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How much do fraud analyst specialist jobs pay per hour?

As of Sep 12, 2026, the average hourly pay for fraud analyst specialist in the United States is $30.68, according to ZipRecruiter salary data. Most workers in this role earn between $21.15 and $33.89 per hour, depending on experience, location, and employer.

What does a fraud analyst specialist do?

A Fraud Analyst Specialist is responsible for detecting, investigating, and preventing fraudulent activities within an organization, especially in financial transactions. They analyze data, monitor suspicious behavior, and use specialized tools to identify potential fraud. They also collaborate with law enforcement and other departments to resolve cases, and they help develop systems and policies to reduce future risks. Their work is crucial in safeguarding company assets and maintaining customer trust.

What are the key skills and qualifications needed to thrive as a fraud analyst specialist, and why are they important?

To thrive as a Fraud Analyst Specialist, you need strong analytical skills, attention to detail, and a background in finance, accounting, or a related field, often supported by a relevant bachelor's degree. Familiarity with fraud detection software, data analysis tools like SQL or Excel, and certifications such as CFE (Certified Fraud Examiner) are commonly required. Excellent problem-solving, critical thinking, and communication skills help specialists investigate suspicious activity and collaborate across teams. These abilities are crucial for identifying, preventing, and mitigating fraudulent activities that can significantly impact an organization’s financial health and reputation.

How does a fraud analyst specialist collaborate with other departments to prevent and manage fraudulent activities?

Fraud Analyst Specialists regularly work with teams such as risk management, customer service, IT, and compliance to identify, investigate, and mitigate fraudulent activities. They share insights from data analysis to help refine fraud detection systems and may consult with legal or compliance teams when potential violations are identified. Open communication and collaboration are key, as fraud prevention often requires coordinated responses and ongoing process improvement across multiple departments.

What is the difference between Fraud Analyst Specialist vs Fraud Investigator?

AspectFraud Analyst SpecialistFraud Investigator
CredentialsTypically requires a bachelor’s degree in finance, criminal justice, or related field; certifications like CFE or ACFE are commonSimilar credentials; often holds certifications such as CFE or ACFE
Work EnvironmentAnalyzes data, monitors transactions, and develops fraud detection strategies, often in an office settingConducts interviews, investigates fraud cases, and gathers evidence, often in the field or office
Employer & IndustryUsed by banks, financial institutions, and e-commerce companiesEmployed by law enforcement, financial institutions, and corporate security teams

Both roles focus on fraud prevention and detection, requiring similar credentials and working in related environments. The Fraud Analyst Specialist primarily analyzes data and monitors transactions, while the Fraud Investigator conducts in-depth investigations and gathers evidence. They often collaborate but serve different stages of fraud management.

How much does a fraud analyst specialist get paid?

A fraud analyst specialist typically earns between $45,000 and $75,000 annually, depending on experience, location, and industry. Entry-level positions may start lower, while experienced analysts with certifications can earn higher salaries, often with opportunities for bonuses and overtime pay.

What qualifications do you need to be a Fraud Analyst Specialist?

A Fraud Analyst Specialist typically needs a bachelor's degree in finance, accounting, or a related field. Relevant skills include attention to detail, analytical thinking, and experience with fraud detection tools or software. Certifications such as Certified Fraud Examiner (CFE) can enhance qualifications.

What cities are hiring for Fraud Analyst Specialist jobs?

Cities with the most Fraud Analyst Specialist job openings:

What are popular job titles related to Fraud Analyst Specialist jobs?

For Fraud Analyst Specialist jobs, the most frequently searched job titles are:

Fraud Strategy & Tools Analyst

Indianapolis, IN • Hybrid

First Merchants Bank
Finance and Insurance • 1 - 5K employees
Learn more about First Merchants Bankexternal

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 29 days ago

First Merchants Bank rating

7.8

Company rating: 7.8 out of 10

Based on 22 frontline employees who took The Breakroom Quiz

Job description

First Merchants Bank is seeking a Fraud Strategy & Tools Specialist to join our team! As part of the External Fraud Working Group’s strategic initiative, this role is designed to centralize and enhance the bank’s use of fraud prevention and detection tools and technologies. The Fraud Strategy & Tools Specialist will be responsible for fully understanding, optimizing, and aligning fraud tools with business goals, while proactively identifying trends and recommending improvements. This role will serve as a key liaison between fraud operations, line of business (LOB) teams, and external vendors. This role is approved for a hybrid work schedule within our operational footprint.

Essential Duties and Responsibilities: 

  • Tool Optimization & Oversight 
    • Attend vendor and user group meetings to stay current on tool capabilities and updates. 
    • Monitor system changes and assess their impact—both positive and negative—on fraud detection and prevention.
    • Fully understand the capabilities of existing fraud tools and identify opportunities for enhancement.
  • Strategic Coordination & Documentation 
    • Understand fraud practices and control effectiveness. 
    • Coordinate with LOBs to support decision-making related to fraud tools and strategies. 
    • Document current state, key decisions, and maintain up-to-date records of tool configurations and usage.
    • Research and recommend leading practices in fraud prevention and technology utilization.
  • Fraud Intelligence & Triage
    • Identify and analyze fraud trends across channels and products. 
    • Participate in the fraud triage team to support rapid response and resolution.
    • Provide recommendations for ongoing tuning and configuration of fraud detection systems.
  • Proactive Engagement & Business Alignment
    • Bring forward ideas and recommendations to improve fraud prevention strategies. 
    • Align fraud tool usage with broader business goals and risk appetite. 
    • Serve as a proactive partner to internal stakeholders and external vendors.

To be successful in this position, we require the following: 

  • Bachelor’s degree in business, finance, information systems, or related field. 
  • A minimum of three (3) years of experience in fraud prevention, risk management, or financial technology.
  • Fraud Analytics Experience with one or more fraud detection tools or platforms such as NICE/Actimize, Q2 Sentinel, FICO, Abrigo BAM+, Vertifi, TrueChecks, Alloy, etc.

The following would be a plus: 

  • Strong analytical and problem-solving skills.
  • Excellent communication and collaboration abilities.
  • Experience working with cross-functional teams.
  • Knowledge of fraud typologies and emerging threats.
  • • Ability to translate technical capabilities into business value. 
  • Detail-oriented with strong documentation and organizational skills.

First Merchants offers the following:

  • Base Pay PLUS Bonuses
  • Medical, Dental and Vision Insurance
  • 401k
  • Health Savings and Flexible Spending Accounts
  • Vacation/Sick Time
  • Paid Holidays
  • Paid Parental Leave
  • Tuition Reimbursement
  • Additional Benefits

A little about us:

First Merchants is guided by a genuine philosophy of being a meaningful place to work and having a prosperous impact across all walks of life throughout the communities we serve, including consumers, businesses and other organizations. Our Vision, Mission and Team statement reflect and reinforce that authentic service philosophy.

Our Vision is:

To enhance the financial wellness of the diverse communities we serve.

Our Mission is:

To be the most responsive, knowledgeable, and high-performing financial organization for our clients, teammates, and shareholders.

Our Team:

"We are a collection of dynamic colleagues with diverse experiences and perspectives who share a passion for positively impacting lives. We are genuinely committed to attracting and engaging teammates of diverse backgrounds. We believe in the power of inclusion and belonging."

Apply today to begin your career with us!

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