Primary Function:
Responsible for overseeing the Credit Union’s loss prevention and fraud detection activities, including the monitoring, investigation, and resolution of potentially fraudulent or suspicious account activity. Provides leadership and technical guidance to staff regarding fraud prevention, emerging fraud trends, investigative practices, and applicable Credit Union policies and regulatory requirements. Works collaboratively with departments across the Credit Union to identify fraud risks, strengthen controls, minimize losses, and protect members and Credit Union assets.
Major Duties and Responsibilities
- Manage and oversee investigations involving actual or suspected fraud, account abuse, identity theft, check fraud, electronic fraud, and other financial crimes affecting members or the Credit Union. Ensure appropriate documentation is maintained and coordinate referrals, claims, recovery efforts, and reporting to law enforcement or other external parties, as applicable.
- Oversee the daily review and management of digital banking fraud alerts, including activity indicative of identity theft, account takeover, credential compromise, anomalous login behavior, and other potentially unauthorized activity. Ensure alerts are investigated and resolved timely, appropriate protective actions are taken, and significant trends or control concerns are escalated to management.
- Communicate directly with members regarding suspected or confirmed fraud, identity theft, account takeover, and other unauthorized activity. Provide guidance on appropriate remediation and account cleanup, coordinate necessary account or service changes, and ensure protective measures are implemented to mitigate additional loss and restore the member’s account relationship.
- Provide support for Returned Deposited Item processing and other fraud-related operational activities in coordination with Electronic Processing, Accounting Card Services, and other applicable departments.
- Oversee loss-recovery and charge-off activities related to negative-balance and fraud-related accounts. Ensure accounts are processed, closed, charged off, and presented for required approval in accordance with established Credit Union policies and delegated authority.
- Oversee ChexSystems reporting, inquiries, and consumer disputes and ensure reporting is completed accurately and in accordance with Credit Union procedures and applicable requirements.
- Provide leadership, guidance, and subject-matter expertise to Fraud and Loss Prevention staff and other Credit Union employees regarding fraud identification, investigation, prevention, and response.
- Review elevated or complex fraud and account-abuse cases and determine appropriate risk-mitigation actions, including account restrictions, card closures, account closures, recovery efforts, or escalation to management.
- Review and analyze higher-risk or large-dollar deposited items and other transactions identified for enhanced review and determine appropriate action to mitigate potential losses.
- Maintain a thorough working knowledge of the Credit Union’s fraud detection, case-management, and BSA/AML systems. Monitor system effectiveness and recommend rules, workflow, or process enhancements to improve fraud detection and loss prevention.
- Develop, maintain, and periodically review Fraud and Loss Prevention procedures, workflows, and internal controls to promote consistency, efficiency, appropriate documentation, and effective risk management.
- Monitor emerging fraud schemes, financial-crime trends, and industry developments. Analyze internal fraud patterns and loss trends and recommend enhancements to controls, systems, procedures, and employee awareness efforts to reduce fraud exposure.
- Maintain relationships and coordinate, as appropriate, with law enforcement agencies, industry fraud groups, financial institutions, vendors, and other external partners to support investigations, information sharing, and fraud-prevention efforts.
- Develop and deliver periodic fraud awareness and educational training for Credit Union employees regarding emerging fraud schemes, red flags, investigative techniques, and loss-prevention practices.
- Communicate significant or emerging fraud events, trends, and lessons learned to appropriate employees and management to strengthen awareness and reduce the likelihood of recurring losses.
- Administer or support the Credit Union’s employee fraud-recognition program to acknowledge employees who identify suspicious activity and contribute to the prevention of fraud losses.
- Partner with BSA/AML, Compliance, Operations, Card Services, Information Technology, and other departments to ensure appropriate escalation, investigation, documentation, and resolution of fraud-related matters.
- Maintain a working knowledge of applicable Bank Secrecy Act/Anti-Money Laundering (BSA/AML), Office of Foreign Assets Control (OFAC), Customer Due Diligence (CDD), and Suspicious Activity Reporting requirements as they relate to fraud investigations. Identify and appropriately escalate activity that may require BSA/AML review or regulatory reporting.
- Complete required BSA/AML, OFAC, cybersecurity, phishing-awareness, and other assigned compliance training and perform responsibilities in accordance with applicable Credit Union policies, procedures, and regulatory requirements.
- Prepare and provide periodic reporting to management regarding fraud activity, losses, recoveries, emerging trends, significant cases, and the effectiveness of fraud-prevention controls.
- Understand and describe the purpose of the Bank Secrecy Act (BSA), Anti Money Laundering, and Office of Foreign Asset Control policy (OFAC). Identify the BSA Administrator and responsibilities. Complete annual BSA training. Know where to find the BSA policies, procedures, and forms.
