud investigation or fraud management can pursue a successful career in this area. There are certain job positions through which students can initiate a fraud examination career. Job positions include: Forensic accountant, independent author, investigator, internal auditor, law enforcement, and government accountant. These job positions have different levels of salary which vary with experience and level of education.

Q:What information can you give about online Fraud Investigation degrees?

A:Online Fraud Investigation degrees can be chosen easily from the plethora of online institutes listed on our website. Our website offers detailed information on the duration, class timings, procedure of application, enrollment, financial assistance program, course structure, and other features. You can chose whichever type of degree you want to pursue and look for its further detailed information on our website.

Q:Where can I find the best degree for fraud investigation?

A:The fraud investigation degrees and programs listed on our website are recognized by professional bodies and can be completed online from any location. This saves up on your college commuting costs and working professionals can also complete these conveniently at their own pace. The best degrees in the field are considered to be the master level degrees such as Master in Criminal Justice or the Master in Homeland Security.

Q:What SAT score can be considered good when applying for the Fraud Investigation degrees?

A:A SAT score of over 1500 is considered fair but to get admission in the top Fraud Investigation Degrees program, you should have near 2400 in SAT score. The average acceptance of SAT score at renowned universities in the United States last year was 1800.

Q:What course are included in the curriculum of an accounting fraud degree program?

A:An accounting fraud management degree program comprises of various courses that equip students with knowledge regarding fraud and finance. Following are a few courses that students study throughout the degree program: intro to statistics, environmental studies, humanities, accounting foundations, social science, corporate finance, business slaw, federal taxation, intermediate fraud, investigative techniques and procedures, authentication and audits, security foundations, and criminal law.

Q:What would a fraud investigator degree teach me?

A:A Fraud Investigator Degree is a professional degree that will prepare you for a career in the field of fraud investigation. You will learn about a number of scams and financial frauds that affect millions of people around the world and you will be taught the skills that can be used to stop these scams and apprehend the criminals behind these schemes.

Q:What are subjects that a Fraud Investigator has to study while enrolled in Masters of Fraud and Financial Investigation degree program?

A:A Masters of Art degree in Fraud and Financial Investigation is a graduate level degree program. The curriculum of the degree program comprises of various general courses and concentration courses that build knowledge regarding finance and fraud. Some courses that are studied include: high tech crime, investigations management, fraud prevention, asset tracing, risk management, operational management, investigative interviewing, forensic accounting, research and methodology.

Q:How to get into Fraud Investigations programs?

A:There are various Fraud Investigation programs: certificate, associate, bachelor, and masters degree program. They all have different admission requirements. The certificate, associate and bachelor's degree programs require applicants to have completed high school diploma whereas the graduate program requires undergrad degree from an accredited American institute. Students can purse these programs online as well as on campus-based institutes.

Q:What is the the best degree in fraud investigation for someone new to the field?

A:If you are looking for the best degree in fraud investigation as a beginner, you should certainly go for a diploma or certification course. These short courses can last anywhere between 6 to 12 months and will give you a basic understanding of the subject of fraud investigation. Once you have completed one of these courses, you can go for higher education in the subject.

Q:Which popular schools offer online criminal justice fraud courses and degree programs?

A:The growing field of criminal justice has also increased the popularity of fraud management and other types of fraud degree programs. These courses are offered by a number of online schools such as the following: American Intercontinental University Online, ECPI University, Western International University Interactive Online, Walden University South University Online, Post University, Allied Schools, Colorado Technical University Online, Keiser University, Devry University, and Virginia University.

Q:What is taught in the sources of information course of the Fraud Investigation online education program?

A:In the United States, the Fraud Investigation online education program has the Sources of Information course, which is worth 2 credits usually. The contents of this course are to cultivate sources, perform paper trial, government law enforcement and also identify the record of private sources. There is also thorough understanding of the brokers of computerized information and psychics. At the end there is criminal profiling and psycholinguistic analysis.

Q:I wish to become a Fraud Investigator online and want to know more about the Firearm Use & Safety course. Can you please fill me in?

