How to Become a Credit Card Fraud Investigator
Step 1: Understand the job description and responsibilities of a Credit Card Fraud Investigator
What does a Credit Card Fraud Investigator do?
A Credit Card Fraud Investigator investigates suspected fraudulent use of credit cards issued by the organization. Interviews individuals involved and coordinates investigations with law enforcement personnel. Being a Credit Card Fraud Investigator analyzes loss trends and makes recommendations to prevent further loss. Requires a bachelor's degree. Additionally, Credit Card Fraud Investigator typically reports to a supervisor or manager. The Credit Card Fraud Investigator contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature. To be a Credit Card Fraud Investigator typically requires 4 to 7 years of related experience.
Credit card fraud is a rising business all on its own, despite the fact that it’s illegal and unethical.
Many people will take advantage of confusing procedures and emerging cyber technology to steal funds from other people’s credit cards.
Scammers have come up with a new and clever way to access your credit card.
Scammers have realized, impersonating the fraud investigators is a clever way to get you to divulge your information without you realizing you’re handing it over to the criminals themselves.
Credit card and online payment hackers build a profile of habits, opinions and schedules using social media posts and then identify what vulnerabilities and emotions, such as fear or excitement, might spark an action that could yield compromising information, says one investigator.
Step 2: Learn best tips to become a Credit Card Fraud Investigator
Best tips for those who want to become a Credit Card Fraud Investigator
Here are some tips to become a Credit Card Fraud Investigator.
Step 3: View best colleges and universities for Credit Card Fraud Investigator
Best colleges and universities for Credit Card Fraud Investigator
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Credit Card Fraud Investigator
Is being a Credit Card Fraud Investigator Worth it?
Instead of reading card data off the card’s magnetic strip, every time a customer inserts their chip card into an EMV-equipped POS card reader, the chip generates a new, unique transaction code.
On that date, the liability for card-present counterfeit card losses shifted from issuer to merchant, unless the merchant implemented EMV.
While in-store card fraud may fall significantly, many expected e-commerce credit card fraud to jump in response, as it did in the UK.
“Compared to the professional shoplifter teams of years past who come to stores and shoplift in groups or do basic grab-and-runs, the types of ORC actors you see today are very sophisticated,” said John Matas, vice president of asset protection and investigations, fraud, and ORC at Macy’s.
Legitimate websites intended to store gift cards on your phone have been used by criminals to launder stolen cards.
Step 5: Prepare relevant skills for being a Credit Card Fraud Investigator
What skills do you need to be a Credit Card Fraud Investigator?
There are skills required to succeed in every role, and this one is no different. Strategic knowledge of the follow skills will be required: Fraud Investigation, Law Enforcement Liaison, Interviewing Witnesses, Fraud Analytics. Your ability to stand out from the competition depends on these skills, as well as your resume, interview, and other factors.
Credit card frauds form a part of cyber security investigations and thus the credit card fraud investigator must possess sharp technical skills for handling software, ethical hacking ways, accessing databases etc.
Comprehensive knowledge of the types of credit card frauds.
Knowledge of the different categories of credit cards issued by banks.
One has to be able to analyze fraud cases and their card holder information.
Experience in Fraud Prevention in a Card Not Present environment preferred.
Step 6: View average salary for Credit Card Fraud Investigator
How much does a Credit Card Fraud Investigator make?
The average salary range for a Credit Card Fraud Investigator is from $49,737 to $68,371. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Credit Card Fraud Investigator jobs
- Credit Card Fraud Investigator, Sr.
- Credit Card Fraud Analyst
- Credit Card Fraud Monitoring Specialist
- Credit Card Fraud Investigation Coordinator
- Credit Card Fraud Research and Investigation Analyst
- Credit Card Fraud Investigation Senior Coordinator
- Senior Credit Card Fraud Research and Investigation Analyst
Step 7: Find relevant Credit Card Fraud Investigator jobs, and apply.
Looking for Credit Card Fraud Investigator jobs?
Here are some Credit Card Fraud Investigator jobs in the United States.