Prepare for a Certified Fraud Examiner (CFE) career by studying subjects like accounting, criminology, law, loss prevention, and other cross-disciplinary topics. These subjects will help you develop the skills for a successful fraud investigation.
Learn how to identify and respond to vulnerable and intimidated witnesses. This course will give you the experience and knowledge to interview these witnesses effectively and gain valuable investigative evidence.
Basic Concepts
Fraud investigation training Noblesville, IN, is useful for law enforcement, auditors, insurance agents, and business managers. Those who work in these roles will often need to conduct fraud and financial crime investigations as part of their duties.
The education needed to become a fraud investigator will vary from person to person, depending on what kind of degree they wish to pursue. However, some more common degrees earned include criminal justice or business management. Other qualifications include being a licensed examiner, which is a requirement in some states.
The coursework in a fraud investigation program will cover topics such as corporate risk management, the legal environment of business, investigative options and objectives, information gathering, interviewing techniques, evidence management, and reporting considerations. Students will also learn about the role and responsibilities of a fraud investigator and how to conduct ethical, proportionate, and fair investigations.
Common Types of Fraud
Fraud perpetrators are often people who have suffered personal setbacks. Employees committing fraud may feel unappreciated by their employers or angry at the boss for various reasons. This could trigger them to take revenge by committing corporate fraud. Listening to employees and observing their behavior is key to identifying potential risks.
Keeping employees educated about different types of business fraud can limit their vulnerability to committing the crime. For example, suppose employees know what to look for in phishing emails (bogus links or requests to submit personal information) and smishing phone calls. In that case, they can avoid being deceived by these tactics.
Other common frauds include check fraud, wire transfer fraud, identity theft, and mortgage scams. Learn how to recognize these and other types of fraud to prepare to respond when a fraud incident is reported. You’ll also gain insight into managing a case through recognized protocols.
Legal Issues
Fraud investigators are employed by government organizations and private corporations, as well as law enforcement agencies. The Bureau of Labor Statistics notes many opportunities for fraud examiners, especially in insurance, financial services, and computer-based commerce.
Individuals seeking a fraud prevention or investigation career can pursue a certificate program. Bachelor’s degrees are also available in forensic accounting, criminal justice, fraud investigation, and financial crime management.
The Association of Certified Fraud Examiners (ACFE) offers a credentialing program for individuals interested in fraud prevention and investigation. Credential holders are required to abide by the CFE’s Code of Ethics and pay annual membership fees. They are also eligible to attend ACFE’s continuing education events, which count for up to 20 hours of training toward recertification. The International Association of Special Investigation Units also provides investigators with professional development and networking opportunities. It offers three certification programs, including one for individuals investigating insurance fraud.
Interviewing Witnesses
Fraud investigators need to interview witnesses and suspects during an investigation. Witnesses often provide valuable insights into the events that led to fraud, which can help investigators to understand and interpret documents and other evidence. They may also identify new leads for the investigation.
Interviewing witnesses can be a challenging task. Setting a witness at ease is important to avoid making them feel threatened or interrogated. This is why many interviews are conducted in the witness’s environment, such as their home or work. It is also important to maintain a professional demeanor during the interview.
In addition to learning about the different types of fraud and the theories that explain them, you will also learn how to conduct an investigative interview, including effective question types to aid memory recall and obtaining admissions by recognized protocols. You will also gain a solid understanding of the legislation that underpins fraud investigations and how to work with intelligence and other partner agencies.