A:To become a Fraud Investigator online, you do need to have strong grip on the Firearm Use & Safety course. This course, as the name suggests, focuses on the being careful and taking all of the necessary measures when using an armor. Some of the key tops that are discussed in the course include last restraint, defensive shooting, owning, maintaining guns safely, handling, tactical handgun operation, ammunition, carrying a concealed handgun and low-light shooting.

Q:How to begin a career in Fraud Investigations?

A:In order to begin a career in fraud investigations, students must earn relevant qualifications. It is essential to earn at least a bachelor degree in any of the following area: economic crime, fraud management, accounting, criminal justice, business administration, or law. Licensing and certifications are also a necessary step to become a licensed examiner. The conditions of licensing may vary from state to state.

Q:How useful are fraud degrees?

A:Fraud Investigation degree programs teach students to identify electronic thefts, online frauds, financial fraud, fraud techniques, and many other forms of fraud. Students can choose to become crime scene investigators, private investigators, financial investigators, and fraud managers in any private or public organization such as telecommunication, E-business, international trade, and E-commerce. Fraud degrees allow students to have a flexible career.

Q:Which Criminal Justice and Fraud Investigation programs are currently being offered?

A:Currently, Criminal Justice and Fraud Investigation programs are being offered in various universities around America. These include Bachelors in Law Enforcement, Bachelors in Forensic Sciences, Bachelor in Criminal Justice Administration/Human Services, Bachelor in Organizational Security and Management and Bachelor in Computer Security and Forensics. Normally, the duration of the program is regular four years.

Q:As I read about the online Fraud Investigator degrees in the United States, they all mentioned a course on Legal Research & Writing. What are the contents of this course?

A:All over the United States, the online Fraud Investigator degree programs have specialized and dedicated 4 credits worth courses on Legal Research & Writing. This course stresses on providing the students with an introduction to the various tools and techniques of legal research work as well as the retrieval of the cases and the statutory authorities.

Q:What is taught in the Essentials of Sociology course of the Business Fraud Investigator degree?

A:Business Fraud Investigator degree programs all over the United States have a dedicated contemporary course on Essentials of Sociology. This is a 3 credits worth course which emphasizes on the overview to the theories, terminologies as well as the different questions that are asked by sociologists in studying the various groups of people.

Q:My search on how to become a Fraud Investigator led me to a course named Case Management. What are the contents of this course?

A:It is common to come across names of various courses or programs while searching on how to become a Fraud Investigator. Case Management is among the many courses that are a part of the curriculum for Fraud Investigation studies. In this course the students get to study about maintenance and management for case records.

Q:What is taught in the course on Ethics in Criminal Justice in the Fraud Examination degrees?

A:The Fraud Examination degrees have dedicated course on Ethics in Criminal Justice. This course is worth 4 credit in total and is designed to offer the students with ample understanding of the ethical behaviors that are much needed in the system of justice. You also get to read about the ethical dilemmas that may be faced by the criminal justice and fraud investigation professionals.

Q:Why is the course Fraud Data Analysis important to pursue a career in card fraud?

A:Fraud Data Analysis is integral for anyone looking to pursue a career in card fraud. This course deals with techniques on detecting and analyzing fraudulent activities. Students also get an opportunity to understand the process of retrieving data from devices. It is very beneficial as most of card fraudulent activities are committed with the help of loop skimming devices.

Q:how can I give online exam of credit card fraud investigation?

A:If you wish to give Online Exam Of Credit Card Fraud Investigation, you need to be enrolled in an online educational program which requires the student to sit for the above mentioned examination online. Students enrolled in online programs have to submit their assignments, take classes and give tests and exams online.

Q:My search on fraud examination careers took me to a course called Compliance through Ethical Organizational Cultures. Can your brief me about it?

A:It is common to come across mention of courses while searching for Fraud Examination careers. In Compliance through Ethical Organizational Cultures course discuss in detail the complicated issues related to compliance. Topics included in the course are the relationship of culture to organizational ethics violations, characteristics of environment and organizational culture and ethics.

Q:Are there any online colleges with fraud investigation programs?

A:Indeed. There are various online as well as campus based institutes listed on our website offering the fraud investigation programs. Interested students can browse through our website and find details on the online certificate, associate, bachelor, master, and doctoral programs being offered with specialization in fraud investigation. Students can get enrolled in these programs from the ease of home.

