Job Description
Job Description
The Fraud Specialist is responsible for identifying, investigating, and preventing fraudulent activities within our organization. This role involves analyzing data, monitoring transactions, and implementing strategies to mitigate fraud risks. The incumbent has a strong understanding of fraud detection techniques, excellent problem-solving skills, and the ability to work collaboratively with other departments. The Fraud Specialist will work in conjunction with the BSA Analyst and assist in supporting various Anti-Money Laundering (AML) and fraud processes, which might include suspicious activity investigations, reporting, and enhanced due diligence.
Key Responsibilities:
- Monitor and analyze transactions to identify suspicious activities and potential fraud.
- Conduct thorough investigations into suspected fraud cases, gathering evidence and documenting findings.
- Develop and implement fraud prevention strategies and controls.
- Review system-generated alerts to assess the presence of illicit activity that may require reporting based on Bank Secrecy Act (BSA)/AML requirements.
- Document investigative results in written format and provide sufficient research to support investigative recommendations.
- Complete and validate quality draft Suspicious Activity Reports (SARs) in accordance with procedures through Verafin, consistent with the requirements of Financial Crimes Enforcement Network (FinCEN).
- Escalate issues as appropriate for advanced investigation and analysis.
- Build and maintain awareness of the broader context and implications of the various types of risk affecting the business (e.g., financial, legal, reputation, etc.).
- Engage with peers and team to support the Fraud collaborative environment.
- Provide training and support for other team members on fraud detection techniques and procedures.
- Assist in the development and maintenance of fraud detection procedures and tools.
- Prepare detailed reports on fraud incidents and present findings to management.
- Stay up to date with industry trends and best practices in fraud detection and prevention.
Qualifications:
- At least 6 months in the financial services industry.
- At least 6 months of experience in AML, Fraud, Investigations, or an Analyst role.
- Strong understanding of banking/credit union systems, procedures and regulations
- Proficiency with Microsoft Office.
- Strong analytical and problem-solving skills.
- Excellent attention to detail and the ability to work independently.
- Proficiency in data analysis tools and software.
- Strong communication and interpersonal skills.
- Knowledge of relevant laws and regulations related to fraud and financial crimes.
Preferred Qualifications:
- Bachelor's degree in Finance, Accounting, Business Administration, or a related field.
- Professional certification such as Certified Fraud Examiner (CFE), Association of Certified Anti-Money Laundering Specialists (ACAMS), Certified Financial Crimes Investigator (CFCI), or other relevant certification(s) or industry-related association membership.
- Experience with fraud detection methods, systems and tools.
- Knowledge of industry-specific fraud risks and mitigation strategies.
- Experience with COCC and Verafin a plus.
Compensation + Benefits
- The salary range for this position is $60,000 to $70,000 per year, depending on experience and qualifications.
- Medical, vision, dental, HSA, 401k, paid time off, holidays
Job Posted by ApplicantPro