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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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  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Topped the list as Best Online Bachelor’s Program in Virginia by U.S. News & World Report in 2019.
  • Regent is ranked among Top National Universities by U.S. News & World Report, 2019.
  • Flexible online, on-campus and evening courses offered in 135 areas of study, including Business, Nursing, Psychology, & more.
  • Regent is recognized among Top #10 Military Friendly Schools by Military Friendly®, 2019.
  • 88% of Regent University students receive financial aid, with $24 million awarded in institutional scholarships & aid in 2017-18.
  • Online Courses
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Separate yourself from the pack by completing one of Saint Leo’s highly-rated Business degree programs. Associates, Bachelors, and Graduate degrees in highly sought-after concentrations available!
  • Learn the necessary skills and build the foundation to propel your business career by receiving an education from our faculty members with true real-world experience.
  • Saint Leo University provides academic excellence, flexibility, affordability, and a wide range of educational programs with financial aid and scholarships available to those who qualify.
  • Saint Leo offers a 14:1 Student-Teacher Ratio to ensure you get the personal attention you deserve.
  • Learn on your schedule with our 6 convenient available start dates throughout the year. Get started on earning your accredited Business degree today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

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