How Do You Become a Fraud Investigator?

Fraud investigating has become a hot career in recent decades, and if you’re thinking of becoming a fraud investigator but aren’t sure where to start, you’re in luck. We’ve done our research and found not only what it takes to become a fraud investigator, but also what it means to be one.

What is a Fraud Investigator?

A fraud investigator is a person who determines whether fraud has been committed or not. It is their responsibility to prove whether fraud has taken place and gather the evidence to prove it. Fraud is essentially the misrepresentation by a certain person or company with the intent to deceive others. It can be extremely costly and/or dangerous, so fraud investigators are very important.

These types of investigators can work in many different types of environments in the private and public sectors. They can work for healthcare companies, insurance companies, real estate agencies, law firms, investigative firms, and state/local governments. They can help prove fraud in a criminal case, help save insurance companies money, and/or protect a company’s investment.

Duties of a fraud investigator can vary greatly, making the job ideal for people interested in the exciting. They can investigate medical claims/procedures, arson, falsified claims, identity theft, forgery/check fraud, and staged accidents. Information is gathered about the case by the investigator, and they help decide whether fraud has been committed or not. The results of the investigation are the sole responsibility of the fraud investigator.

How Do You Become a Fraud Investigator?

According to the Bureau of Labor Statistics, investigators must at least have a high school diploma in order to gain an entry-level fraud investigating job. The types of investigating jobs that can be found with this level of education include auto/medical insurance claims.

In order to move up on the ladder or get involved in more in-depth investigations, you will more than likely be required to at least have a bachelor’s degree. In lieu of the degree, some companies will accept insurance-related work experience as part of your qualifications.

If you’re going to go the college route, there are many different ways you can go about it and still become a fraud investigator. Some investigators start out working in repair shops or receiving vocational training; then they move on to working for insurance companies investigating claims. Schooling in business, accounting, and finance can all help you become familiar with investigating and the ins and outs of the business.

Some states require investigators to carry licenses, while others do not. Some states only require licensing on certain types of investigators and adjusters, so it’s important to do research on your state before taking the career plunge. Many companies offer on-the-job training and assign larger, more complex claims as you gain more investigating experience.

Fraud investigators must be quick-thinking and analytical. They must be able to use various means to find answers and be calm, cool, and collected.

Related Resource: What is a Forensic Anthropologist?

Investigating fraud can be a very complex, but rewarding job. Fraud is unfortunately a popular crime in many different industries, and it’s up to fraud investigators to be the first ones on the line of defense in stopping them. If you’re thinking of becoming a fraud investigator, you’ll help companies and organizations stop fraud in its tracks.