Fraud is typically considered a form of misrepresentation that has occurred with deception by intent. An investigation of fraud makes a determination about whether a crime of deception has taken place and gathers important evidence that protects the impacted victims. A fraud investigator is your designated professional to assist you in finding a workable resolution to the situation of fraud.
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The Work of a Fraud Investigator
Fraud investigators conduct tasks within the context of civil and criminal investigations. Fraud investigators look into cases of insurance and credit card fraud, for instance, including interviewing key individuals that may have been involved. Investigators will interview those who have been adversely affected by the fraudulent activity.
The investigator should be skilled at researching transactions and records, and may conduct surveillance to collect evidence of fraudulent activity. Serving search warrants is sometimes necessary.
Fraud investigators work within the legal systems alongside members of the criminal justice system such as prosecutors and attorney generals. Fraud investigators are able to present investigation results, and testify in court.
The following is a list of types of fraud handled by fraud investigators:
- embezzlement: is the process of withholding assets for the purpose of theft of those assets.
- consumer fraud: deceptive practices that lead to financial or miscellaneous losses for consumers in the process of what should have been business transactions that are valid and legitimate.
- mortgage fraud: is a crime in which the intent is material misrepresentation or omission of information on a mortgage loan application for the purpose of securing a loan or obtaining a bigger loan than one could have attained had the truth been known.
- internet/cyber crime: involves things such as phishing, malware, and hacking that utilize the computer as a tool of crime.
- identity theft: is a crime in which one individual uses another individual’s personal data, with no authorization, to defraud or deceive someone.
- credit card and check fraud: are terms for fraud or theft committed while implementing a card or check in a fraudulent manner.
According to Payscale.com, a Fraud Investigator earns an average salary of $57,034 per year. The highest paying skills associated with this job are in the areas of Insurance, Forensic Interviewing, Interviewing, and Medicaid Fraud.