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How to Become a Credit Card Fraud Investigator

Career News May 29, 2014

Credit card fraud is a rising business all on its own, despite the fact that it’s illegal and unethical.

Yes, it’s much easier to take the low road in life and profit from the trust and betrayal of others. Many people will take advantage of confusing procedures and emerging cyber technology to steal funds from other people’s credit cards. Remember that this behavior only serves to punish innocent cardholders and merchants, usually not the bank or lending company itself.

When you take a job as a credit card fraud investigator, you are actually taking a job that involves helping people. That is, helping people to recover damages, or helping stores and merchants to maintain their cash flow.

Role of Credit Card Fraud Investigators

The credit card fraud industry is growing like a plague, raking in over 100 million dollars a year. During the year of 2013, according to CNN Money, the company Target announced that a breach of credit and debit card data might affect as many as 40 million shoppers who shopped after Thanksgiving. Presumably, this is in addition to the estimated 100 million cases of Nigerian credit card fraud that prompts the Secret Service to make it a priority, second only to guarding the President of the United States.

Credit card fraud investigators will be taking on the role of detective and determining the truth of all claims. You are going to be objectively analyzing the evidence and determining what most likely happened in each case, whether it was international fraud, local fraud, mistakenly reported as fraud, or even deceit on the part of the consumer.

You have the responsibility of contacting cardholders, merchants, and any other sources of information to determine what might have happened. Discovering the irregularities is the best way to determine what happened, since there are usually always little clues left behind in records or interviews with the various parties. Keeping accurate records is part of the work, as is using your problem solving abilities.

Educational Requirements

Most firms hire applicants that pursue a degree of some sort, typically a bachelor’s degree, as this is not a teaching position or managerial position that might require a higher level of degree. If you have no degree, two years or more of job-related experience might help. For example, working in a bank or lending company, particularly in the security department, would be a good start.

If you plan to go to college, try taking a related course such as finance, fraud investigations, or other areas of niche expertise. Once you land an entry-level job, your goal is to seek certification as a fraud investigator. You may also seek certification as a fraud examiner, which will look attractive on a resume.

Skills important to employers include the ability to communicate effectively with others and to have a keen attention to details, which will eventually help you solve the case. This is a work path for you that has the potential to bring in well over $50,000 per year, and for little time investment. Why not plan to go to school so you can find a steady and enjoyable full-time position?

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