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Online Fraud Analyst

written by: R. Elizabeth C. Kitchen•edited by: Aaron R.•updated: 9/20/2010

Are you looking for detailed information on becoming an online fraud analyst? If so, look no further. Here you will learn everything you need to know about this growing career field.

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    As businesses grow, so does the risk involved. Businesses must keep an eye on those looking to defraud their company and hurt them financially. This is where an online fraud analyst comes in. They will spend the time looking for loopholes in the company's security system to protect them from fraud, cybercrimes and other issues that could hurt the company.

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    What Does an Online Fraud Analyst Do?

    This career path allows people to work in a variety of fields, namely finance, cyberspace, banking and insurance. Other jobs may be found in online fraud analyst the government and law enforcement. In short, online fraud analysts will investigate a specific fraud and then create new measures and techniques to prevent it in the future. Various tasks include:

    • Scrutinizing the work cases very closely and searching for any potential fraudulent cases
    • Monitoring accounts of those with consistently poor bank balances and credit history
    • Speaking to a number of clients and fielding a large number of calls during investigations
    • Tracing online fraud
    • Initiating legal action against those with account discrepancies and those found to be committing fraudulent acts
    • Identifying the indicators of potential fraud
    • Being competent at using a large variety of tools and systems, as well as knowing several established guidelines and procedures
    • Verifying the credibility of the fraud claim
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    Required Education

    To become an online fraud analyst one must successfully complete the rigorous Certified Fraud Examiner exam. This examination covers:

    • Fraud prevention and deterrence
    • Fraud investigation
    • Fraudulent financial transactions
    • Legal elements of fraud

    Degree programs in information technology and investigations can help to prepare those seeking employment in this field. Those seeking employment should contact their desired employers to determine their specific education requirements before deciding on a major and degree level. All aspiring online fraud analysts should prepare to take this examination.

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    Possible Careers

    Also referred to as fraud examiners, when certified, a large variety of career paths are available. In short, online fraud analysts are part investigator, part criminologist, part accountant and part attorney in most arenas. Some of the most common job titles include:

    • External auditor
    • Forensic accountant
    • Information systems auditor
    • Management consultant
    • Financial analyst
    • Special agent
    • Director of loss prevention
    • Fraud investigator
    • Tax manager
    • Compliance officer
    • Private investigator
    • Internal auditor
    • Audit specialist
    • Audit consultant
    • Technical specialist
    • Financial specialist
    • Specialty consultant
    • Fraud analyst
    • Risk manager
    • Bankruptcy analyst
    • Legal investigator
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    Career Outlook and Salary

    On average, online fraud analysts earn approximately $65,000.00 per year. Those who work for larger projects and companies may also get remuneration packages in the range of $71,000.00 to $90,000.00. The person's specific skill set, geographic location, education and other factors will ultimately determine their exact annual salary.

    With the emergence of new Internet businesses and new technology, the career outlook is solid for this field. Those who stay up-to-date on the latest procedures and techniques will remain in demand in this field.

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    Bureau of Labor Statistics. (2009). Private Detectives and Investigators. Retrieved on September 19, 2010 from the Bureau of Labor Statistics:

    Utica College. (2010). Become a Certified Fraud Examiner. Retrieved on September 19, 2010 from Utica College:

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    Image Credits

    Man with Computer: celalteber –