15 Fraud Investigator Skills for Your Career and Resume

Fraud investigators are responsible for conducting investigations into potential cases of fraud. This can require a wide range of skills, from financial analysis to interviewing witnesses. If you’re interested in becoming a fraud investigator, it’s important to understand the skills that are necessary for this position.

Fraud Detection

Fraud investigators need to be able to detect when someone is trying to deceive them. This can include detecting if a person is lying about their actions or if they are withholding information that could help the investigation. It’s also important for fraud investigators to know how to identify fraudulent activity, such as knowing what types of transactions and documents are suspicious.

Critical Thinking Skills

Critical thinking skills are important for fraud investigators because they allow them to analyze evidence and make logical conclusions about whether a crime has been committed. This is especially useful when an investigator needs to determine if someone’s actions were intentional or accidental, which can help them decide how to proceed with their investigation. For example, if an employee claims that they accidentally overpaid themselves by accident, the investigator may need to use critical thinking skills to determine if this was truly an accident or if the employee was trying to steal money from their employer.

Report Writing

Fraud investigators use report writing skills to create detailed records of their investigations. These reports may include information about the case, evidence and conclusions. This is an important skill for fraud investigators because it allows them to communicate with other professionals involved in the investigation and present their findings to courts or businesses.

Attention to Detail

Fraud investigators must be able to notice small details in order to find evidence of fraud. For example, if a customer claims they never received an item they ordered online, the investigator may need to examine shipping records and other documents to determine whether or not the company actually sent them the product. This requires attention to detail so that the investigator can review all relevant information before making a decision about the case.

Financial Analysis

Financial analysis is the ability to interpret financial data and identify trends, anomalies or inconsistencies. Fraud investigators often use financial analysis skills when reviewing company records, examining transactions and investigating suspicious activity. For example, a fraud investigator might examine an employee’s expense reports for irregularities, such as unusually high expenses or large cash withdrawals that don’t match with their salary.

Critical Thinking

Critical thinking is the ability to analyze a situation and make logical conclusions. It’s important for fraud investigators to think critically because they often need to find evidence that proves someone committed a crime. For example, if an investigator suspects a company of committing insurance fraud, they may ask themselves what evidence exists that suggests this happened. They can then use their critical thinking skills to search for clues that support their suspicions.

Analytical Skills

Fraud investigators use analytical skills to analyze data and information. They need to be able to review large amounts of data, identify trends and patterns and determine if there is a potential for fraud. This requires attention to detail and the ability to think critically about the information they are reviewing.

Fraud investigators also use analytical skills when creating reports on their findings. They need to be able to summarize complex information in an easy-to-understand format that can be understood by others.

Organizational Skills

A strong organizational skill can help a fraud investigator keep track of their work and ensure they have all the information needed to complete an investigation. Strong organizational skills can also allow them to find important files or evidence quickly when needed. A well-organized investigator can also be more efficient in completing investigations, which can lead to faster resolutions for clients and companies.

Case Management

Case management is the ability to manage a case from beginning to end. This includes tracking and documenting all aspects of an investigation, including evidence, interviews and other details. Case management also involves ensuring that investigators have access to resources they need to complete their work. For example, if an investigator needs to review financial records for a company, it’s the case manager’s responsibility to ensure those records are available.

Communication Skills

Communication skills are important for fraud investigators because they often work with people from a variety of backgrounds. They need to be able to explain technical information in an easy-to-understand way and also communicate clearly with those who have limited knowledge about the subject matter. This is especially true when working on cases that involve large organizations or companies, where many employees may not understand the details of the case.

Regulatory Compliance

Regulatory compliance is the ability to follow laws and regulations. As a fraud investigator, you may need to ensure that your company follows all applicable laws and regulations. This can include knowing what types of documents are necessary for your business and ensuring that those documents are accurate. It also includes following any rules set by regulators when investigating potential fraudulent activity.

Investigative Techniques

Investigative skills are the abilities that allow you to gather information and evidence. These include observation, questioning, research and data analysis. As a fraud investigator, your investigative techniques help you find proof of fraudulent activity. For example, if you’re investigating an insurance claim for fire damage, you might use investigative techniques to determine whether the fire was accidental or intentionally set.

Data Mining

Data mining is the process of analyzing large amounts of data to find patterns and trends. Fraud investigators use this skill when examining financial records, emails or other digital information to determine if a company’s actions are fraudulent. For example, an investigator may notice that a company has made several large purchases from one vendor over a short period of time. This pattern could indicate that the company is using false invoices to steal money from their employer.

Auditing

Auditing is the process of reviewing financial records to ensure they are accurate and complete. Fraud investigators often use auditing skills when examining company records, as it’s common for fraudulent activity to leave behind incomplete or inaccurate information. Auditing skills can also help fraud investigators detect anomalies in a company’s records that may indicate suspicious activity.

Problem Solving Skills

Problem solving skills are necessary for fraud investigators to identify and resolve issues. They use these skills when they investigate a case, as they may need to find the source of an issue or determine why someone committed a crime. Problem solving also includes analyzing evidence and determining what information is relevant to the investigation.

How Can I Learn These Fraud Investigator Skills?

There are a few ways that you can learn the necessary skills to become a fraud investigator. One way is to take courses offered by organizations such as the Association of Certified Fraud Examiners (ACFE). These courses will teach you the basics of fraud detection, report writing, financial analysis, and other critical skills. Another way to learn these skills is on the job, by working with an experienced fraud investigator. This will allow you to get first-hand experience in conducting investigations, analyzing data, and writing reports. Finally, you can also read books and articles on fraud investigation, which will provide you with the theoretical knowledge you need to understand the process.