How To Become A Fraud Analyst: What It Is and Career Path

What is a fraud analyst and how to become one

Updated January 8, 2025

4 min read

A fraud analyst identifies and prevents fraud within a company or organization. They analyze financial data, investigate suspicious activity, and develop strategies to mitigate risks. A fraud analyst may work in banking, insurance, and e-commerce roles. They use specialized software to monitor transactions and detect fraud. A fraud analyst also communicates with other departments or law enforcement. They aim to protect their company from financial losses and maintain trust from customers or stakeholders.

ScoreFraud AnalystUS Average

Salary

4.2

Avg. Salary $53,187

Avg. Salary $59,228

Stability Level

7.6

Growth Rate 6%

Growth Rate 0.3%

Diversity

5.7

Race

American Indian and Alaska Native 0.34%

Asian 10.00%

Black or African American 8.57%

Hispanic or Latino 9.58%

Unknown 3.87%

White 67.65%

Gender

female 59.04%

male 40.96%

Age - 43

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 43

Stress Level

7.6

Stress level is high

7.1 - high

Complexity Level

8.6

Complexity Level is advanced

7 - challenging

Work Life Balance

5.3

Work Life balance is fair

6.4 - fair

What are the pros and cons of being a Fraud Analyst?

Pros

High demand for fraud analysts in many industries
Potential for career advancement
Competitive salary and benefits packages
Collaborative work environment with other professionals
Continuous learning and professional development opportunities

Cons

Need to balance accuracy and timeliness in investigations
Potential for long and irregular work hours
Potential for burnout due to high workload and stress levels
Risk of encountering resistance or pushback from colleagues or superiors
Need to maintain a high level of confidentiality and discretion in investigations

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Key steps to become a fraud analyst

Explore fraud analyst education requirements

Most common fraud analyst degrees

Bachelor's

51.7 %

Associate

18.8 %

High School Diploma

16.3 %

Start to develop specific fraud analyst skills

Skills	Percentages
Customer Service	12.72%
Fraud Prevention	6.58%
SQL	6.14%
Outbound Calls	5.68%
Fraudulent Transactions	5.25%

Complete relevant fraud analyst training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New fraud analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a fraud analyst based on U.S. Bureau of Labor Statistics data and data from real fraud analyst resumes.

Research fraud analyst duties and responsibilities

Accomplish investigations that meet the criteria for referrals to the OIG and/or the FBI.
Lead the requirement gathering effort from key customers for development of new JAVA applications and for troubleshooting customer issues.
Review, research, investigate, negotiate, adjust payments, and resolve appeals and grievances for Medicaid and Medicare claims.
Perform fundamental SQL database queries to accurately update financial fraud trends monthly analysis report.

Prepare your fraud analyst resume

When your background is strong enough, you can start writing your fraud analyst resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a fraud analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Fraud Analyst Resume templates

Build a professional Fraud Analyst resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Fraud Analyst resume.

Apply for fraud analyst jobs

Now it's time to start searching for a fraud analyst job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do fraud analysts rate their job?

4/5

Based On 1 Ratings

5 Stars

4 Stars

3 Stars

2 Stars

1 Star

Fraud Analyst reviews

4.0

A zippia user wrote a review on Aug 2020

Pros

The different people i wast able to help and prevent from being defrauded. Communicating and problem solving for my clients

Cons

when clients insisted on what they wanted