Fraud Job Description
A corporation's leadership usually ensures that the firm's risk management systems prevent operating losses resulting from employee error, carelessness or neglect, as well as technological malfunction or fraud. A fraud investigator reviews an organization's internal controls and procedures to detect irregularities or instances of noncompliance with laws, regulations and human resources policies.
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Responsibilities
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A fraud investigator's duties vary depending on the industry, the organization, compliance requirements and regulatory guidelines. A fraud detective working for a federal or state governmental agency might help public officials monitor illegal acts or enforce the law. A fraud specialist at an insurance company investigates possibly deceitful claims from policyholders or inaccurate information on policy application forms. A bank's fraud investigator reviews the company's cash operations to detect theft.
Education and Training
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Academic requirements for fraud positions depend on the role, the industry and the scope of work. For instance, a fraud investigator in law enforcement might need a bachelor's degree in a legal or business field. In the private sector, a fraud job typically usually requires a four-year college degree in auditing, accounting or taxation. A liberal arts major also may work in a fraud occupation if he receives on-the-job training. An experienced fraud manager might have a master's or doctorate degree.
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Salary
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An employee working for a governmental agency earns less than a counterpart in the private sector. The U.S. Bureau of Labor Statistics reports that as of 2010, median wages of claims adjusters, examiners and investigators were $55,760 in 2008, with the middle 50 percent earning from $42,400 to $70,860. The same research shows that median wages of private detectives and investigators were $41,760, with the lowest 10 percent earning less than $23,500 and the highest 10 percent earning more than $76,640.
Career Development
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A fraud specialist will likely be promoted faster if she seeks a professional certification or a higher academic degree. An undergraduate fraud investigator at a bank might enroll in a university's master's degree program in financial investigations. Or, she can seek a certified fraud examiner designation from the Association of Certified Fraud Examiners, in which case she needs to comply with minimum continuing education requirements every year. A competent fraud specialist can move to a senior role in two to five years.
Working Conditions
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A fraud specialist working in the private sector will likely have a standard 8 a.m. to 5.30 p.m. work shift. In contrast, a private detective working in law enforcement may have a flexible schedule, and could work at night or on weekends.
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References
Resources
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