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How to Become a Credit Card Fraud Analyst

Career News June 6, 2014

Do you enjoy mysteries? Well, how about becoming an investigator of credit card fraud, work that rewards your detective skills?

A credit card fraud analyst is a reviewer and an expert in handling cases of fraud, exclusively involving credit cards. This is a common problem today, given the ubiquity of credit cards and how most people avoid cash, using only credit and debit accounts. There are fraudsters all over the world, as far off as Nigeria and the Congo, conducting scams on American credit cardholders.

There are many individual ways to steal credit card funds or cardholder identity information. Some of these scams involve installing secret swiping devices at gas stations, or stealing account holder information and charging the account out of state, or even managing store fraud from Internet sites or regular brick and mortar stores.

Security Role

Credit card fraud analysts need to be detectives and figure out the truth of what is happening with reported cases of fraud. Remember that in addition to fraud operations, there are also dishonest credit cardholders that try to acquire extra purchases by disputing charges they actually made. There are also cardholders who are absent-minded and who may not remember making charges on their account. Another common scenario is when a spouse charges a card without the other partner knowing about it.

Your job is to contact merchants and cardholders and to interview them. You’re not only taking down information and closing cases; you’re finding loopholes, little details, and other discrepancies and following up on them until you can make a decision.

You are protecting both cardholders and the merchants who ordinarily lose money if banks award disputed funds to cardholders. You review suspicious activities, as well as recommend new security controls when it is required. You keep up to date records of all transactions so you can refer back to cases with a sound mind.

Educational Pursuits

Educational prerequisites for this position typically include a bachelor’s degree in a related field, such as finance or even fraud investigation. Taking jobs in this field is also a smart move in addition to education, such as working in the security division in a bank, insurance company, or financial service. Becoming a member of the Association of Certified Fraud Examiners, as well as seeking certification for the Fraud Analyst position, is also recommended.

In addition to schooling and experience, you possess the skills and expertise that allow you to detect cases of fraud accurately and quickly. This means being knowledgeable of the credit card business and knowing how to work with database software. You are also familiar with the rules and regulations of the business from past experiences. This job favors men and women who have analytical skills, problem-solving abilities, and a professional and friendly countenance that helps when communicating with other people.

This is a growing field, and you stand to make between $50,000 and $80,000 per year. Set your goals now, and you will finish your education in no time.

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Quick Fact
In 2018, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma.*
*Bureau of Labor Statistics

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