Fraud Specialist

Fraud Specialist

Department

Risk Management

Reports To

Risk Manager/ Chief Risk Officer

Pay Classification

Hourly

FLSA Status

Non-Exempt

Position Grade

8

To assist the credit union in achieving its mission statement: “
PFCU WILL DELIVER FINANCIAL WELL-BEING WITH VALUE, CONVENIENCE AND EXCEPTIONAL SERVICE
”. The Fraud Specialist is responsible for executing successful fraud mitigation strategies to effectively track, monitor and prevent fraudulent losses. In addition to administering PFCU’s fraud prevention program, the Fraud Specialist will support the investigation process by working with local authorities to recover member and credit union assets.
Support, model & adhere to PFCU’s Service Standards as outlined in My MARC.

• Identifies and mitigates fraud risk exposure by monitoring and detecting fraud through the investigation of unusual activity, the review of alerts, reports, and other information including investigations of new account, check, ACH/wire, loan, credit and debit fraud, shared branching, and online banking, etc.
• Focuses on the prevention and recovery of fraudulent losses, coordinates fraud prevention strategies, and supports other risk management programs.
• Maximizes the capabilities of fraud tools, such as Symitar, ARCU, Pay Railz and Verafin, to effectively detect and mitigate fraud.
• Initiates contact with members and employees to verify account activity and provides recommendations and education related to fraud prevention and account security.
• Keep the Risk Manager and the Chief Risk Officer abreast of all fraud activity and prepares and files bond claims, as applicable.
• Processes FIS, Verafin, CSR, P2P, and M2M alerts.
• Prepares documentation for prosecution against individuals who have caused a financial loss to the Credit Union.
• Builds relationships and collaborates within the credit union/banking industry and law enforcement communities and industry contacts for the purpose of intelligence gathering and other fraud prevention related activities.
• Process subpoenas served to the credit union for fraud related activity. Retain documentation of all subpoenas and material submitted.
• Maintain accurate records of fraud activity to analyze and detect current and emerging fraud trends.
• Coordinate with internal departments to collect fraud case data to support legal claims.
• Performs file maintenance on accounts, including closing membership accounts due to improper activity.
• Prepares documentation and communicates with members who are a victim of, or involved in, fraud.
• Assist members or be able to refer to proper area of Credit Union.
• Process department mail and e-mail requests.
• Performs skip tracing of members.
• Maintain cleanliness and security of work area and equipment, including protecting the confidentiality of member information.
• Review each disputed card transaction to determine trends and communicate with FIS to get rules placed.
• Present fraud trends, schemes, quarterly at the front-line team meetings.
• Develop and disseminate monthly PFCU Fraud Newsletter.
• Maintain and image all close out packets for credit cards with fraud claims, including full recoveries.
• Create and maintain fraud procedures for back office and front line.
• Collaborate and determine if services are to be restricted or reinstated, including possibility of membership termination.
• Maintain resources on the Fraud Public file for employees. Update and suggest resources to marketing for PFCU public webpage.
• Develop agenda and facilitate monthly fraud team meetings
• Categorize all fraud losses reported to the fraud GLs to accurately maintain and report monthly fraud losses by fraud type.
• Pursue recoveries utilizing the hold harmless letter and legal resources.
• Seek training opportunities to develop or enhance through training, conferences, reading etc. Willingly participate in and attend educational functions and meetings as requested by management.
• Perform all other duties as assigned.

Follows regulatory and policy compliance requirements which would include those efforts in compliance with Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC), Red Flag and…