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Criminal Justice Articles

What is the job outlook for Economic Crime Investigators?

Economic related crime is more common than people might think, especially in today's economy. Charges such as fraud, embezzlement, and money laundering are just a few of the types of crimes that an economic crime investigator researches. Insurance fraud, credit card fraud, identity theft, and tax evasion are other examples. While many police departments have a force of people who help to regulate things like traffic violations and violent crime, economic crime investigators work in a very specialized field. Some refer to this type of crime as "white collar crime." There are many divisions of police departments that hire these types of investigators including the private sector.

An economic crime investigator can be hired by insurance firms to assist in the prevention of fraud. Insurance fraud can cost companies millions of dollars per year, so regulation and policy enforcement is necessary. Large corporations often hire economic crime investigators to serve as a watch dog over their CEOs, CFOs, and other higher-ups who have the potential to commit fraudulent acts. Software companies and investment firms also look for people who specialize in looking for, identifying and preventing these types of crimes. Some other examples of sectors that use these specialists include manufacturing firms, banks, and law offices.

Someone who works in economic crime must have a diverse background and a bachelor's degree in criminal justice at minimum. Knowledge of accounting and accounting practices is necessary to understand how the process works and how to look for unusual activity or discrepancies. Tax law, statistics, and a background in basic economics are also essential. Criminal justice is necessary so the investigator knows what crimes are classified under which laws, and how to enforce them properly. Solid educational backgrounds in economy and law are necessary to ensure success in this field.

An economic crime investigator has several duties that they must fulfill. Some of these duties include gathering evidence, interviewing witnesses, and performing forensic tests for things like fingerprints. The ability to reconstruct a crime scene in order to garner a better understanding of what happened is very important. The investigator must be able to gather as much detailed information as possible, and then translate that information into reports that are accurate and able to be used in a courtroom. This is why communication skills are crucial.

Overall, the job outlook for economic crime investigators is positive. With the current economy in the United States, the need for skilled investigators is strong to protect the best interest of companies and clients. Diligence is the key to helping identify, preventing, and prosecuting crimes of an economic nature. People dedicated to help prevent these types of crimes and a desire to protect the financial stability of companies and individuals is the rewarding part of being an economic crime investigator. With so many different types of companies needing this type of specialist, the economic outlook for this very specialized field is very promising.

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