Fraud Manager

The Fraud Manager is responsible for performing the following:

 

  • Utilizes sound judgment and knowledge of financial investigative tools/techniques to establish an investigative plan for potential customer account fraud events or other suspicious activity; initiates investigation by gathering facts and evidence; performs research and analysis using back-end customer profile and transactional systems; prepares confidential independent investigative reports that document findings.  Investigations involve handling all aspects of the investigation and normally require detailed analysis and research to resolve issues.
  • Works with the BSA Department, Information Security, and the Security Officer on fraud incidents and/or allegations involving any new or existing customer accounts at the Bank. Interacts with other departments of the Bank, vendors of the Bank, outside consultants, and local, state, and federal authorities when required to complete investigations.  Would not, however, be responsible for regulatory reporting of specific transactions or suspicious activity.
  • Provides all information to BSA needed for regulatory reports (SAR referrals) and documentation of incidents where regulatory reports are not filed (Non-SARs).
  • Initiates correspondence to customers and other financial institutions as part of investigations and as applicable to recover funds.
  • Assists the Bank’s Identity Theft Officer with investigation of potential ID Thefts and associated prevention programs.
  • Provides support and effective appropriate assistance to Bank customers impacted by ID theft/potential fraud.
  • Responds to requests from law enforcement on fraud-related issues and acts as the Bank’s liaison, responsible for preparing case referrals with assistance from legal resources as required and conducting follow up investigations.  Works with law enforcement where necessary on investigations. 
  • Creates and maintains centralized records for reporting “near misses” and actual customer account fraud losses., including Corporate Account Takeover (CATO), Business Email Compromise (BEC), and losses for the Bank.  Responsible for timely reporting of CATO and BEC events to the Head of Information Security.  Responsible for maintaining centralized management reporting for customer account fraud events.
  • Recommends process/procedural changes to reduce fraud risk to the Bank and improve customer information and account security.  Participates in the development of business cases supporting recommended policy/ parameter changes.
  • Manages the fraud detection tools/ fraud prevention components of customer-facing systems, reviewing system parameter performance and recommending / implementing revised rules. Provides guidance and fraud awareness training to other employees.
  • Maintains current knowledge and awareness of investigative fraud techniques, Bank Secrecy Act, anti-money laundering laws, privacy laws, bank regulations, investigation and security incident handling policy and procedure. Possesses a strong working knowledge of deposit and lending lines of business operating practices and policies; and maintains strong working relationships with appropriate industry groups and governmental agencies.
  • Investigates/clears potential fraudulent account activities identified by systematic rules in use throughout the Bank that are forwarded from Bank departments or vendors for expert review.
  • Works closely with front line teams as well as BSA, Security, and Information Security to investigate and report on potential customer account fraud events.  Identifies, recommends and, as requested, assists with the implementation of enhanced fraud deterrent practices across the Bank.
  • Conducts in-depth research of potential customer account fraud events and provides clear documentation of findings to the BSA team and senior management.
  • Performs customer or other financial institution outreach as needed in the investigation of fraud.
  • Assists the Contact Center, Retail, Cash Management, and Lending teams with investigation of new customer account applications as necessary, particularly when unusual or complex situations are encountered.
  • Creates and manages transaction and account monitoring program to proactively detect fraud and other suspicious activity and to mitigate associated losses.
  • Manages the Bank’s transaction monitoring tools, including fraud detection tools and fraud prevention components of customer-facing systems; reviews system parameter performance and recommends and implements revised rules. Researches and recommends additional fraud prevention tools.
  • Tracks fraud events including loss and recovery and provides management reporting.
  • Escalates suspicious activity to BSA team for further review and regulatory reporting.

 

Qualifications

  • 5+ years’ experience in bank fraud investigations.  Prior audit or operations experience will be beneficial.
  • Knowledge of general banking laws and regulations including BSA, Information Security and ID Theft. 
  • Highly developed analytical, oral and written communication skills; experience with interpreting information to create and deliver reports or presentations to management.
  • Strong working knowledge of current bank fraud investigative techniques and fraud deterrence systems/tools.
  • Demonstrated proficiency with MS Office suite; expert Excel skills preferred.
  • Must be able to successfully interact with and respond to inquiries from Bank employees of all levels comfortably and professionally. Collaborates with various areas within the Bank during investigations.
  • Detailed oriented, organized and adaptable.  Self-starter with the ability to work with limited supervision, identify opportunities to add value, and to independently see those opportunities through to completion.
  • Possess and maintain understanding of banking laws and regulations and their impact on the Bank.