What are the responsibilities and job description for the Fraud Analyst position at Palmetto Citizens Federal Credit Union?
The Fraud Analyst is responsible for mitigating fraud risk to the Credit Union and its members by identifying, investigating, and remediating fraudulent activity occurring in member accounts. This includes, but is not limited to, daily alert and report reviews, as well as answering inbound telephone calls from both members and internal departments. This position requires a broad knowledge of fraud methodologies and trends across all Credit Union transaction channels, including ATM/debit cards, online banking, branch banking, ACH, wires, electronic funds transfers, and payments. This position is responsible for the investigation of fraudulent, illegal, or improper activities by internal or external means, and the prevention and recovery of losses incurred by such activities. This position researches, analyzes, and generates accurate and meaningful information to assist in performing fraud investigation and loss prevention functions to detect, identify, prevent, and protect the Credit Union from financial crimes and fraudulent activities.
Fraud Analysis
Fraud Analysis
- Reviews and investigates alerts on credit union fraud detection systems and takes appropriate action to prevent or mitigate losses to the credit union, refer to third parties, complete investigative reports of suspicious activity and ensure continued monitoring.
- Reviews, researches, and analyzes account activity including, but not limited to new accounts, new loans, ATM transactions, wire and ACH transfers, branch transactions, online banking transactions and credit card and debit card activity to assess levels of risk and detect fraudulent activity.
- Assesses credit union policies, procedures and practices related to internal controls and makes recommendations to update and enhance policies, procedures and practices as needed.
- Assists the Fraud Manager in identifying fraud trends, creating mitigation strategies, and recommending fraud detection strategy changes.
- Investigates and maintains case documentation for all account reviews.
- Provides case resolution recommendations based on fraud trends and transaction analysis.
- Interviews victims, witnesses, merchants, other financial institutions, employees, or suspects to establish and document details of the fraud incident.
- Acts as a liaison with law enforcement (federal, state, and local) and social service agencies by providing detailed information, attending court hearings as needed and pursue prosecution/restitution as appropriate.
- Investigates and prepares a detailed transactional and financial analysis summarizing fraudulent activity, gathers documentation and logs all suspected fraud events. Identifies and documents solutions to mitigate further potential fraud exposure at the conclusion of the investigation of each fraud event.
- Provides guidance to management and employees to ensure appropriate actions are taken to mitigate losses and loss exposure.
- Works collaboratively with the BSA-AML Compliance Officer to investigate fraudulent activity that meets Bank Secrecy Act reporting requirements to the Bank Secrecy Act Analysts. Assists with collection of data and reporting for other regulatory requirements related to Identity Theft, red flags and/or Elder Abuse.
- High School Diploma required; College degree preferred.
- Related professional certifications such as Credit Union Security & Fraud Expert (CU-SFE), VERAFIN, or the ability to obtain.
- 1 years of experience at a Credit Union and/or financial institution preferred.
- Fraud investigations experience along with understanding and knowledge of fraud loss prevention, mitigation, and investigation is preferred.
- Demonstrate proficient use of Microsoft Windows, Outlook, Word and Excel spreadsheets and other business skills appropriate to the position.
- Excellent verbal and written communication abilities to effectively collaborate and interact with colleagues, clients, and stakeholders.
- Solid analytical and problem-solving abilities.
- Competency in exercising good judgment and decision-making.
- Tough minded, persistent, and tactful.
- Ability to prioritize tasks and meet deadlines in a fast-paced environment.
- Good public relations abilities.
- Able to work well independently.