Q:My search for careers in fraud investigation mentioned credit investigators. What is the job description for these professionals?

A:Credit investigators would be mentioned when searching for careers in fraud investigation. These professionals are responsible for investigating the credit worthiness of a customer. Part of their job includes investigating history of the client, processing applications, notifying customers of rejection or acceptance of application and updating accounts accordingly. The demand for professionals with this expertise is expected to increase considerably over the next few years.

Q:As I read about the education needed to become a fraud investigator, there was mention of the course on Business Law. What are the contents of this course?

A:It is common to get to read about the course on Business Law while going through the Education Needed To Become A Fraud Investigator. This course usually is worth 2 credits in total. It is designed to provide students with substantial understanding of the basic level principles of the business law that are applied in the United States. Hands on experience is also provided.

Q:What are the contents of the course on Business Communications in the Fraud Professional advance degrees?

A:The Fraud Professional Advance Degrees in the United States have dedicated course on Business Communications.This course usually is worth 2 credits in total. It is designed to provide students with ample understanding of the basic level principles of the communication in a business setup. Students are also provided with hands on experience.

Q:What Programs Do You Need To Take To Become A Credit Card Fraud Investigator?

A:To become a fraud investigator it is necessary that you pursue the right education path. Firstly you can opt for an associate's degree in criminal justice which will give you a basic understanding of the field. Then you can go for a bachelor degree in bachelor degree with specialization in fraud investigation. This degree program will enable you to apply for entry level jobs. If you further wish to continue your education then you can opt for masters degree.

Q:What will I learn in a Fraud Investigation Training program?

A:A Fraud Investigation Training program will teach you how to launch an investigation and detect fraud. You will learn various investigation techniques and cover major areas such as corporate risk management, criminal and civil law, investigation options and objectives, evidence management, information, interviewing techniques, surveillance techniques, report writing, recording and storing evidence, types of fraud, and more.

Q:Can you tell me about fraud investigator salary?

A:The average salary for a fraud investigator is around fifty thousand dollars. However the average salary number can vary with the job title within the field of fraud investigation. In addition to this there are other factors that also effect compensation. Some of these include number of years of experience, place of employment and personal skills.

Q:Is fraud examination studied as a subject in fraud investigation degree programs?

A:Yes, Fraud investigation degree programs entail important subjects such as fraud examination. This area of study basically provides students with knowledge about conducting researches, using investigation techniques, and presenting findings. This course can also be taken up as specialization in degree programs at undergraduate level, graduate level, and post graduate level.

Q:I came across the subject of organizational ethics in the fraud investigation course, what is it about?

A:Organizational ethics is an important part of the fraud management course. Organizational ethics is about understanding ethics, creating an ethical culture and enabling procedures for ethical compliance. The students also explore various organization related ethical issues and find out about the key players and elements that are instrumental in creating a strong ethical climate.

Q:How can an associates degree in fraud help me in my career?

A:An associates degree in fraud covers the basics of fraud management and it is a good option if you want to start a career in a short period of time. With an associates degree in fraud, you can start an entry level job in fraud management and investigation. However, for higher level positions you will require a bachelor's or a master's degree in fraud management.

Q:How do I complete a fraud investigation degree at bachelor level?

A:A bachelor degree program in fraud investigation is designed to equip students with in-depth knowledge of the field. To successfully earn the degree, you must complete all the course components and earn the minimum credit hour requirement. The coursework may include theoretical studies, research and projects, assignments, field work, and more.

Q:How long can I expect to be in Fraud Investigation Training before I can practice?

A:Fraud investigator training is typically a part of the degree you are enrolled in. The time duration of this training program in mostly included in the total time duration of the degree program. An undergraduate degree will take between two to five years to finish while a graduate degree should take between a year to three.

Q:How much time will it take to complete a fraud investigator certification program?

A:The duration of a fraud investigator certificate program will depend upon which school you enroll in. the duration can range anywhere from 6 months to 12 months. Certificate programs usually take less time to complete as compared to degree programs. It is also possible to study this course online thanks to the growing popularity of online learning.

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