Senior Fraud Analyst

SUMMARY:

Responsible for coordination of the credit union’s overall fraud prevention program. Monitors industry fraud trends and advises senior management of operational impact of such trends and changes. The Senior Fraud Analyst is responsible for reviewing transactions for possible fraud and suspicious activity by identifying unusual transaction behavior patterns on accounts. This position assists other departments by solving complex fraud issues while implementing continuous change. Adept at monitoring and reviewing Member transactions to identify fraud.  

ESSENTIAL DUTIES AND RESPONSIBILITIES:

1. Handle the creation and review of fraudulent cases and resolve problems utilizing Credit Union systems and tools.

1. Gather and examine video surveillance for use by Credit Union staff and/or law enforcement authorities.
2. Gather evidence and pertinent financial documents for use by the Credit Union and/or law enforcement.
3. Ongoing monitoring of fraud and transaction behavior using Verafin and other fraud monitoring tools. 
4. Complete fraud and suspicious activity investigations and keep detailed documentation within Verafin.
5. Collaborate with law enforcement and other financial institutions when researching and resolving suspicious activity on fraud investigations
6. Provide management the development, implementation, and documentation of innovative fraud prevention strategies by analyzing transactional data.
7. Work with FISERV Risk to address fraud related activity within the credit & debit card portfolio.
8. Assist with development and implementation of new procedures/policies to prevent fraud activity.
9. Review and analyze suspicious activity (ACH, P2P, A2A, Checking, Online Banking, RCS & Wires) for fraud.
10. Manages multiple projects to enhance and optimize fraud strategy systems and tools.
11. Develop reports and key indicators to serve as early warning risk indicators for potential fraud activity.
12. Partners with external and internal partners across the company to effect change and promote awareness.
13. Generate fraud metrics to show the performance of fraud systems for use in management reporting.
14. Develop and implement comprehensive fraud detection strategies and business rules that balance fraud loss, cost of execution, and Member experience.
15. Identify gaps in current systems, policies and strategies and take actions to mitigate emerging fraud risks with guidance from management.
16. Utilize analytics to optimize existing fraud strategies, to reduce false positive rates and increase fraud detection rates.
17. Perform risk assessments relating to fraud and provide comprehensive reports that disseminate the findings resulting from these assessments.
18. Identify suspicious activity that requires a SAR filing and collaborate with the BSA/Compliance Officer for filing.
19. Maintains comprehensive understanding of the major regulations that govern credit union operations.
20. Consult with and advise senior management on operational and administrative fraud issue. 
21. Facilitate monthly Fraud Management meetings to review fraud trends, incidents, and provide mitigation recommendations.
22. Maintains compliance with applicable rules, regulations, and statutory laws and related requirement.
23. Safeguard the Credit Union and its members by reducing fraud losses and risk exposure, while delivering efficient service to both Credit Union members and vendors.
24. Create and execute fraud awareness, prevention, best practices, detection, and response programs through formal training and across multiple platforms.
25. Engage as a member of external organizations and associations dedicated to fraud-related matters, staying informed about emerging fraud trends and threats.
26. In the absence of the Director of Risk Management (BSA/Compliance Officer), you will need to have the following skillsets:
    1. Oversee and manage all aspects of OFAC & 314(a) monitoring
    2. Complete daily SMURF Reports
    3. Prepare, submit, and manage CTR’s and perform CTR exemption process 
    4. Complete monthly Monetary Instrument Reporting
    5. Monitor completion of CDD, SIP, KYC performed by the front-line personnel
    6. Manage and process the 314(b) collaboration requests
    7. Manage specialized processes including but not limited to data integrity and conducting identified training needs
27. Performs other duties as assigned. 

Requirements:

• Associate degree/Specialized certification or a combination of education and experience
• 3-5 years of fraud investigation experience preferably in a Credit Union setting
• Strong understanding of the various types of fraud including but not limited to Identity Theft, Account Takeover, Check Fraud, Payments Fraud, and the methods used to perpetrate them
• Developed investigative skills including but not limited to inquiry, analysis, and interviewing
• Comprehensive knowledge of laws pertaining to fraud investigations, including Breach of Warranty, Hold Harmless Process, Chargeback Rules, and ID Theft-Red Flag Rule requirements
• Ability to resolve problems with minimal guidance and make general operational escalation decisions
• Capable of exercising sound judgment to independently resolve issues that necessitate thorough research
• Certified Fraud Examiner Certification within 2 years, if not already certified

Competencies: