Job Description
Description POSITION SUMMARY The Fraud Analyst is responsible for assisting the Compliance Officer and VP – Legal & Risk Management with the research, tracking and reporting of items related to fraud for the Credit Union in addition to the development and maintenance of risk management functions that result in reduced risk for the Credit Union.
Position Responsibilities General Responsibilities - Fraud Research and Tracking: Research all instances where a member becomes a victim of fraud or commits fraud against the credit union.
- Monitor Verafin alerts for potential account fraud, wire fraud, check kiting, committing electronic fraud, etc.
- Assess if BioCatch high-risk alerts are false-positives or positive for potential online fraud. Contact members in high-risk categories and lock online access if necessary to protect the credit union and member.
- Track all incidents as cases in Verafin, including payment plans and recoveries.
- Track efforts of prevented fraud, Fed adjustments as recovery, and any restitution received. Prepare monthly reporting for fraud prevention efforts and losses incurred.
- Investigate all Request for Investigations (RFIs) from team members. Document as a case in Verafin.
- For RFIs that involve new account or loan fraud, investigate, and notify the necessary departments that need to correct the findings. Share findings with VP of Retail Sales as learning tools for frontline team members to avoid future losses.
- Work directly with members that are reporting account fraud. Give guidance, time frames of provisional credit processing and compile needed documentation from member.
- Be direct communication source to member reporting or experiencing the fraud. As well as the direct liaison to the local Police Departments.
- Process Return Check requests with Fiserv or the Fed in a timely manner.
- Process documentation with financials that have breached UCC warranties to help in recovery of check fraud losses.
- Process any eligible bond claims in a timely manner with CUNA Mutual Insurance.
- After complete investigation with supporting documentation, provide recommendations to the Compliance Officer or BSA Compliance Specialist regarding the filing of a Suspicious Activity Report (SAR).
- Monitor Positive Pay reporting for any unmatched checks. Communicate directly with business members regarding concerns.
- Assist the Service Center with review of fraudulent checks submitted through Mobile Deposit. Mail letters to members that have had their Mobile Deposit service revoked because of unacceptable activity.
- Assist with the development and implementation of internal controls designed to minimize loss exposure for the credit union and ensure fraud prevention of its members.
- Assist team members with compliance issues and procedure questions.
- Additional duties as assigned.
Qualifications EDUCATION AND EXPERIENCE - A minimum of two (2) years’ financial institution experience required.
- Fraud investigation or compliance experience is a plus.
- Associates degree or higher in a related field required.
- Professional certification preferred.
- Equivalent combination of education and experience will be considered.
KEY COMPETENCIES - Thorough understanding of financial and operational functions.
- Knowledgeable of state and federal laws and regulations related to the financial industry and fraud.
- Use effective judgment to make sound decisions while minimizing the Credit Union’s exposure to risk.
- Understanding of credit functions and procedures.
- Ability to read, analyze, research, and interpret applicable industry-related journals and other sources of information.
- High degree of accuracy and attention to detail.
- Ability to effectively respond to common inquiries from members, team members, or regulatory agencies.
- Excellent oral and written communication skills to aid in facilitating compliance discussions with applicable parties and writing reports, business correspondence, and procedure manuals.
- Ability to solve practical problems and think critically.
- Demonstrated ability to achieve goals.
- Ability to work well with others at all levels of the organization.
- Demonstrated ability to work independently, work collaboratively, handle multiple priorities, exercise good judgment, and employ initiative.
- Proficient in the use of personal computers and associated software (e.g., word processing, spreadsheets, etc.).
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
- Ability to read and interpret a variety of instructions furnished in written, oral, diagram, or schedule form such as operating instructions and procedure manuals.
- Ability to operate standard office equipment and tools, such as a personal computer terminal, keyboard and mouse with visual monitor, calculator, computer printer, fax machine, telephone, photocopier, scanner, and security system.
PHYSICAL DEMANDS AND WORK ENVIRONMENT - Work Environment : Business office, the noise level in the work environment is usually quiet to moderate.
- Physical Requirements: Ability to sit or stand at a desk the majority of the workday; talk or hear; stand or walk occasionally. While performing the duties of this job, the team member is typically utilizing a computer, keyboard, and phone. May occasionally reach with hands and arms; stoop, kneel, and crouch. The employee may occasionally lift and move up to 30 pounds.
WHAT DO WE OFFER? Benefits - Medical, dental and vision insurances
- Supplemental insurances
- Pre-tax and Roth 401(k) Safe Harbor options
- Flexible spending accounts
- Health Savings Account (HSA)
- Paid time off (PTO)
- Paid holidays, including birthday
- Bereavement and pet leave
- Basic Life/AD&D, short-term and long-term disability coverage at no cost
- Voluntary Life/AD&D
- Employee Assistance Program
The above information has been designed to indicate the general nature and level of work performed by persons within this job this job classification. It is not designed to contain or be interpreted as a comprehensive inventory of all the duties, responsibilities, and qualifications required of persons assigned to this job. Additional duties may be required to perform the job effectively.
Job Tags
Holiday work, Temporary work, Local area, Flexible hours,