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Five reasons to consider a fraud analyst career

Millions of online transactions happen at any given moment requiring someone to keep an eye out for potential fraud threats. Fraud analysts work extremely hard to identify those taking advantage of stolen information or deceptive practices and spot criminal trends such as phishing, social engineering and chargeback, to prevent them occurring both today and in the future.

Do you have an investigative mind? Or do you possess outstanding analytical ability? With high demand amongst employers for new talent to enter the fraud industry, here are five reasons to consider a career as a fraud analyst.

Motivating investigative work

Fraud analysts are a team of behavioural specialists and forensic investigators. If you enjoy investigative work, in-depth analysis and considering multiple perspectives, you’ll find your passions can actually help you develop your skills in the field.

It is an exciting career choice for people who enjoy solving puzzles, tackling intellectual challenges or have high levels of mathematical or analytical ability. Decisions made as fraud analysts are implemented immediately to drive businesses growth.  

It’s a common misconception to think that you need to have a PhD in statistics or previous policing experience to be qualified for a fraud analyst career. While an analysis-related degree or previous military intelligence experience can be helpful, the only requirement is a curious and determined mindset. 

Working with advanced technology

Fraud is an industry which is truly able to add value by fully maximising the benefits of technology. With automation and decisioning-tools being adopted across fraud departments, professionals are supported in the analysis and interpretation of data to detect fraudulent activity.

The implementation of data science and artificial intelligence means analysts spend less time filtering through transactions and more time assessing data and identifying fraud.

You can also add value instantaneously by interacting with emergent fraud technologies. 

By collaborating with programmers and data scientists, you can implement a fraud prevention, data protection, or customer protection process you’ve developed in a matter of hours or days. 

Multiple career opportunities

Although considered niche, select areas of activity in fraud are wide-ranging functions that can open up numerous career paths. Fraud prevention functions are appearing in various industries such as online retail, the government and manufacturing. Working as a fraud analyst allows you to collaborate with a wide range of sectors.

A career in fraud presents the opportunity to diversify across multiple sectors, depending on your personal preference, you have the option to pursue either the investigative or preventative and then you can go on to specialise in selected areas. 

A fraud analyst career consists of two areas: the investigative area, whereby analysts respond to and assess fraudulent activity, and the preventative area, focusing on analysing the business impact of fraud.

As a fraud analyst, you can choose to focus on the area that interests you the most and develop valuable expertise.

Career progression

Many industries are realising the value of forming a fraud department in their businesses. This means there are more opportunities for vertical progression and additional managerial responsibilities, which provide you with great chances to advance your career. 

Stimulating workplace culture

In a fraud analyst career, as well as encountering challenging and enriching work, you’ll also be surrounded by like-minded, creative individuals.

A fraud team can be bursting with creative energy, constantly developing ideas, sharing knowledge and testing new processes.

Fraud criminals are always learning new techniques, and new payment systems are regularly being released with unforeseen vulnerabilities. You’ll find new challenges and opportunities to tackle every day. 

If you’re motivated by a challenging and rewarding career where you’re constantly solving new, complex problems, you’re already on the way to excel as a fraud analyst.

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Five reasons to consider a fraud analyst career

Millions of online transactions happen at any given moment requiring someone to keep an eye out for potential fraud threats. Fraud analysts work extremely hard to identify those taking advantage of stolen information or deceptive practices and spot criminal trends such as phishing, social engineerin

Read More

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