Fraud Examiner

Job Description:

Fraud examiners investigate cases of financial and other kinds of fraud.

Job Category:
Financial Services
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What you will do:

As a fraud examiner, your job role will primarily involve investigating and preventing fraudulent activities within an organisation or for clients. Your responsibilities may vary depending on your specific employer, industry, and the type of fraud you are focused on, but here are some common tasks and responsibilities associated with the role of a fraud examiner:

  • Fraud Detection: You will be responsible for identifying and detecting instances of fraud or suspicious activities within an organisation or among clients. This may involve reviewing financial records, transaction data, and other documentation to look for irregularities.
  • Investigation: Once potential fraud is identified, you will conduct thorough investigations to gather evidence, analyse data, and determine the extent and nature of the fraudulent activity. This often involves interviewing witnesses, reviewing documents, and collaborating with other professionals.
  • Documentation: You’ll be required to maintain detailed records of your investigations, including evidence gathered, interviews conducted, and findings. Accurate documentation is essential for legal and regulatory purposes.
  • Data Analysis: Analyzing financial data and patterns to identify discrepancies or trends indicative of fraud is a critical aspect of your role. You may use specialized software and tools for data analysis.
  • Interviewing: Conducting interviews with individuals involved in or knowledgeable about the fraud is common. You’ll need effective interviewing skills to gather information and statements.
  • Report Writing: After completing an investigation, you will write comprehensive reports outlining your findings, conclusions, and recommendations for action. These reports are typically used for legal or management purposes.
  • Legal Compliance: Ensuring that your investigations and reporting adhere to relevant laws and regulations is crucial. You may need to work closely with legal counsel and law enforcement agencies.
  • Prevention and Education: In addition to investigating fraud, part of your role may involve developing and implementing fraud prevention strategies and providing education and training to staff on fraud awareness and prevention.
  • Testifying: Depending on the nature of the case, you may be required to testify in court as an expert witness, presenting your findings and analysis to support legal proceedings.

Skills:

You’ll need:

  • knowledge of economics and accounting
  • legal knowledge of tax regulations
  • maths knowledge
  • to be able to carry out basic tasks on a computer or hand-held device

As well as:

  • patience and the ability to remain calm in stressful situations
  • the ability to work on your own (ambition/drive)
  • to be thorough and pay attention to detail (organisational skills)
  • analytical thinking skills
  • customer service skills
Illustration of employee looking at workspace

Entry Requirements:

To become a fraud examiner, you will typically need a strong foundation in accounting, finance, and investigative skills. While there are no specific subjects that are mandatory for this career, certain subjects can provide a foundation for skills and knowledge that will be helpful in your future studies and career as a fraud examiner. Here are some subjects that can be beneficial:

  1. Mathematics: Strong mathematical skills are essential for understanding financial transactions, analyzing data, and conducting financial investigations.
  2. Business Studies: This subject can provide you with a basic understanding of business principles, financial management, and corporate operations.
  3. Economics: Economics can help you understand economic concepts, market dynamics, and financial systems, which are relevant to fraud examination.
  4. Accounting: If your school offers accounting courses, they can be particularly valuable as they provide an in-depth understanding of financial statements, auditing principles, and accounting practices.
  5. Computer Science or Information Technology (IT): Proficiency in IT and digital skills is important as fraud examiners often work with computer-based financial systems and data analysis tools.
  6. Law: Courses in law or legal studies can be beneficial for understanding the legal aspects of fraud, fraud investigation procedures, and the criminal justice system.
  7. Statistics: Statistics courses can help you analyze data and identify patterns that may be indicative of fraudulent activity.
  8. Ethics: Developing a strong sense of ethics is crucial for a career in fraud examination, as you will need to maintain high ethical standards while conducting investigations.
  9. Critical Thinking and Problem Solving: Courses that enhance your critical thinking and problem-solving abilities can be beneficial in identifying and solving complex fraud cases.

Post School

Here are the typical post-school qualifications and steps to pursue this career path:

Bachelor’s Degree

Start by earning a bachelor’s degree in a relevant field. While there is no specific undergraduate degree required, many fraud examiners have backgrounds in areas such as:

  • Accounting: A degree in accounting can provide a strong foundation for fraud examination, as it covers financial reporting, auditing, and financial analysis.
  • Finance: A finance degree can also be relevant, as it covers financial management and investment principles.
  • Criminal Justice: Some fraud examiners come from a criminal justice background, which can be beneficial when dealing with legal aspects of fraud cases.
  • Business Administration: A general business degree can provide a broad understanding of business operations, which can be useful in investigating fraud across various industries.

Certifications

  • Certified Fraud Examiner (CFE): The CFE credential is one of the most recognized certifications for fraud examiners. To obtain this certification, you typically need to meet specific education and experience requirements and pass the CFE examination.
  • Certified Public Accountant (CPA): Some fraud examiners also hold the CPA designation, especially if their work involves financial fraud. Becoming a CPA may require additional coursework and passing the CPA exam.

Experience

Gain practical experience in the field. Many employers require a certain number of years of experience in auditing, accounting, investigations, or related roles. Entry-level positions, such as internal auditor or investigator, can be a good starting point.

Continuing Education

Stay updated on the latest fraud detection and prevention techniques, as well as relevant legal and regulatory changes. Continuing education is essential in this field to maintain your professional certifications and stay competitive.

Networking

Build a professional network in the fraud examination and forensic accounting community. Networking can provide job opportunities, mentorship, and access to resources and knowledge.

Ethical Standards

Maintain high ethical standards and integrity in your work, as fraud examination often involves sensitive and confidential information.

Legal Knowledge

Familiarize yourself with the legal aspects of fraud investigation and the applicable laws and regulations in your jurisdiction.

Working Hours and Environment:

Typically you will work 38 to 40 hours a week.

You could work at a client’s business or in an office.

Career Path & Progression:

With experience, you could move through your company’s promotion structure to more senior or specialist posts.

You could go into the private sector as a tax adviser, or become a self-employed tax consultant.

Related Careers.

Tax Inspector Tax Adviser Financial Examiner Auditor Data Analyst Risk Management Specialist Compliance Officer