What are the responsibilities and job description for the Fraud Specialist position at Noble Credit Union?
Summary: Responsible for identifying, investigating and mitigating fraudulent activities. Responsible for managing, monitoring and maintaining vendor relationship with AI Oasis Guardian Officer/Champion Officer (fraud monitoring software) and Fiserv Card Services.
Essential Duties and Responsibilities:
Responsible for managing and maintaining vendor relationships with fraud monitoring software vendor and Fiserv Card Services. Use and optimize fraud detection tools and software, ensuring they are configured correctly and updated regularly.
Analyze trends in different areas such as plastic cards, wires, ACH, online banking, share drafts, new accounts, etc. Make recommendations to management to identify new risks and develop strategies to mitigate them.
Real time or near real time transaction monitoring: Continuously monitor real/near time transactions to detect unusual patterns or activities that may indicate fraud.
Utilize various reports to identify suspicious deposit or fraud activity on member accounts and take appropriate action to reduce/eliminate potential loss.
Regularly review batches of transactions using automated systems and manual checks to ensure no suspicious activities are missed.
Create and test fraud scenarios to evaluate the effectiveness of current fraud prevention measures.
Respond to and manage alerts generated by fraud detection systems, prioritizing based on risk level.
Conduct thorough investigations, gathering all relevant data and documentation. Document findings in a clear and concise manner, maintain comprehensive case files for future reference.
Interview members, employees, and other relevant parties to gather additional information on suspicious activities.
May assist in the investigation of internal fraud or possible criminal activity.
Provide direction and support to branch staff when dealing with fraud situations in the branch.
Collaborate with other departments in staff training, member education and awareness programs.
Prepare reports on fraud detection activities, including statistics on detected fraud, false positives and trends. Present findings and risk assessments to leadership team.
Maintain knowledge of financial institution rules and regulations. Stay abreast of new technologies and methodologies in fraud detection, recommending and implementing improvements as needed.
Develop and implement internal fraud prevention policies and procedures, ensuring they are up to date and effective.
Responsible for staying current and compliant with Regulation E.
Assist in preparing for internal and external audits related to fraud prevention and detection.
Ability to perform other risk management services as needed
Exercise awareness regarding suspicious activity, money laundering or fraudulent behavior as it relates to cash transactions and overall transaction activity and document any such behavior so SAR filings can be considered.
Ensure compliance with all safety, security and compliance programs including but not limited to BSA, AML, OFAC, Branch Security and Safety.
Supervisory Responsibilities:
This job has no supervisory responsibilities
Associate’s degree (A.A,) or equivalent from two-year college in a field such as Finance, Accounting, Business Administration, or a related field, and/or professional certification(s) in specialized fraud detection and prevention, and/or a minimum of three to five (3-5) years of experience in roles related to fraud detection/investigation, financial analysis, data analytics, compliance, or risk management, or combination of education, professional certifications, and experience.
