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Knowledge, Skills, and Abilities. The most important knowledge the fraud analyst or specialist needs to have is an understanding of regulatory requirements related to fraud detection/investigation, including Suspicious Activity Reports, USA PATRIOT Act, and FACTA (Fair and Accurate Credit Transactions Act).
Educational Requirements. Fraud specialists or analysts will need to have a bachelorâs degree. Some banks may also hire a person who has several years of experience, instead of a degree. Fraud analysts may receive some on the job training, especially related to the bankâs specific products, services, and transaction procedures.