SENIOR FRAUD ANALYST

Description

The Senior Fraud Analyst is responsible for managing the daily tasks associated with fraud to ensure all regulatory compliance requirements are met. The incumbent collaborates with the BSA/Fraud Manager to collect and analyze loss data and department/performance metrics to identify areas for improved fraud controls. The incumbent manages calls and emails involving member issues or complaints. This individual will assist credit union staff with fraud questions. The Senior Fraud Analyst will also handle any escalated calls from members or staff in the absence of the BSA/Fraud Manager.

Principal Responsibilities and Duties
1.    Monitors systems and reports for potentially fraudulent activity, takes appropriate action and dispositions cases/alerts accordingly.  Analyzes trends and makes recommendations to minimize fraud exposure to members and the Credit Union.

2.    Conducts investigations including interviews with members or related parties.  Reviews evidence and documents witness statements and any actions taken or to be taken.  Ensures that potential suspicious transactions or financial crimes are identified.  Research transactions causing a loss (fraudulent deposits, ATM transactions, debit/credit disputes, etc.) to the credit union and attempt to recover funds. Documents and reports incidents to the BSA team to file Suspicious Activity Reports as needed.    

3.    Supports Fraud Prevention programs and proactively maintains awareness of new and developing trends in fraudulent activity and makes recommendations for the credit union to prepare for them.  Recommends policy and procedural changes to identify and prevent further risks to the credit union.  

4.    Monitors and reports non-compliance of check holds and special handling of accounts to applicable levels of management. 

5.    Maintains fraud documents and records. 

6.    Performs periodic reviews, prepares reports, and advises senior management of deficiencies and remedial efforts to correct deficiencies.  

7.    Actively participates in fraud prevention awareness strategies and collaborates with internal and external parties (peers, law enforcement, community liaisons, etc.) to identify new trends and associated risk mitigation techniques.  

8.    Conducts fraud awareness training sessions with all frontline and back-office departments.

9.    Assists members with fraudulent activity on their accounts in supporting documents and filing appropriate claims.

10.    Collaborates with internal and external parties to monitor accounts, utilizes fraud software to monitor accounts for suspicious activity or potential fraud, file police reports, bond claims, and other reports.  

11.    Works with multiple departments within the credit union and outside contacts such as the bonding company, law enforcement agencies and members.

12.    Responsible for complying with legal processes which include responding to subpoenas and appearing in court for testimony and depositions when required.

Other Responsibilities and Duties
1.    Assists with the review of system generated alerts concerning fraud to determine whether identified transactions are suspicious. 

2.    Responds to subpoena request and conducts account research to provide required documents.
  
3.    Documents the summary of investigative findings (e.g., copies of statements/checks, media search results, results from internal system searches, etc.) and prepare cases for review and approval by management. 

4.    Supports management teams by ensuring daily, weekly, and monthly activities are completed on time.

5.    Works with the team to develop a strong working relationship. In the absence of the manager, makes decisions on member accounts.

6.    Assists the BSA/Fraud Manager with training team members.

7.    Performs BSA Analyst duties as needed.

8.    Follows all Launch Credit Union policies and procedures.

9.    Completes all training assignments in a timely manner.

10.    Attends meetings and training sessions as required.

11.    Performs other duties as assigned.

Qualifications

Education, Experience, and Skills Required
1.    Minimum of five years of experience in a banking institution.

2.    Three years of general fraud experience.

3.    High school education or GED.

4.    Must have or will obtain a Certified Financial Crimes Investigator and/ Certified Fraud Specialist Certification within 1 year of being in the position.

5.    Strong knowledge of banking and money movement concepts including but not limited to wire transfers, check-kitting, ACH payment fraud, money laundering, and technological data breaches. 

6.    Ability to identify fraud trends. 

7.    Demonstrated knowledge of applicable financial regulations.

8.    Strong interpersonal skills with the ability to work well with members and employees. Ability to handle escalated conversations with members in a professional manner.

9.    Excellent oral and written communication skills.

10.    Strong problem-solving, decision-making, analytical, and organizational skills, and ability to exercise independent judgement. 
11.    Ability to network and build relationships with outside contacts such as law enforcement.

12.    Ability to use a PC, related software applications and standard office equipment strong proficiency with MS Office Suite required (MS Word, MS Excel, and MS PowerPoint).

13.    Ability to handle complex problems involving multiple facets and variables in non-standardized situations in a high-volume environment.

14.    Must have the ability to work independently or as a team member to ensure that work is performed in a collaborative manner and standards for excellent member service are achieved.

15.    Ability to work well under pressure while always promoting a professional image of the Credit Union.