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Role of Fraud Analyst

21 Mar 2015

Role of Fraud Analyst

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What is the role of a Fraud Analyst? Before understanding the role of fraud analyst let’s try to understand what is fraud analytics and the need of it in across industries

What is Fraud Analytics?

Fraud management isn’t new- it’s a cultural shift. Organizations had a set of processes to handle it but now analytics is the addition which will help to change the dynamic and get the value from analytics.

Fraud analytics is a combination of applying analytic technology and techniques with human Interaction to help detect potential improper transactions, such as those based on fraud and/or bribery, either before the transactions are completed or after they occur.

The process of fraud analytics involves accumulating and storing relevant data and then mining it for patterns, discrepancies, and anomalies. Then we produce findings which are then translated into insights that can allow a company to manage potential threats before they occur as well as develop a proactive fraud detection environment.

Why Fraud Analytics?

Few powerful tools have been in widespread use to combat fraud, Corruption, and abuse for more than 2 decades with certain limits to it. Adding analytics to this mix can significantly increase the fraud detection capabilities. Analytics can enhance the existing methods and also help measure performance to standardize, constantly improve performance.
In short, for companies awash in data – it can be put to better use.

Analytics technology can Identify hidden patterns, uncover new patterns, trends, schemes that traditionally were missing.

Fraud analytics helps pulling data from across your organization into one central Platform, helping create a true, enterprise-wide approach. With fraud analytics in place, you don’t have to guess. The data tells the story. More the data, higher is the chances of opportunities to investigate.

The role of fraud analyst

Fraud analyst is a person who:

  • A fraud analyst is a detective
  • Observes and investigates customer transactions
  • Investigates the suspicious activity to gather further evidence
  • Investigates forgery and theft within customers’ accounts and transactions on behalf of a bank or a financial institution.
  • They track and monitor the bank’s transactions and activity that comes through the bank’s customers’ accounts.
  • Identify and trace any suspicious or high-risk transactions, and determine if there is improper activity involved and if there is risk to the bank or its customers.
  • Conducts and lead investigations into any potential fraudulent activity up to their natural conclusion.
  • To recognize problems and discrepancies in records or people’s accounts of occurrences.
  • An eye for detail
  • An inquisitive mind
  • Critical thinking and complex problem-solving abilities
  • Good oral and written communication skills

A bachelor’s degree is required for this position, with a concentration in finance, business, mathematics, or economics.

Industry Hiring Fraud Analyst:

Salary Range:

Median Salary 5,61,360 (Pay Scale Report)

 

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