Fraud Investigator

Summit Credit Union, voted a top workplace, has an exciting opportunity to join our growing team as a Fraud Investigator within our Cottage Grove- HQ location. Under the direction of the Manager- Card Services & Fraud, this individual will be responsible for the duties related to the detection, prevention, investigation, and processing of card, account, and loan fraud to help mitigate member and credit union losses. Develop strong relationships with internal staff, external vendors, and law enforcement in the processing of fraud claims and applications.

Essential Functions

1. Review, investigate, and process debit card claims of fraud and disputes reported by members through in person or online channels
   1. Investigate claims using tools and applications accessible to determine dispute options and cardholder liability
   2. Investigation will include communication with member either verbally or written
   3. Investigate claims based on established processes, procedures, and Visa/State/ and Federal regulations.
   4. Process member adjustments within required timeframes
2. Process daily fraud and dispute files using the automated process with vendor and review exceptions daily
3. Review Zelle fraud notifications that are received, reply with findings; update credit union account based on your finding.
4. Review and investigate Zelle fraud claims
   1. Investigate claims using tools and applications accessible to determine member liability
   2. Process member adjustments when appropriate
   3. Responsible for tracking and reporting Zelle fraud losses for Ops Support management
5. Analyze fraud claims and report trends to Fraud Analyst and processor for rule strategy updates
6. Research and solve issues regarding negative/fraudulent activity to front line and internal staff.
   1. Be knowledgeable on legal requirements, rules, and timings on disputes and returns.
   2. Work closely with branch staff to resolve issues.
7. Complete CUMIS bond claim for all card related losses that are not automatically reported by our card processors
8. Work with branches, contact center, and member to review account activity to identify account take over, identity theft, elder abuse, or possible scam. Proceed with appropriate account maintenance and reporting based on situation.
9. Review new account and loan applications for potential fraud and provide feedback to staff based on your findings.
10. In a backup capacity, monitor, investigate, and process returned check deposits (QRC)
    1. Process member adjustments
    2. Report negative accounts to appropriate agencies
    3. If required, create SAR within regulatory time frames.
    4. Maintain tracking for deposit return item, wire, new account, and mobile fraud
11. Maintain thorough knowledge of Visa rules and regulations, state and federal regulations, and Regulation E, to process all phases from initial claim of fraud to arbitration within specified regulatory time frames
12. Understand and is accountable for executing all job functions in a way that is consistent with the requirements of BSA, OFAC, and USA Patriot Act/Customer Identification Act (CIP).

Note: Failure to comply with requirements may be subject to strong disciplinary action, up to and including termination by the credit union, as well as, civil and criminal penalties.

Additional Functions

1. Provide back-up support for various Operations Support department functions performed within the card and fraud area.
2. Assist with additional projects and other duties as assigned by departmental leadership.

Job Specifications

1. Associates Degree or minimum of 3 years of experience in banking or other financial services.
2. Experience equivalent to 3 years in fraud investigations and processing.
3. Ensures potential threats and investigations are evaluated, documented, managed, and escalated by following standard operating procedures
4. Completes complex and diverse tasks within given guidelines and may include handling escalations from other employees
5. Stays abreast of financial crimes risk trends, relevant regulations, and compliance standards
6. Professional well-developed writing and interpersonal skills essential for interacting with credit union staff, members, and outside business partners.
7. Ability to analyze situations, problem solve and use good judgement to perform day to day responsibilities. Must possess strong decision-making skills
8. Self-disciplined, detail oriented, and can effectively manage time and prioritize multiple tasks
9. Experience having difficult/sensitive conversations with members and internal employees; ability to exhibit empathy and professionalism under stressful circumstances.
10. Basic mathematical skills required (Addition, Subtraction, Multiplication and Division).
11. Work also requires the ability to operate a variety of office software including, MS Outlook, MS Word, and intermediate knowledge of MS Excel

Why Summit? 

• Professional Growth: Opportunities for career development and advancement to help you reach your full potential.
• Work-Life Balance: Enjoy flexible work schedules and generous paid time off to maintain a healthy work-life balance.
• Retirement Benefits: Benefit from our 401(k) plan with employer match to secure your future.
• Employee Wellness: Participate in programs and resources designed to support your overall well-being.
• Community Involvement: Engage in initiatives that give back to the community and make a positive impact.

Physical Demands of Position

While performing the duties of this job, the employee is continuously required to sit, use hands and fingers. The employee occasionally must reach above and below shoulder level, and lift/push/pull and /or carry up to 20 pounds.

Environmental/Working Conditions

Works in a typical administrative setting with climate control and appropriate lighting. 

Equipment Used

Telephone, Printer/Copiers/Fax, Calculator, Personal Computer

Disclaimer

The above information on this description has been designed to indicate the general nature and level of work performed by employees in this classification.  It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job.

EEO Statement: At Summit Credit Union, we are committed to providing Equal Employment Opportunity regardless of race, color, religion, sex, age, national origin, disability, military and veteran status, sexual orientation, gender identity, marital status or any other characteristic protected by local, state, or federal law.  We embrace diversity and believe that inclusion is critical to our success as a credit union.  Different makes us better.  Employment decisions are made based on qualifications, merit, and business need.