Become aFraud analyst

Becoming a Fraud analyst could be ideal for anyone wanting to make a positive impact. You could be fighting financial crime, using your skills to uncover fraud and protect people’s hard-earned money. This career offers a unique blend of excitement and purpose, giving you the chance to be a real-life hero in the financial world.

• Solve real crime with emerging technology.
• Protect businesses from financial crime.
• Use investigative skills to track criminal activity.
• Join the fight against global cyber fraud.

A Fraud analyst investigates and prevents fraudulent activities. Your job will include:

• Detecting Fraud
  • Monitoring transactions to identify suspicious activity.
• Investigating
  • Analysing data to uncover patterns and investigate potential fraud.
• Reporting
  • Preparing detailed reports of your findings for management or law enforcement.
• Collaboration
  • Working with other departments and agencies to prevent and address fraud.
• Education
  • Training employees and customers on how to recognise and avoid fraud.

As a Fraud analyst, you can work in a variety of industries. Here’s a look at some exciting fields where your skills can be used:

• Banking and Finance
  • Detecting and preventing fraud in financial transactions.
• Insurance
  • Investigating fraudulent claims and protecting insurance companies.
• Retail
  • Monitoring for fraudulent transactions and theft.
• Telecommunications
  • Identifying and preventing fraud in phone and internet services.
• Government
  • Working with agencies to protect public funds and services.
• Cybersecurity
  • Safeguarding data and systems from fraud and cyber-attacks.

To become a successful Fraud analyst, think about whether this mix of analytical and technical abilities might sound like you:

• Attention to Detail
  • Spotting small discrepancies in data.
• Analytical Thinking
  • Interpreting complex information and identifying patterns.
• Problem Solving
  • Developing solutions to prevent and address fraud.
• Communication
  • Explaining findings clearly to different audiences.
• Technical Savvy
  • Using software and tools to analyse data.

Certain school subjects will help you prepare for a career as a Fraud analyst:

• Mathematics
  • Developing strong analytical and problem-solving skills.
• Information Technology
  • Understanding how to use tech tools for data analysis.
• Business Studies
  • Learning about financial transactions and business operations.
• Economics
  • Gaining insights into market behaviours and financial systems.
• Criminology
  • Studying the nature of crime and methods of investigation.

As a Fraud analyst, you’ll get to do some fascinating things! You might use cool software to detect suspicious transactions or collaborate with international law enforcement to crack a big case. You’ll also have the chance to work on high-profile investigations, uncovering fraud schemes and bringing criminals to justice. Plus, you’ll be a key player in protecting people and businesses from financial loss, making your work both exciting and impactful.

• Track Down Cyber Criminals
  • Use new software to trace suspicious activities and identify hackers trying to steal money or sensitive information.
• Analyse Real-Time Financial Data
  • Work with huge amounts of data to spot unusual transactions that could indicate fraud, stopping criminals before they strike.
• Work on High-Stakes Investigations
  • Be part of a team that uncovers fraud in major companies or government institutions, playing a crucial role in stopping multi-million-dollar scams.
• Conduct Digital Forensics
  • Investigate devices like computers and smartphones to uncover hidden evidence, piecing together how a crime was committed.
• Collaborate With Law Enforcement
  • Help police and federal agencies by sharing your findings, ensuring criminals are brought to justice with solid evidence.
• Develop Fraud Prevention Systems
  • Use your skills to create systems that protect people and businesses from being scammed, designing the future of fraud detection.

While Fraud analysts often work behind the scenes, some have gained recognition for their contributions:

Helen Mills

Helen has worked as a senior Fraud and Risk Analyst with National Australia Bank (NAB), specialising in transaction monitoring and financial crime prevention. She’s led teams in detecting and preventing multi-million-dollar fraud cases.

Jessica Lang

A Certified Fraud Examiner, Jessica is a fraud risk manager at PwC Australia, where she works with businesses to assess and improve their internal controls, reducing their risk of financial fraud.

Rebecca O’Connor

Rebecca has extensive experience in digital forensics and fraud investigation, working with Australian Cyber Security Centre (ACSC) to investigate online fraud and scams affecting both individuals and businesses.

Alice Thompson

A leading forensic accountant, Alice has advised on some of the largest corporate fraud investigations in Australia, particularly in the financial services sector, through her role with Deloitte Australia.

