16 Fraud Analyst Skills for Your Career and Resume

Attention to Detail

Fraud analysts must be able to notice small details in order to detect fraudulent activity. For example, if a customer claims they made a purchase with their debit card but the transaction history shows they used a credit card instead, this may indicate fraud. Fraud analysts also need attention to detail when examining large amounts of data and finding important information that can help investigators find evidence of criminal activity.

Analytical Skills

Fraud analysts use their analytical skills to examine data and detect anomalies. They analyze large amounts of information, such as financial records, customer service records or sales figures, to identify patterns that may indicate fraudulent activity. Fraud analysts also use their analytical skills to evaluate the risks associated with certain business practices. For example, if a company is considering opening several new branches in different locations, a fraud analyst might assess the potential for each location to commit fraud so they can determine which locations are most likely to be successful.

Fraud Detection

Fraud analysts need to be able to detect fraudulent activity in order to prevent it from occurring. This requires them to have a thorough understanding of the company’s operations and financial records, as well as an ability to identify irregularities that may indicate fraud. They also need to be able to analyze large amounts of data quickly and accurately to find evidence of fraud.

Problem Solving Skills

Problem solving skills are necessary for fraud analysts to identify and resolve issues. They use these skills when reviewing data, analyzing trends and investigating cases of fraud. With strong problem-solving abilities, a fraud analyst can find the source of an issue quickly and efficiently. This allows them to minimize any damage caused by fraudulent activity and protect their company’s assets.

Regulatory Compliance

Regulatory compliance is the process by which companies ensure they are following all applicable laws and regulations. A fraud analyst needs to be familiar with regulatory requirements in order to assess a company’s risk of becoming a victim of financial crime. They also need to know how to interpret data related to regulatory compliance, such as knowing whether a company has been making regular payments on time or if it has been paying late.

Time Management

Time management is the ability to plan and execute tasks in a way that ensures you meet deadlines. As a fraud analyst, time management skills are important because they allow you to complete your work on schedule and ensure that any recommendations you make have enough supporting evidence. For example, if you notice an increase in fraudulent activity during certain hours of the day, you may need to examine data from those times more closely to determine why it’s happening.

Risk Management

Fraud analysts use their risk management skills to assess the potential for fraud in a company. They analyze data and make recommendations on how companies can reduce their exposure to fraudulent activity. For example, if an analyst notices that several employees have access to large amounts of cash, they may recommend implementing new security measures or changing employee roles to limit the opportunity for theft.

Financial Analysis

Financial analysis is the ability to interpret financial data and make predictions based on it. Fraud analysts use financial analysis skills when reviewing budgets, analyzing transactions and evaluating revenue streams. Understanding how a company’s finances work can help fraud analysts identify irregularities in their system that may indicate fraudulent activity.

Auditing

Auditing is the process of reviewing financial records to ensure accuracy. Fraud analysts often use auditing skills when examining company data, such as sales figures and transaction histories. Auditing can help you identify inconsistencies in a company’s records that may indicate fraudulent activity. You can also use your auditing skills to review your own work processes to ensure they are effective and accurate.

Investigations

A thorough investigation is necessary to detect fraud. Fraud analysts use their investigative skills to examine data and determine if there are any irregularities in the information. They also investigate suspicious activity by interviewing employees, reviewing documents and analyzing transactions. This helps them identify potential risks and prevent future fraudulent activity.

Business Knowledge

A background in business can help you understand the financial aspects of a company and how they relate to one another. This knowledge is important for fraud analysts because it allows them to analyze data more effectively and identify potential risks that may affect a company’s success. It also helps them communicate with other members of an organization, such as executives or managers, who may not have a technical background.

Organizational Skills

A strong organizational skill is important for a fraud analyst because it allows them to keep track of the many files and documents they may receive during an investigation. It also helps them stay on top of their tasks, allowing them to complete projects in a timely manner. Strong organizational skills can also help a fraud analyst maintain a clean workspace that makes it easier to find information when needed.

Project Management

Project management skills are important for fraud analysts because they often work on projects that require them to manage a team of people and meet certain deadlines. Having strong project management skills can help you ensure the success of your projects, which may lead to promotions or other opportunities at work. It’s also helpful to have these skills so you can keep track of tasks and delegate responsibilities effectively.

Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a law that requires companies to keep accurate records of their financial transactions. Fraud analysts use this law to ensure the accuracy of company records and detect any fraudulent activity. Understanding the requirements of the act can help you perform your job more effectively.

Data Analysis

Data analysis is the process of examining data to find trends and patterns. Fraud analysts use this skill when reviewing financial records, transaction histories or other types of data related to a company’s operations. Data analysis allows them to identify potential risks and make recommendations for reducing those risks. It also helps them evaluate whether their recommended solutions are effective.

Flexibility

Flexibility is the ability to adapt to changing circumstances. As a fraud analyst, you may need to shift your focus from one task to another or change your working hours if necessary. Flexibility can help you stay focused on completing your work and meeting deadlines while also adapting to unforeseen changes in your schedule.

How Can I Learn These Fraud Analyst Skills?