Responsibilities of a Fraud Investigator
A fraud investigator conducts investigations into suspected fraud. They analyze financial records, interview witnesses, review documents to uncover evidence of fraud, and work with law enforcement to build cases.
Qualifications and Skills Needed
To become a fraud investigator, you typically need a bachelor’s degree, though specialized degrees are not required. Relevant experience in accounting, auditing, law enforcement, or related fields is preferred. You should have strong research, analytical, communication and interpersonal skills.
Types of Fraud Investigated
Fraud investigators are employed by financial institutions, insurance companies, government agencies and accounting firms to identify, investigate, and prevent fraud such as financial statement fraud, identity theft, embezzlement, Ponzi schemes, money laundering, and bribery. Their role is distinct from forensic accountants, who focus more broadly on examining financial records and resolving disputes.
Some fraud investigators manage teams, ensuring key performance indicators are met and regular reports produced. Others evaluate fraud indicators and make recommendations to mitigate risks. If evidence of criminal fraud is found, investigators contact authorities to launch prosecutions.
Steps to become an investigator include getting an education, gaining relevant experience, and building your resume. Investigators identify potential fraud through data analysis, interviews, and document reviews. Next, they gather evidence to determine the scope of fraud and identify perpetrators. Investigators develop and implement preventative systems to reduce fraud. They interact with various entities to confirm fraud. If fraud occurred, they make recommendations on next steps. The job requires being detail-oriented, communicating effectively, and physically strong.