Bank Fraud Specialist Jobs

Fraud specialists or analysts are the employees responding to fraud alerts and customer reports. If an alert appears on a customer’s account, the fraud specialist will call the account holder to verify the charges are correct.

If they were not made by the customer, the specialist will conduct an investigation and if warranted, begin suspicious activity reporting. He or she will also try to stop the transaction from completing, if it is possible and not too late.

Similarly, when the fraud specialist or analyst receives a phone call from the customer that there are fraudulent charges on his or her account, the analyst will take the same steps, first conducting an investigation, and then reporting suspicious activity to the proper authorities. If the specialist can, he or she will work with the merchant in question to get a refund.

Fraud specialists will ensure that the customer is not penalized for the fraud, and in most cases the funds are restored or his or her credit card is credited for the fraudulent amount. Fraud analysts will also work with other departments to create and execute fraud prevention policies. Since it is the bank that often loses money in fraudulent situations, putting tighter controls, alerts, and any other fraud prevention efforts in place can only improve the bank’s profitability.

These employees will also need to be knowledgeable of federal regulations concerning fraud, and ensure that the bank’s procedures comply with them.

This can be an interesting career, but also a grueling one, as fraud specialists or analysts may find themselves on the telephone with customers for a large portion of time during the workday. They may also have to deal with irate or upset customers, fearful of losing the money they’ve been cheated of. Additionally, the fraud analyst can only report the activity, not locate and arrest the perpetrator of these crimes, and so may find it frustrating that they cannot do more to protect their customers.

If you enjoy working interacting with people, doing investigations, and seek justice for others, this may be the right career choice for you. The work pace can be very hectic, since time is of the essence and how quickly a fraud specialist responds to an alert can make the difference of how much money – if any – a customer ends up losing.

The U.S. Bureau of Labor Statistics does not provide data on this specific job. However, given the increase in Internet shoppers and continued credit card use, the number of jobs can be expected to increase also.

Educational Requirements

Fraud specialists or analysts will need to have a bachelor’s degree. Some banks may also hire a person who has several years of experience, instead of a degree. Fraud analysts may receive some on the job training, especially related to the bank’s specific products, services, and transaction procedures.

Knowledge, Skills, and Abilities

The most important knowledge the fraud analyst or specialist needs to have is an understanding of regulatory requirements related to fraud detection/investigation, including Suspicious Activity Reports, USA PATRIOT Act, and FACTA (Fair and Accurate Credit Transactions Act).

Fraud analysts or specialists also need to possess excellent oral and written communication skills since they will often need to communicate with customers and other stakeholders, both verbally and in writing. Fraud employees should also have strong organizational skills and the ability to pay attention to detail.

They should also be proactive in identifying potential concerns with customers’ accounts and bank fraud policies in general, and follow up to resolve these issues. Analysts should have the ability to research and make appropriate decisions regarding complex cases. Since the analyst may encounter unpleasant situations, they should have the ability to maintain a professional and courteous attitude during stressful and confrontational situations. Employers look for fraud employees who are able to work independently and meet deadlines. They also need to have strong computer skills.

Average Salary

Fraud analysts and specialists earn a fairly broad range of salaries. Salaries can vary depending on the size and location of the bank, as well as the person’s education and experience. According to, the average annual salary of a fraud analyst is approximately $29,000 per year.

Potential Career Paths

There are fewer career paths at a bank for fraud specialists than for other more traditional banking jobs. This is due to the fact that the department is so specialized. However, fraud analysts can advance their careers by earning promotions to larger fraud departments within the same bank. Or the analyst can join a larger banking organization where there are more opportunities for advancement.

If the fraud department is large enough, the specialist could become a supervisor or manager of one or more fraud departments.

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