Fraud Analyst I
The Fraud Analyst will provide support and assistance to all departments throughout the credit union regarding fraud transactions and monitoring. In addition, this position will act as a backup for the BSA function if the BSA Officer is unavailable.
Duties and Responsibilities
Other duties may be assigned.
- Independently monitor, review, and document fraud pertaining to member accounts, internal fraud, check fraud, debit fraud, identity theft, account takeover, and/or any other current fraud trends within our Verafin fraud software. This software will remain up to date and will be the responsibility of the Fraud Analyst.
- Provide support for multiple departments regarding ongoing fraud investigations and/or research. This individual will act as a central contact regarding fraud activity and determine any fraud trends within the credit union.
- Responsible for communicating with internal staff and external customers to ensure the appropriate information is available to all parties, and that instances of fraud are being handled in a consistent manner, as outlined by procedures.
- Provide support regarding any company-wide fraud events, including security breaches, activity pertaining to fraud rings, and/or other projects as needed. This may also include testing of any systems used for fraud monitoring and/or any new fraud tools implemented by the credit union.
- Responsible for escalating activity to the appropriate department to ensure a timely resolution. Examples may include suspicious activity to the BSA Officer, debit card fraud to Operations Support, or any accounts resulting in a loss to Collections. This also applies to any alerts within the Verafin fraud software which may need to be escalated or handled by another department.
- Perform ongoing monitoring to ensure controls are in place regarding fraud prevention techniques and ensure that any control issues are addressed timely.
- Responsible for tracking the dollar amounts associated with fraud for illustrative purposes, including losses and the potential amounts recovered through fraud prevention techniques.
- Conducts ongoing monitoring of transactions within the credit union, via reporting, to ensure that transactions are being processed in a manner consistent with procedures. If a discrepancy is identified, this individual will reach out to staff and come to a resolution. This includes the review of daily reports that monitor system-generated maintenance/audit reports.
- Submits requests for new sources of reporting if a fraud trend has been identified, but current reporting has not been developed. This may involve coordinating with other departments or vendors to develop the contents and parameters of the reports, in addition to possible testing.
- Attends ongoing training and remains abreast of current fraud trends to ensure that NCU has the most current information. This individual will also ensure that this information is shared in a manner that is easily accessible to the appropriate staff, whether through email, a formal procedure, or HERBIE.
- Provides guidance to members regarding their rights as a fraud victim and their options for coordinating with law enforcement to protect their personal information.
- Interviews possible fraudsters and asks probing questions to determine whether a given situation is true fraud. The Fraud Analyst will also document such interactions and may take place funds on hold during an investigation or take precautions to recoup funds if fraud is confirmed.
- Communicates fraud trends to other departments and periodically creates and/or maintains policies, procedures, or training materials to ensure consistency in the handling of fraud cases across multiple departments.
- Actively participates in the development of the fraud position, and works to provide suggestions regarding possible initiatives, solutions, or programs that could aid NCU in fighting fraud.
- Acts as the BSA Assistant, i.e. the individual that handles BSA duties in the event the BSA Officer is absent, to ensure that we are in compliance at all times and have Disaster Recovery procedures in place for the BSA function. This will require annual BSA training and a basic understanding of regulations regarding BSA. In some instances, this may involve assisting in reporting or filing when volume increases to ensure compliance.
- Perform other duties, as assigned, and work on any additional projects that may arise pertaining to fraud within the credit union or in support of the Internal Audit & BSA function.
- High school diploma or equivalent (GED) with minimum 3 years financial services experience, plus a basic understanding of fraud detection and prevention
- Excellent oral and written communication skills
- Demonstrates high level of professionalism and confidentiality
- Demonstrates aptitude to utilize computer systems, adhere to bank policies and procedures, and ensure compliance with applicable bank regulations
- Ability to define problems, collect data, establish facts and draw valid conclusions
- Ability to deal with problems involving several concrete variables in standardized situations
- Ability to calculate figures and amounts such as interest, percentages, rate and ratios
- Ability to read, analyze and interpret instructions, procedures and regulations
- Familiar with the differences in products and services offered by other financial institutions to those offered by the credit union