Director of Fraud

Position Overview

The Director of Fraud is responsible for developing, implementing, and overseeing Citadel Credit Union's fraud prevention, detection and recovery program. This role involves identifying, assessing, and mitigating fraud risks across all credit union products and services. The Director will work closely with various departments to ensure compliance with regulatory requirements and best practices in fraud management.

Responsibilities

Fraud Risk Assessment:

• Conduct regular assessments of fraud risks and vulnerabilities within the credit union.
• Identify emerging fraud trends and develop strategies to mitigate them.
• Monitor fraud losses and identify areas for improvement.

Fraud Prevention Program:

• Develop and implement a comprehensive fraud prevention program that aligns with industry best practices and regulatory requirements.
• Oversee the implementation of fraud prevention controls, including fraud detection systems, policies, and procedures.
• Educate employees on fraud awareness and prevention.

Fraud Investigation:

• Lead investigations into suspected fraud cases, including gathering evidence, interviewing witnesses, and coordinating with law enforcement agencies.
• Analyze data to identify patterns and trends related to fraudulent activity.
• Work with legal counsel to pursue legal action when necessary.
• Where preventive and detective measures fall short lead the recovery of potential fraud losses for the credit union
• Leverage Visa/MasterCard chargeback rules as well as investigative measures for recovery efforts

Regulatory Compliance:

• Ensure compliance with all applicable federal and state regulations related to fraud prevention and detection.
• Monitor regulatory changes and update the credit union's fraud program accordingly.

Leadership:

• Lead and manage a team of fraud analysts and investigators.
• Provide training, development, and mentorship to team members.
• Foster a positive and collaborative work environment.
• Manage relationships with third-party fraud prevention vendors and service providers.
• Evaluate the effectiveness of fraud prevention tools and technologies.

Qualifications and Education Requirements

• Minimum of 8 to 10 years of experience in fraud prevention and detection within the financial services industry.
• Strong understanding of fraud schemes and techniques, particularly those related to deposit and loan products.
• Experience with fraud prevention and detection systems and tools.
• Familiarity with Visa and MasterCard chargeback rules.
• Excellent analytical and problem-solving skills.
• Strong communication and interpersonal skills.
• Ability to work independently and as part of a team.  
• Knowledge of applicable federal and state regulations.

Preferred Qualifications:

• Certified Fraud Examiner (CFE) certification.
• Experience in the credit union industry.
• Bachelor's degree in finance, accounting, or a related field.
• Advanced degree in business administration or a related field degree in business administration or law preferred.