Fraud Investigator Career Overview
Fraud investigators review insurance claims in which fraudulent or criminal activity is suspected, such as arson, falsified workers' disability claims, staged accidents, or unnecessary medical treatments. The types of fraud cases can range from overstating medical injuries in a collision to more complicated operations that involve physicians, lawyers, and even insurance company staff. Fraud investigators investigate background information, obtain recorded statements, collect photographic evidence, perform surveillance work, and inspect facilities for proper license. Investigators also may consult with legal counsel and testify as expert witnesses. Fraud investigators often work irregular hours to conduct surveillance and meet with witnesses or claimants who are not available during regular working hours.
Fraud Investigator Education
For fraud investigator jobs, many insurance companies give preference to applicants with law enforcement training or experience as a private investigator, claims adjuster, or examiner because of interviewing and interrogation experience. While a high school diploma is usually the minimum education requirement, most companies prefer to hire college graduates or those with some post-secondary education.
Fraud Investigator Employment
According to the U.S. Bureau of Labor Statistics, adjusters, examiners, and investigators hold about 305,000 jobs in the the country. Most fraud investigators worked for insurance carriers, agencies, brokerages, and related industries. Relatively few were self-employed.
Fraud Investigator Job Description
Employment of claims adjusters, appraisers, examiners, and investigators is expected to grow by 9 percent over the 2006 to 2016 decade, however, employment of fraud investigators is not expected to grow significantly. Despite the predicted increase in fraud cases, technology, such as online background checks, allows investigators to handle more cases at a time.
Fraud Investigator Salary Range
*The income range for fraud investigators is $35,000 to $85,000 per year.
*Bureau of Labor Statistics