Fraud Analyst Salary: How Much do they Make

Fraud Analyst Salary

Are you interested to know a Fraud Analyst salary? “Just how much do they make?” you may be asking yourself. This article would reveal all that to you and even more.

Before I reveal to you Fraud Analysts’ salary, it would be of significance to know who a Fraud analyst truly is, what they do, etc.

Who is a Fraud Analyst?

Fraud Analyst is a person that undertakes and investigates responsibilities of theft, forgery, fraudulent activities against individuals, organizations, or government agencies.

Description and Duties of Fraud Analyst

Fraud Analysts are a group of electronic, forensic fraud detectors. They investigate intensely those perpetrating confidential information, online criminalities such as phishing, chargeback and find reliable ways of preventing further occurrences.

Their duties may vary depending on their workplace.

For example, a Fraud analyst working with a financial institution may be faced with functions relating to monitoring debit cards, fraud alerts, and detection of potential payments across channels by reviewing customer’s account, preparation of reports for bank risk management institution and so on.

Apart from financial institutions, they can also perform certain tasks in government organizations or private firms.

Some of the duties they perform here may include; active participation in meetings, sharing of information and make recommendations where necessary on fraud operations.

They can also ensure that there is a flow of information, verification of activities through calls and sending fraud alerts possibilities to customers. They also maintain, inform situations of fraud in the organization.

Requirements/ Education of a Fraud Analyst

Most employers of labor require a minimum of a Bachelor’s degree in criminal justice or a related field.

This qualification will give you a chance to work as a fraud analyst in any known organization.

Certification

In the United States, the umbrella body (accredited) that certifies people are the Association of Certified Fraud Examiners (ACFE) and Accredited Healthcare Fraud Investigator (AHFI) and so on.

Knowledge and Skills Requirements of a Fraud Analyst

The knowledge and skills you need to work as a Fraud Analyst depends on which institution you find yourself

Bank Fraud Analysts must be conversant with SOX, FDICIA, GLBA, UCC regulations.

You must also have an understanding of cyber fraud, and card business and risk management practices.

IT Knowledge is essential:

A fraud analyst must have distinctive skills in computer operations and software like Excel, PowerPoint and must be able to work with relevant databases.

Analytical Abilities:

They must be able to analyze weaknesses in bank systems and know the cause.

Oratory/Communication Ability:

Since fraud analyst also performs the duty of interviewing people, they must have effective communication skills. They must be able to communicate effectively with people and make reports.

Collaborative Skills:

They must be a team player to work with others.

Fraud Analyst Salary Structure

In the United States, Fraud Analysts’ salaries vary. A fraud analyst salary can be influenced by so many factors. Among these factors include;

  • Experience
  • State where your workplace is situated at
  • Qualification

But note; the annual average fraud analyst salary in the United States is approximately $70, 280 annually.

This implies that about half the number of fraud analysts earn above $70, 280. About half the number of fraud analysts earn below $70, 280.

Their wages range from $38, 030 up to $123,360.

Fraud analyst senior workers earn higher than junior workers and mid-level workers.

Fraud Analyst Salary According to Level

Level Per Hour ($) Annual Salary ($)
Senior Level Fraud Analyst 45.47 94, 580
Mid-Level Fraud Analyst 33.79 70, 280
Junior Level Analyst 24.57 51, 100

 

Fraud Analyst Salary by States

10 Highest Paying States for Fraud Analyst

States Annual Earning
District of Columbia $103, 300
Illinois $86, 786
Virginia $82, 900
New York $81, 800
Massachusetts $81, 120
New Hampshire $77, 300
New Jersey $77, 080
Ohio $75, 670
Connecticut $73, 560
Alabama $72, 500

 

The Lowest Paying States in the United States

States Average Annual Earnings
Arkansas $37, 970
South Dakota $48, 300
Idaho $50, 990
Kentucky $51, 350
Kansas $51, 780
Wisconsin $53, 960
Nevada $54, 420
Louisiana $55, 490
Tennessee $57, 100
New Mexico $58, 590

 

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