Fraud Prevention and Detection Analyst

Bonus Type

Summary

The role of a Fraud Prevention and Detection Analyst is crucial in safeguarding the organization from fraudulent activities, which includes overseeing fraud prevention efforts, identifying threats, and developing countermeasures. The position requires strong analytical skills, collaboration with cross-functional teams, and the ability to enhance fraud prevention policies and guide employees. This opportunity is perfect for someone with a passion for innovation, growth, and teamwork, who also possesses good numerical skills and the ability to learn complex technical information.

Job Description

The Fraud Prevention and Detection Analyst will play a crucial role in protecting the organization from fraudulent activities. Responsibilities include overseeing fraud prevention efforts, identifying emerging threats, and developing effective countermeasures. Analytical skills and collaboration with cross-functional teams will be essential to monitor and detect potential fraud. This position also involves enhancing fraud prevention policies, providing guidance to employees, and staying updated on industry trends.

Team Culture

Our company is a long-term player, deeply connected with our communities and committed to social outreach, with a strong foundation of integrity that fosters trust and effective interpersonal relationships. We offer opportunities for personal growth and career development, while maintaining a community-bank feel with the ability to compete with large financial institutions.

How You'll Spend Your Time

•    You will thoroughly investigate potential fraud using various tools, systems, and data sources.
•    You will scrutinize both internal and external data to detect fraud-related patterns, trends, and irregularities.
•    You’ll work with various teams to improve fraud prevention methods.
•    You will oversee and refine current fraud detection systems by pinpointing and executing enhancements.
•    You’ll stay informed on industry changes, fraud risks, and laws to keep our fraud prevention current and effective.
•    You’ll create comprehensive reports and presentations summarizing fraud incidents, encompassing discoveries, suggestions, and countermeasures.
•    You’ll help educate employees on recognizing fraud, implementing prevention methods, and following reporting protocols.
•    You will comply with various regulations including Reg E, Reg CC, identity theft laws, elder abuse rules, and anti-money laundering (AML) requirements.
•    You will identify when a Suspicious Activity Report (SAR) is needed and escalate it to the Bank Security Act (BSA) team.
•    You will ensure adherence to customer identification and verification processes as per AML/KYC guidelines.
•    You will be able to identify warning signs and unusual activities associated with identity theft, elder abuse, and money laundering.
•    You’ll be responsible for evaluating and reducing the risks related to fraud within regulatory boundaries.
•    You’ll assist with internal audits and regulatory checks aimed at preventing and detecting fraud.
•    You’ll work with legal and compliance teams to comply with all relevant laws and regulations.
•    You’ll be responsible for keeping precise records and documents pertaining to fraud investigations and reports. 

Education & Experience Requirements

This level of knowledge is normally acquired through completion of a Bachelor’s Degree in Business related field and 1-3 years related experience in Fraud Services or 3-5 years’ equivalent experience in bank operations or an equivalent combination of education and experience.

• Bachelor's degree in finance, accounting, business administration, or a related field.
• Minimum of 2 years of relevant experience in fraud prevention, detection, or investigation within the financial industry.
• Strong analytical skills with the ability to interpret complex data sets and identify trends or patterns.
• In-depth knowledge of fraud prevention tools, methodologies, and best practices.
• Familiarity with regulatory frameworks governing fraud prevention and detection, such as Reg E, Reg CC, identity theft laws, elder abuse regulations, and AML requirements.
• Proficiency in using fraud detection software and database query tools.
• Excellent problem-solving abilities and meticulous attention to detail.
• Strong communication skills, both written and verbal, to effectively collaborate with stakeholders at all levels of the organization.
• Ability to work independently and adapt to changing priorities in a fast-paced environment.
• Professional certifications in fraud examination or related fields (e.g., Certified Fraud Examiner, Certified Anti-Money Laundering Specialist) are preferred but not mandatory.
• Familiarity with financial institution fraud operations including but not limited to new account fraud, card fraud, ACH, A2A, P2P, wire and counterfeit checks.
• Knowledge of accounting principles and/or general ledgers.