Day in the Life of a Fraud Investigator and Analyst
Vložit
- čas přidán 6. 10. 2023
- Fraud Expert Austin Lee details what a day in the life of a fraud investigator and analyst looks like.
He talks about how the process of acquiring and completing investigation cases works, what he likes most about investigating fraud, and tips for anyone looking to become a fraud prevention analyst or investigator.
Austin Lee has been a AML and cyber fraud prevention expert for over +8 years and has worked at multiple top banks including Bank of America and Citibank.
His mission is to provide cutting edge solutions and simple strategies to prevent fraud.
Subscribe for weekly uploads and insights!
#dayinthelife #dayinmylife #cybersecurity #datascience - Věda a technologie
![[2024] Pass The JP Morgan Interview | J.P. Morgan Hirevue Interview Questions and Answers](/img/n.gif)
Thank you for watching! Be sure to subscribe to not miss out on new FraudFi videos!
This is a wonderful video explaining Fraud! My first role as a Fraud Investigator was a contract role and I absolutely LOVED it! I’m in a different role currently but I can’t wait to get back into the field. It really does change every day I would get different types of cases and that kept brain engaged. I love this field and Il be looking to get back into it in a year. This video really breaks down entry Fraud investigations , my first case took me a week I believe 😂
Thanks for the video Il be looking forward to more of these.
Hi! I am interested in becoming a Fraud Investigator. I did Security for a Fortune 500 company for five years and hoping to get into more "digital" security as a career, do you think that type of experience would help in getting hired as a fraud investigator? (A big part of the job was also using similar software and responding to queued alerts on our system). Also, with the ACFE don't you need a certain amount of credits to be able to be eligible for the CFE certification? I am currently doing Financial Crime Academy and have been finding it interesting.
Thank you Austin!
I am also a fraud investigator. I like that you mentioned how they are all different. In my field of fraud that is 100% true. Do you use any particular public searches/ sites for your evidence? Have you ever completed a successful card skimming investigation? If so where did you start?
They are all so different. That’s what makes it fun for me! One public platform you can use is Twilio for phone verification.
Card skimming is all about going backwards. Finding a common merchant, usually by particular MCC codes, will help you pinpoint which merchants you need to talk to
@@FraudFi1 w
Hello, just curious if you work for a company or do you have your own consulting business? I work for a large insurance carrier and am looking to possibly move out of my current position but stay with the company into a more investigative analytical fraud based position. I am in the legal department and love the investigative parts of my career. Thanks for the input.
This video perfect, thank you so much!
Of course! If there anything you would like to know about fraud, LMK! Recording some new videos soon :)
Cool video! I'm looking to transition from Cyber Risk Management into Fraud Management. What advice do you have for someone like me who has over a decade of tech experience looking to make this transition?
Thanks so much 🙏
I actually made a similar transition in my career. Having a cyber background really helped me navigate device and IP data. This covers the majority of third party fraud.
The one thing I would recommend is start looking into how data is reported through the credit bureau to help combat synthetic identity fraud (first party fraud).
If you’re able to determine first vs third party fraud in a case, you’ll be ahead of 80% of the people who work in fraud!
Really appreciate the video! For someone with little experience in the finance industry do you think getting CFE certified could help land an entry level job in fraud detection? It would be a complete career change for me and my resume is pretty unrelated it feels like.
Happy you enjoyed the video 😊
The CFE requires to 2 years of fraud work experience to take the certification. If you have a similar work experience, I would definitely try to sit for the exam.
Regardless, signing up for the membership brings some great perks like mentorship opportunities that can help you land a roll!
Hiiiii just wanted to ask,I’ve got an interview for digital fraud management does this work require IT skills since I have an IT background and really wanted to keep my career on IT so I really wanted to give it a try if this kind of job required IT skills
I'm moving from a managerial role to trying to get a job with AML with no experience but watching youtube vids and certification websites. Do you mentor?
Totally off subject, but you have the most beautiful eyes and smile ❤
Hi, hello, I'm Shirley. I'm a volunteer in the anti-fraud center today. Now I'll share some basic knowledge about investment fraud with you, so as to prevent you from being cheated because you don't understand.
Soon to be one by God's grace
Wishing you the best 🙏
They say there’s millions of debit/credit card fraud a year! Are there cases where you can’t find the culprit & do you investigate all the previous transactions as far back as a year or only something like the past 3 months?
It’s sometimes up to a billion 👀
There are definitely cases where we can’t find the culprit, but leave notes on suspicious accounts in case there is a repeat event.
