In this article, we discuss what a fraud investigator does and how you can become one, with answers to frequently asked questions about the field of fraud investigation.

Fraud investigators review allegations of credit card and insurance fraud cases to determine whether individuals or organizations have attempted deception for financial benefit. The type of investigations may vary depending on the industry and field. Fraud investigators may work for organizations such as financial institutions, insurance companies, private investigation firms, criminal justice, government agencies and other organizations. Some of the basic job duties of a fraud investigator are:

• Creating and implementing preventive systems to limit frauds
• Interacting with banks, law enforcement and vendors to observe fraudulent activities and validate information
• Identifying threats to a company, such as infringement, security lapses and incidents of fraud
• Developing fraud analysis models to improve the efficiency of a company’s systems
• Documenting all processes of investigation
• Interviewing potential suspects to determine fault

Fraud investigators are typically full-time employees. Some positions may be part-time or full-time temporary positions. The salary of a fraud investigator will depend on their employment status, geographical location and their level of education and expertise. Common salary in the U.S.: $18.91 per hour. Some salaries range from $15.25 to $39.10 per hour.

There are certain requirements that you must meet before you can begin your career path as a fraud investigator. You will have to develop skills and gain relevant training and experience to become a successful fraud investigator.