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Fraud analyst

Financial fraud could cause substantial financial losses and damage to a business’s reputation. Companies turn to fraud analysts to combat this ever-present risk.

Fraud analysts safeguard company assets and ensure financial security. These individuals possess the expertise to detect, investigate, and prevent fraudulent activities within an organization.

Let’s explore the facets of a fraud analyst’s role in this article.

What is a fraud analyst?

A fraud analyst is a professional who specializes in detecting and preventing fraudulent activities within a company or organization.

Fraud analysts identify any suspicious behavior, investigate potential fraud cases and cybersecurity risks, and implement strategies to mitigate the risk of fraud.

They ensure a company’s assets and financial security by closely monitoring financial transactions, analyzing data, and utilizing fraud detection tools.

Duties of a fraud analyst

The responsibilities of a fraud analyst can vary depending on the industry and organization they work for. However, some common duties include:

  1. Fraud detection. A fraud analyst is responsible for identifying any red flags or unusual patterns in financial transactions that could indicate fraudulent activities.
  2. Investigation and analysis. Upon detecting potential fraud, a fraud analyst conducts thorough investigations to gather evidence and build a case.
  3. Risk assessment. Fraud analysts assess the risks associated with various financial processes and systems within an organization. They develop strategies and implement control measures to minimize the likelihood of fraud occurring in the future.
  4. Reporting and documentation. To maintain accurate records and ensure compliance with legal requirements, fraud analysts meticulously document their findings, investigations, and actions taken.

Skills and requirements needed in a fraud analyst

To excel as a fraud analyst, certain skills and requirements are essential:

  • Attention to detail. Given the subtleties of fraudulent behavior, attention to detail is critical for fraud analysts. They need to carefully scrutinize financial documents and other relevant information to identify discrepancies that may indicate fraudulent activities.
  • Knowledge of fraud detection tools. Proficiency in using various fraud detection tools enables fraud analysts to analyze large amounts of data efficiently and effectively identify potential fraud cases.
  • Communication skills. Fraud analysts must have excellent communication skills to articulate their findings, explain complex fraud schemes, and collaborate effectively with team members.
  • Ethical conduct. As fraud analysts handle sensitive information, they must adhere to high ethical standards. They should maintain confidentiality, avoid conflicts of interest, and ensure legal and professional guidelines guide their actions.

Where to hire a fraud analyst?

If you are looking to hire a fraud analyst, there are several avenues you can explore:

1. Online job sites

  • Indeed. Indeed is a popular job board that allows you to filter by location, experience level, and other criteria easily to find the right staff for your organization.
  • Workable. Workable provides a user-friendly interface for employers to post job ads, manage applications, and streamline the hiring process. It also offers integration with other popular recruitment websites.

2. Freelance sites

  • FreeUp. FreeUp is a platform that connects businesses with pre-vetted freelancers specializing in various fields, including fraud analysis. You can browse through profiles, review ratings and testimonials, and hire a freelancer that fits your requirements.
  • Upwork. Upwork is a leading online marketplace that offers a wide range of freelancers, including fraud analysts. With a user-friendly platform and various filtering options, you can find qualified professionals and manage the hiring process easily.
  • PeoplePerHour. PeoplePerHour is another freelancing platform that allows you to search for experienced fraud analysts based on their skills, hourly rates, and work history.

3. Outsourcing companies

Outsourcing fraud prevention and analysis can provide you with dedicated fraud analysts who have extensive experience in the field.

By outsourcing this role, you can benefit from the expertise of a team that is solely focused on fraud detection and prevention.

Salary comparison 

The salary of a fraud analyst can vary depending on factors such as experience, location, and industry.

According to PayScale, the average annual salary for a fraud analyst in the United States is approximately $55,734. Meanwhile, in the Philippines, the average salary of a fraud analyst is $6,940 per year.

Here is a quick comparison of the salaries between the two countries.

Junior MidSenior
The Philippines$5,909$6,940$9,652

On-site vs. Remote setup for a fraud analyst

Traditionally, fraud analysts have predominantly worked on-site, allowing for close collaboration with other team members and access to secure data systems. However, many organizations now offer remote opportunities for fraud analysts.

Both on-site and remote setups have their advantages and considerations.

On-site positions allow for immediate collaboration and communication with colleagues, creating an environment conducive to knowledge sharing and teamwork. It also provides easier access to the necessary infrastructure and resources required for fraud analysis.

On the other hand, remote work offers flexibility and eliminates the need for a daily commute. It enables fraud analysts to work in a comfortable environment, potentially leading to increased job satisfaction. 

Ultimately, the decision between an on-site or remote setup for a fraud analyst would depend on the specific needs and preferences of the organization.

Fraud analyst job description template

Fraud analysts play a crucial role in detecting and preventing fraudulent activities within an organization. They can effectively detect and mitigate the risks associated with fraud.

Whether hiring from online job sites, freelance platforms, or outsourcing companies, finding a qualified fraud analyst is essential to maintaining the financial security of an organization. 

Feel free to use this job description template to help you get started in hiring staff. Meanwhile, use these interview questions to screen your candidates.

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About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

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