3 months is typically the average range for a manual investigation, but there are tools that allow us to cross-examine transactions for up to 3 years!
I am currently an entry level fraud investigator for debit and credit card fraud. I am looking to grow in the field. I don’t hold a degree but some years of college and years of experience in disputes and fraud. Any recommendations on what I should do from here?
Your employed? Sounds like you just need more years of experience.
Nice video, do you recommend getting a Certified Anti-Money Laundering Specialist (CAMS) certificate from ACAMS?
Thanks so much! CAMS is an excellent certification. If you want to dive into AML, CAM is the way to go. If you are looking to get more into fraud, check out CFE!
Hello, I am a volunteer in the anti-fraud center. You can also ask me about money laundering.
Do you work as a contractor for various companies or do you work for a company that is hired to do the investigations?
I've seen this vary, but it is often a full-time role for generalists. Once you adapt to a niche, you may get hired as a subject matter expert for higher rates.
Do you have any fraud investigator study material that you are willing to give away? I simply do not have the funds to pay for a course at this time.
What is the dedicated turn around to becoming an Fraud Analyst? How long did it take you or would you expect the average person to take?
The answer is that it really depends! Background experience and education can really be a driver. For me, it took me about a year as a consultant and then transition to a fraud data analyst and investigator.
If you’re looking to get a role, background in operations, data analytics, or finance can be a huge advantage.
what should be the expected pay rate in this role?
Great question! Typically pay goes up based on how technical you are.
Without a technical background: $50k to $80k
Technical background: $75k to $125k
If you are looking to get into a role like this I would suggest learning SQL and python
thanks for reply this is really helpful@@FraudFi
@@user-lg5rw8sg8t - of course! Happy to help :)
Hello sir,
I am interested in CFE course because I have great interest in fraud investigation activities.
I just want to know is this job repetitive in nature
I would say as a fraud investigator it’s quite the opposite of repetitive. While you might do similar investigation tactics each fraud case is quite different!
I’m interested in getting into the fraud investigator field but have no experience, what should my first step be into an entry level role?
Are you also interested in being a volunteer?
Hello.i was just hacked for 5k on debit card.i have very routine spending habits on card for usually $100 @ week or so. There was 2 charges posted for $500 each. And then came back next day and did 22 consectutive pending charges for $220. My question is why did bank after at least 1 year of same small amount spending routine not red flag charges after obvious way way large and out of ordinary transactions? Im beside myself. Cancelled card,reported it to bank. What happens now?
I’m so sorry to hear that Javier. Having a credit card compromised is a very stressful event. Fortunately, banks are required to cover this type of loss.
Unfortunately, you may be waiting for some time for your new card and in general is very frustrating.
To answer your question, on the initial two posted charges, banks often don’t want to restrict your spending even on a big purchases. I’m assuming based on the velocity it was an online transaction. If the fraudster were to correctly fill out all the information, the bank would likely approved.
Now, my guess for the 22 consecutive pending charges is that the fraudster was attempting to guess your CVV code which is called a credit master attack. Credit master attacks often involve hundreds and possibly thousands of credit cards, so eventually the bank would have probably got it, but unfortunately these types of attacks are hard to stop
I just became a fraud investigator, what are some good interrogative tips?
Congrats! My number 1 tip would be to really understand your data before you start a case. Large scale fraud typically has something fishy going on with the address and device data
How did you enter this? I am considering doing this but don't know where to start. Did you take some courses or get a certificate?
@@naev.3344 so there are a few ways that can help you enter the fraud investigation space.
ACFE is a great place to start. They have several helpful resources such as mentoring, discussion forums, and events.
There is a CFE (Certified Fraud Examiner) certification. Yet this is more widely recognized for those in accounting.
@@naev.3344@naev.3344 One thing I would highly recommend is reaching out to fraud analysts or fraud investigators via LinkedIn.
People in fraud are almost ALWAYS happy to talk about what they do and some of the stories they have experienced in their role. They can also let you know if their institution has any openings. Most banks for these types of roles hire through referrals (how I was hired 😁)
Thanks for this information! I want to start a new career where I can investigate without exactly becoming a police officer/detective. This sounds interesting and hopefully can give me the stability I am looking for.@@FraudFi
Hi, I want to be a CFE but I don't have a bachelors degree in United States, but I have in Philippines but not related to Fraud. Does my degree from Philippines count the requirement here or I need to study again in USA? Thank you
Great questions. The most important factor in the CFE is having 2 years of fraud experience.
Then you receive points for each year of schooling and professional certifications and credentials.
If I were you and you had 2 years of fraud experience, I would apply!