Certain personality traits can help you understand if a career as a Fraud analyst could suit you:

• Curious
  • Always eager to dig deeper and uncover the truth.
• Determined
  • Persistent in investigating and solving complex fraud cases.
• Observant
  • Keenly aware of details that others might overlook.
• Ethical
  • Committed to doing the right thing and maintaining integrity.
• Logical
  • Able to think critically and make reasoned decisions.

• Bachelor of Science in Criminology
  • A degree focusing on criminal behaviour, legal systems, and how to combat crime. Curtin University in Western Australia offers such a program, which includes modules on fraud and financial crime.
• Bachelor of Science in Business (Major in Finance)
  • This pathway helps students understand how finance works within businesses and the economy, with courses on risk management and fraud detection techniques.
• Bachelor of Science in Information Technology
  • Focusing on IT and cybersecurity, this degree equips students with technical skills to detect and combat digital fraud. Edith Cowan University in WA offers a programme specialising in cybersecurity.
• Bachelor of Science in Cybersecurity
  • Directly relevant to fraud detection, this degree helps students learn how to protect data and financial information from hackers and fraudsters.
• Bachelor of Science in Forensic Accounting
  • This option focuses on accounting skills combined with investigative techniques. It allows students to detect and prevent fraud by analysing financial records and transactions.

Combining degrees or engaging in interdisciplinary studies can provide you with a well-rounded education that prepares you for a career as a Fraud analyst. For example, pairing a Bachelor of Criminology with a Bachelor of Information Technology gives you both the investigative skills and the technical knowledge needed to tackle complex fraud cases. This combination makes you highly valuable to employers.

Interdisciplinary studies allow you to merge different fields of interest. You might combine Business Studies with Cybersecurity to understand how financial systems work and how to protect them from fraud.

Alternatively, blending Forensic Accounting with Information Technology can help you become an expert in both analysing financial data and understanding the digital tools used in fraud detection.

Another approach is to combine your degree with other types of learning, such as online courses or certifications. Platforms like Coursera and edX offer courses in Data Analysis, Digital Forensics, and Fraud Prevention. These additional credentials can make your resume stand out and give you practical skills that are immediately applicable in the workplace.

During your studies to become a Fraud analyst, you’ll learn a variety of skills and knowledge areas that are essential for the job. You’ll take courses in forensic accounting, learning how to analyse financial records for signs of fraud. You’ll study different types of fraud, from insurance fraud to cyber fraud, and understand the methods used to detect and prevent them.

You’ll also dive into data analysis, gaining the ability to interpret complex data sets and identify patterns that could indicate fraudulent activity. Additionally, you’ll develop strong research skills, enabling you to investigate suspicious transactions thoroughly and accurately.

On top of these core skills, you’ll have the chance to take elective courses that align with your interests. This could include classes in cybersecurity, business law, or advanced statistics, all of which can enhance your ability to detect and prevent fraud.

If you are thinking about work experience as a Fraud analyst – this might include work experience at banks, insurance companies, or the police or government agencies where you can learn the ropes from experienced professionals.

You could also seek opportunities at accounting firms or within corporate compliance departments to understand the internal processes of fraud prevention.

Freelance work and volunteering can also provide valuable experience. You might assist in community programs that educate the public about fraud prevention or help small businesses set up anti-fraud measures. Networking with professionals in the field and attending relevant workshops or conferences can further expand your knowledge and opportunities.

Not all paths to becoming a Fraud analyst require a full university degree. Here are alternative pathways:

Certificate IV in Accounting and Bookkeeping

Offered by TAFE WA, this course provides foundational accounting skills, which are crucial for understanding financial fraud.

Diploma of Cybersecurity

Available through various TAFE institutions, this course focuses on technical skills for fraud detection in the digital world.

Industry Certifications

Certifications such as Certified Fraud Examiner (CFE) or Certified Forensic Accountant (CrFA) can help develop specialised skills without a full degree.

Western Australia

In Western Australia, there are numerous opportunities for aspiring Fraud analysts. Perth, in particular, is home to several financial institutions, insurance companies, and government agencies where you can find internships and job openings. The state’s growing tech sector offers plenty of stories to cover, from financial crime investigations to cybersecurity initiatives.

Australia

Across Australia, Fraud analysts are in demand. Major cities like Sydney and Melbourne have a vibrant financial and business landscape. You can work for national banks, major insurance firms, corporate compliance departments, or government agencies like the Australian Securities and Investments Commission (ASIC). Australia also hosts numerous fraud prevention conferences and workshops, providing ample opportunities for professional development.