- Responsible for processing member information and transactions consistent with BSA policy and procedures. Understand the regulatory requirements and the internal BSA/AML policies, procedures, and processes. Understand and describe; Suspicious Activity Report (SAR), Currency Transaction Report (CTR), Customer Due Diligence policy (CDD), and Office of Foreign Asset Control policy (OFAC). Complete and file appropriate forms in a timely manner; Suspicious Activity Report, Currency Transaction Report, Document CRM consistently as directed by operational procedures.
- Responsible for understanding and complying with the iTHINK Financial Cybersecurity Phishing Standards and Guidelines for the safety and soundness of the Credit Union. Complete on-going training as assigned to stay current with new trends. Know where to find the Cybersecurity policies and procedures.
- Perform other duties and responsibilities as assigned in support of the Credit Union’s fraud prevention, loss mitigation, and risk-management objectives.
Skills, Knowledge, and Ability
- Thorough knowledge of Credit Union products, services, operations, policies, procedures, and member service standards.
- Strong knowledge of fraud prevention, loss mitigation, identity theft, account takeover, payment fraud, check fraud, digital banking fraud, and other emerging financial crime trends.
- Working knowledge of applicable federal and state laws, regulations, and industry guidance related to fraud prevention, investigations, consumer protection, fraud and loss prevention.
- Strong proficiency with the Credit Union’s core processing, fraud detection, case-management, digital banking, and related systems.
- Ability to analyze complex transactions, fraud alerts, account activity, and investigative information to identify risk and determine appropriate action.
- Ability to exercise sound judgment and make timely decisions regarding account restrictions, escalations, investigations, and loss-prevention measures.
- Strong written and verbal communication skills, including the ability to clearly document investigations, communicate findings, and provide guidance to employees and management.
- Ability to effectively lead, coach, and support Fraud staff while promoting consistency, accountability, and sound investigative practices.
- Strong organizational and time-management skills with the ability to manage multiple priorities, investigations, and deadlines in a fast-paced environment.
- Ability to interpret and follow complex policies, procedures, regulatory requirements, and written or verbal instructions.
- Ability to collaborate effectively with BSA/AML, Compliance, Operations, Information Technology, Card Services, Digital Banking, law enforcement, and other internal and external partners.
- Ability to serve as a knowledgeable resource and provide operational support or backup for other Fraud functions as needed.
Behavioral Model; What Activities Are Involved
- Communicate clearly, professionally, and effectively, both verbally and in writing, with members, employees, management, law enforcement, and other internal or external partners.
- Prepare, maintain, and safeguard confidential investigative files, case documentation, records, and reports in accordance with Credit Union policies and applicable requirements.
- Effectively manage and prioritize multiple investigations, member concerns, fraud alerts, and operational requests while maintaining a high level of accuracy, responsiveness, and member service.
- Process and handle member information and transactions in accordance with applicable BSA/AML requirements, Credit Union policies, procedures, and confidentiality standards.
- Exercise sound judgment and independent decision-making within established authority when evaluating fraud-related activity, determining appropriate actions, and escalating higher-risk or complex matters.
- Demonstrate professionalism, discretion, and empathy when communicating with members who may be experiencing fraud, identity theft, account takeover, or other potentially stressful financial situations.
- Collaborate effectively with employees and departments across the Credit Union to resolve fraud-related matters, strengthen controls, and support consistent loss-prevention practices.
Outcomes; The expected results, goals, and objectives.
- Individual goals for productivity and accuracy are achieved.
- Ensure the confidentiality and security of fraud being processed.
- All work performed conforms to Credit Union guidelines and standards.
- Perform other duties as may be assigned by Director of BSA & Fraud.
Education and Experience
Job requires a four-year college level of language, math and reasoning skills and three or more years of experience, or an equivalent combination of education and/or work experience. Formal position training should be supplemented with continuing education. This is an exempt position.
Physical Requirements iTHINK Financial Credit Union is committed to working with its employees to reasonably accommodate them with the physical aspects of the position. The following list outlines the physical considerations that are normally encountered in this job. o Vision: Ability to complete necessary paperwork and verify signatures and proper completion of documents by members o Speech/Hearing: Ability to communicate verbally and in writing with staff, members and vendors. o Manual Dexterity: Ability to perform necessary computer-related input. o Physical Mobility: Limited mobility required. Requires the ability to work flexible hours and overtime as required.
Work Environment/Physical Activities
Ability to work in fast-paced environment. Ability to handle multiple tasks simultaneously. Work creates normal fatigue daily. Work creates moderate stress during certain periods during daily routine. Job does not have specific volume and pace of work standards except that the job requires that members be served in the timeliest manner possible. Job requires extensive member contact on a continual basis.
Notice: This job description is not intended to be, nor should it be construed as, a contract for employment. iTHINK Financial Credit Union makes no guarantee of permanent employment. This job description is to be used as a guideline to give you an understanding of what the credit union has defined this position to be. iTHINK Financial Credit Union is willing to accommodate handicaps to the extent a financial services organization can without impacting financial control or member service. iTHINK Financial Credit Union is an Equal Opportunity Employer.
