Fraud Analyst

Overview:
General Summary:

A Fraud Analyst plays a critical role in identifying, preventing, and mitigating fraudulent activities within an organization. This position involves analyzing data, patterns, and trends to detect potential instances of fraud or unauthorized activities. The Fraud Analyst collaborates with various departments and members with challenging, problematic, and intricate questions relating to fraud and loss prevention and works to develop strategies for supporting the credit union’s fraud and loss prevention efforts.  

Responsibilities:

ESSENTIAL FUNCTIONS AND BASIC DUTIES

1. Assumes responsibility for the duties pertaining to the department.

 

Fraud Detection and Analysis

Monitor and analyze transactions, accounts, and activities to identify suspicious patterns and anomalies that might indicate fraudulent behavior.

Utilize data analysis tools and techniques to review datasets and identify irregularities.

Investigate and assess potentially fraudulent activities, collecting evidence and documentation for further action.

 

Risk Assessment:

Evaluate the severity and potential impact of identified fraud cases to determine appropriate response measures.

Collaborate with risk management teams to assess the overall risk associated with emerging fraud trends and methods.

  

Report Generation:

Create detailed reports on identified fraud cases, including relevant evidence, findings, and recommended actions.

Present findings to relevant stakeholders, such as management, legal teams, and law enforcement, when necessary.

 

Fraud Prevention Strategy:

Assist in developing and implementing fraud prevention strategies, policies, and procedures.

Continuously update fraud prevention measures to stay ahead of evolving fraud tactics.

 

Data Analysis and Technology:

Utilize data analysis tools, fraud detection software, and technology solutions to automate and enhance fraud detection capabilities.

Stay informed about the latest fraud detection technologies and industry best practices.

 

Collaboration:

Collaborate with cross-functional teams, including internal audit, compliance, retail operation, back office, and member engagement, to share insights and coordinate efforts in fraud prevention.

Handles escalated and more difficult, problematic, and intricate member concerns.

Participate in discussions and training sessions to raise awareness about fraud risks and prevention techniques.

 

Compliance:

Ensure compliance with legal and regulatory requirements related to fraud prevention and reporting.

Adhere to data protection and privacy standards while handling sensitive information.

 

2. Assumes responsibility for establishing and maintaining working relationships with members and

employees.

Review account opening applications for deposits and credit cards for potential ID theft, account take over or potential first party fraud, as well as debit card and credit card alerts.

Responsible for conducting outgoing calls to members as well as taking incoming calls to assess for ID theft, Account takeover or potential first party fraud and full remediate as necessary.

Keep management appropriately informed of trends and escalate as appropriate.

Ensure compliance of all applicable regulations, industry standards, and internal policies

Knowledge of credit union policies and procedures.

Attends monthly fraud department staff meetings.

Ability to meet deadlines and follow up with members and employees.

Takes on additional projects and duties as needed.

 

3. Assumes responsibility for other related duties as required or assigned.

Assists other team members when workloads and call volumes are high.

 

 

Qualifications:
EDUCATION/CERTIFICATION:

Bachelor’s degree in relevant field from an accredited university preferred or 1 to 2 years of related experience and/or training in the financial industry desired. Fraud or related certification desired.

 

REQUIRED KNOWLEDGE:            

Proficiency in using data analysis tools and fraud detection software. Working knowledge of related computer applications including Microsoft word and Excel.

                                               

EXPERIENCE REQUIRED:         

Strong analytical skills with the ability to interpret data and identify patterns. Excellent attention to

detail and critical thinking abilities. Knowledge of fraud and dispute processing and other applicable regulations including BSA, VISA, Reg E, UCC, etc., preferred. Excellent verbal and written communication skills. Prior experience in fraud detection, risk management, or related roles is preferred.

                                                         

SKILLS/ABILITIES:                     

Ability to solve problems and carry out responsibilities with little supervision. Strong organizational and member service skills. Strong ethical and moral judgment, maintaining confidentiality & professionalism. Ability to work across organizational lines to foster teamwork, trust, and quality.

Execution. Ability to work independently in a changing environment. Ability to interact effectively at all levels and under trying situations. Ability to adapt as the credit union evolves and workloads increase. Exceptional attention to detail and organizational skills.

Important Notes:
Working Conditions and Physical Demands

Work is performed in a general office environment. This position does not require significant physical efforts.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.  Refer to the Safety & Health Policy found in California Credit Union’s Employee Handbook & Resource Guide.

 

The information contained in this job description is not exhaustive of all the duties and responsibilities associated with the job and does not alter or modify the at-will employment relationship that exists between California Credit Union and the employee.  Additionally, nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.

 

EOE

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