Description

As a Fraud Specialist at Community Choice Credit Union, you will conduct thorough investigations into suspected fraudulent activities related to member accounts, transactions, and other financial activities. The primary role will be to protect the credit union’s assets, minimize financial losses, and maintain the trust of our members by ensuring the integrity of our financial systems. You will collaborate with various departments to gather evidence and analyze data to prevent and detect fraudulent activity. 

What You’ll Be Responsible For:

• Fraud Detection & Risk Mitigation: Monitor account activity and transaction patterns to identify suspicious behavior indicative of fraud. Utilize advanced fraud detection tools and techniques to proactively identify and mitigate potential risks. Implement and enhance fraud prevention measures and controls to minimize the credit union’s exposure to financial losses and reputational damage. Stay informed about industry trends, regulatory requirements, and emerging fraud schemes to continuously improve fraud detection and prevention strategies. 

• Investigation and Analysis: Serve as the main point of contact with members and law enforcement as it relates to fraud concerns and unusual business activity. Conduct thorough investigations into suspected fraudulent activities, including analyzing transaction data, gathering evidence, and collaborating with internal teams and external partners. Determine the appropriate response to ensure minimal loss to the organization in accordance with Community Choice Credit Union’s practices and following government regulations.

• Documentation and Reporting:  Maintain detailed records of fraud cases, investigation findings, and actions taken. Prepare comprehensive reports documenting trends, patterns, and emerging threats for management review and regulatory compliance. File necessary police reports and prepare letter of indemnity to recover fraud related funds from other financial institutions. Collect and report suspicious activity information utilizing suspicious activity reports, and documented organization processes. File bond claims on behalf of Community Choice Credit Union and coordinate recovery of fraud losses with the Account Services Department. Facilitate the correction of Credit Bureau hits origination from fraudulent activity.

• Member Support: Assist members affected by fraud incidents by providing guidance, support, and resources to mitigate potential financial losses and restore account security. Educate members on fraud prevention techniques and help them recognize warning signs of potential scams or identity theft. 

• Training and Education: Join and actively participate in local, state and federal fraud prevention organizations. Create positive working relationships functioning as the liaison with the law enforcement agencies.

Qualifications

Who We’re Looking For:

• A high school education /GED, or a degree in criminal justice, or related field preferred.
• 1-3 years’ experience in fraud detection, investigation, or financial crime management within the banking or credit union industry is highly desirable.
• Strong analytical skills with the ability to interpret complex data sets and identify irregular patterns or anomalies. 
• Excellent communication skills, both verbal and written, with the ability to convey complex information clearly and concisely.
• Knowledge of relevant laws, regulations, and industry standards governing fraud prevention and financial crime compliance. 
• Demonstrated integrity, ethics, and a commitment to maintaining confidentiality and protecting sensitive information.