• Private-Sector Investigator

    Private-Sector Investigators work in the loss prevention department for retail and warehouse security, as independent or agency private investigators, or as internal and external fraud analysts for an organization. Most businesses that possess an inventory of goods in a warehouse or retail environment have a Loss Prevention (LP) department committed to reducing inventory shrinkage and preventing retail larceny. Private Investigators gather facts and collect evidence to conduct investigations on a variety of different crimes. Internal fraud analysis is primarily concerned with monitoring a company’s own employees, whereas external fraud analysis deals with outside fraudsters.

     

    Benefits of the CFE Credential

    The CFE credential provides Private-Sector Investigators with the knowledge required to conduct investigations of civil or criminal fraud, or of white-collar crime. Earning the CFE credential gives you an understanding of why people commit fraud and ways to prevent it, the types of fraudulent financial transactions, and interviewing, records and transactions. This knowledge set will place you as a leading expert in the fraud investigation field.

    The ACFE’s global salary study found that CFEs earn a 31 percent income premium over their peers without the credential, which demonstrates the value employers place on the credential. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth. The training, fraud resources and continuing education provided by the ACFE will help in any stage of your career path. Refer to the Compensation section below for more information about the compensation ranges for Private-Sector Investigators.

    Job Types

     

    Private-Sector Investigator

     

     

     

     

     

     

     

     

     

    Loss Prevention
    Most businesses that possess an inventory of goods in a warehouse or retail environment devote significant resources to a Loss Prevention (LP) department. Loss Prevention professionals are committed to reducing inventory shrinkage and preventing retail larceny by both customers and employees. LP professionals are commonly tasked with conducting covert physical and video surveillance, as well as the apprehension of shoplifters. Additionally, they are often involved in the development of security strategies necessary for the protection of a company’s assets and employees.

    Private Investigator
    Private Investigators conduct investigations by gathering evidence through interviews, surveillance and computer research. Types of Private Investigators include computer forensic, financial, legal, corporate and loss prevention. Most states require a license to become a Private Investigator, and you may be required to obtain a city license in some states.

    Internal Fraud Analyst
    Most medium- to large-sized companies employ Internal Fraud Analysts. These analysts are tasked with identifying fraud perpetrated by members of the company’s employee base. Internal Fraud Analysts routinely take action on employee tips, exception reports, and irregularities found in compliance and sales audits. The Internal Fraud Analyst is responsible for gathering evidence, writing detailed reports and interviewing employees. Internal fraud departments are often responsible for developing best practices and educating employees about fraud awareness.

    External Fraud Analyst
    Whereas internal fraud analysis is primarily concerned with monitoring a company’s own employees, external fraud analysis deals with outside fraudsters, many of whom conduct schemes in collusion with current or former employees. External fraud commonly occurs with vendors and subcontractors running various billing or sales schemes against a company. External Fraud Analysts also investigate instances of pretexting and social engineering intended to steal sensitive information. Additionally, External Fraud Analysts are sometimes involved in examining various forms of cyber crime, including phishing or hacking attempts.

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    Education

    For most Private-Sector Fraud Investigators, a high school education is required. Some college education or a bachelor’s degree in law enforcement or criminal justice is a plus and sometimes required. Private Investigators learn most of their skills on the job and may be required to obtain a license. For individuals in loss prevention and internal and external fraud analysis, a bachelor’s degree is usually preferred.

    Knowledge, Skills and Abilities

    It is important to plan and conduct an honest self-assessment of your knowledge, skills and abilities. In particular, employers are looking for:

    Knowledge 

    White-collar crime

    Organized crime

    Financial crime

    Computer forensic

    Bribery and corruption

    Money laundering

    Loss prevention

    Counterfeiting

    Fraudulent documents

    Credit card fraud

     

    Skills 

    Conduct surveillance

    Evidence collection

    		  

    Conduct interviews

    Record examination

    Writing reports

    Computer

     

    Abilities 

    Attention to detail

    Functions in stressful situations

    Alert to surroundings

    Understands associated risks

    Honest

    Sound judgment

    High integrity

    Responsible

    Strong judge of character

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    Compensation

    Below are compensation ranges for Loss Prevention professionals taken from the 2017/2018 Compensation Guide for Anti-Fraud Professionals:

     

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    Based on the Occupational Outlook Handbook by the Bureau of Labor Statistics, the median annual wage for private detectives and investigators was $42,870 in 2010.

    Resources

    Cyber Securities Laws 

    Directorate of Defense Trade Controls 

    Docusearch Investigations 

    Fuld & Company’s Internet Intelligence Index 

    Global-Locate 

    High Technology Crime Investigation Association 

    Internet Center for Corruption Research 

    Internet Crime Complaint Center 

    Money Laundering and Terrorist Financing 

    		  

    National White Collar Crime Center 

    U.S. Commodity Futures Trading Commission 

    U.S. Department of Homeland Security 

    U.S. Department of Justice 

    U.S. Department of Justice—Computer Crime and Intellectual Property Section 

    U.S. Federal Communications Commission 

    U.S. Federal Inspectors General 

    United Nations Crime & Justice Information Network (UNCJIN) 

    Vital Records Database 

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