Job description for a fraud analyst

Updated April 17, 2017

Fraud analysts research electronic account information and identify possible cases of fraud. They assist companies with improving their capabilities and resources for the alleviation and prevention of fraud. Fraud analysts research information security and fraud prevention techniques and recommend approaches for improving an organisation’s security posture. They participate in organizational policy setting to reduce the risk of loss from fraud, abuse and compliance violations.

Job Responsibilities and Primary Duties

Fraud analysts proactively monitor and review electronic account and transaction data for suspicious activity and possible fraud. They review, investigate and resolve irregular transactions reported by end-users. Fraud analysts also identify business areas requiring increased security controls to protect an organisation and its end-users from future incidents of fraud. They keep detailed records of suspicious activity, analyse trends, communicate security threats to management and provide recommendations for loss mitigation as needed.

Job Skills

The competencies required for success in the fraud analyst role include expert knowledge of the Payment Card Industry (PCI) Data Security Standard (DSS) regulations and the various methods and industry best practices for in-depth systems analysis, security event monitoring and intrusion detection and prevention. Qualified candidates have experience in organizational policy and procedure setting and are technologically proficient in communication protocols and network security controls.

Job Qualifications

Employers generally look for candidates with a university degree in finance, criminal justice or management information systems and a minimum of two years of work experience dealing with information security controls, electronic payment fraud or risk operations. Beyond these qualifications, employers also look for detail-oriented individuals with demonstrated analytical and problem solving skills and the ability to recognise non-obvious systems activity patterns. Qualified candidates familiar with credit card industry regulations are highly preferred.

Professional Growth

Fraud analysts usually gain experience and expertise through training and on-the-job experience following established procedures and guidelines. Some fraud analysts are able to progress to senior-level or supervisory positions after gaining the necessary experience. Other fraud analysts with work experience and subject-matter expertise in a particular area may find employment opportunities as independent consultants. Exemplary job performance combined with professional certifications and specialised training may accelerate career growth.


PayScale indicates security and privacy analysts working in the United States average a base salary range of £34,081 to £50,466, with a bonus potential range of £1,277 to £5,351. The estimated total compensation for fraud analysts working in the United States, inclusive of salary and bonus, ranges from £34,079 to £52,396, as of June 2010.

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About the Author

Alyssa Guzman has written online content for eHow and Answerbag since 2010. She is a "journalist of all trades" and writes on many subjects including travel and leisure, animal health, informaton technology, business etiquette and exotic flowering plants. Guzman was a communications studies major at the Florida State University.