We are looking for ... Fraud Officer
Fraud Officer
$100,000-$140,000
Position Summary
The Fraud Officer is responsible for the proper oversight of Carver Federal Savings Bank Fraud Risk
Management Program approved by the Board of Directors to detect, prevent, and deter fraud or
possible fraud that is an essential part of the safe and sound operations of the Bank.
Responsibilities
Fraud Officer: Serve as the Bank’s primary point of contact to fraud prevention and detective
measures. This entails:
- Analyzes customer account activity though the utilization of transactional fraud, check scoring,
ATM and POS scoring, core system, and report research tools to ensure the Bank maintains a high
level of loss avoidance and a low level of risk due to fraudulent activity within the Bank’s
customer base.
- Assists in the process of safeguarding Bank assets and minimizes operating losses and exposure
to loss through effective loss analysis and prevention procedures.
- Performs ongoing risk assessments to determine areas of heightened risk for possible fraud and
adequacy of the
Bank’s detective and control environment.
- Provides quality service to Bank customers and business partners through the utilization of
fraud and research tools in an efficient manner.
- Develop and maintain daily processing checklists and logging processes .
- Performs strategic analysis of fraud trends and patterns, manages system configurations, and
provides subject
matter expertise on industry “best practices” to prevent fraud.
- Understands the digital delivery channels as it relates to products and services offered by the
Bank and the corresponding security strengths and weaknesses, including proficient knowledge and
understanding of customer authentication methods, transactional risk scoring, core system
configuration and risk mitigation methodologies and requirements.
- Reviews and analyzes risk activity on alerted accounts to determine potential fraud related to
items such as
checks or ACH items processed, debit cards, kiting, new accounts to determine application and data
validity, and researches suspect account activity and takes appropriate action such as, but not
limited to, restricting or closing accounts to prevent fraudulent financial transactions to
mitigate loss to the Bank and its customers in accordance with established rules and Bank policies
and procedures.
- Implements account relationship closure to avoid continued loss, determines whether holds or
account restrictions may need to be placed against accounts through analysis of the account
relationship and the probability of loss to the Bank, and assists in the determination if a
Suspicious Activity Report (SAR) should be
filed with Financial Crimes Enforcement Network (FinCEN).
- Develops, reviews, and analyzes custom fraud reports, validating suspected items against
established rules, identifies problems and presents written solutions ensuring accuracy and
validity of information, compiles data, and maintains necessary records and files to ensure
efficient and consistent reporting of all suspicious investigations, and defines and documents
business requirements, processes and methodologies needed to develop and support fraud prevention
systems.
- Develops best practices and processes for fraud scoring rules, strategies, and other business
improvements to
help reduce fraud activity and chargebacks.
- Evaluates the adequacy and effectiveness of policies, procedures, processes and internal
controls, reviews and analyzes findings to determine level of risk, drafts corrective action plans
and assists in managing change to prevent/mitigate risk, and performs risk analysis and modeling as
a precursor to building financial crimes strategies and models that directly impact operating
losses and indirectly impact credit losses.
- Partners with Information Technology to identify data sources and develop processes and
reporting for capturing required data.
- Works with various Bank personnel and law enforcement authorities in researching and
investigating suspicious events, maintains centralized fraud incident response reports, and
develops and maintains a working relationship with state and federal law enforcement agencies.
- Assists with the development, implementation, and monitoring of fraud prevention initiatives
including concentration analysis and establishment of exposure limits.
- Assists in comprehensive self-testing, independent third party and regulatory audits, makes
necessary preparations for such audits or exams, assists in the coordination of responses to
external auditors and regulatory examiners, and ensures deficiencies identified from such audits
and examinations are corrected.
- Conducts fraud and suspicious activity training presentations and exercises with all Bank
personnel, including material presented to employees during the new hire orientation process.
- Responds to inquiries or refers inquiries to the appropriate department or person and exhibits
the necessary follow through with customers and/or staff involved.
- Processes, solves, and answers complex customer transactions, problems, or inquiries.
- Assures compliance with all Bank policies, procedures and processes, and all applicable state
and federal banking laws, rules, and regulations, and adheres to Bank Secrecy Act (BSA)
responsibilities that are specific to the position.
Qualifications/Requirements
The requirements listed below are representative of the knowledge, skill and/or ability required to
perform the position in a satisfactory manner. Individual abilities may result in some deviation
from these guidelines.
- Bachelor’s degree from a four-year college or university, or ten years of related experience
and/or training, or the equivalent combination of education and experience. Work related experience
should consist of an in-depth background in financial institution operations, security or
information security, or legal areas involving investigations or fraud prevention. Educational
experience, through in-house training sessions, formal school or financial industry related
curriculum, should be applicable to the financial industry, or regulatory or law enforcement
agency.
- Intermediate experience, knowledge, and training in all Bank operational terminology.
- Knowledge of related state and federal banking compliance regulations, Bank operational policies
and procedures, and
the Bank’s products and services.
- Advanced knowledge of regulations pertaining to suspicious customer activity, including
preparation, and filing of SARs.
- Advanced knowledge and ability to detect and identify various white-collar crimes, general fraud,
and money laundering schemes using various fraud prevention controls and monitoring systems.
- Proven ability to effectively train and instruct others in a formal classroom or one-on-one
environment.
- Ability to read, analyze and interpret general business periodicals, professional journals, and
technical procedures .
- Excellent organizational and time management skills.
- Advanced skills in computer terminal and personal computer operation, host computer system, word
processing, spreadsheet, and specialty software programs.
- Advanced ability with report writing utilities, with the ability to develop historical reports
sourced from bank core systems, utilizing data warehouse reporting tools. (Jack Henry Card Connect
Analytics, and IBM Cognos)
- Exceptional verbal, written and interpersonal communication skills with the ability to apply
common sense to carry out instructions and instruct others, train personnel, write reports,
correspondence, and procedures, speak clearly to customers and employees.
- Ability to deal with complex problems involving multiple facets and variables in non-standardized
situations.
- Ability to work with no supervision while performing duties.
