Fraud Analyst

Job Description

The Fraud Analyst assumes the role of the Verafin administrator for the Bank’s fraud management platform. He or she is responsible for the investigation of fraudulent, improper and/or illegal activities by employees and customers. The Fraud Analyst analyzes suspicious patterns, behaviors and transactions in order to detect suspicious activities that could be an indicator of fraudulent activity such as; insider threats, new account and credit card fraud, identity theft and unauthorized access.

He or she uses various techniques, such as data analysis and fraud examination to gather evidence and build cases against individuals that conduct fraud. The Fraud Analyst works with internal departments and branches, depending on the type of fraud identified, to prevent further losses and recover funds. He or she conducts necessary research to prevent and identify fraud situations. The Fraud Analyst serves as a primary point of contact for all branches and departments when fraud is identified in a customer’s account.

He or she assists with clerical and administrative tasks associated with fraud prevention and bank security.

• Must be at least 18 years old
• High school diploma or GED required
• Two years of previous experience in banking with a thorough understanding of check, ACH and wire transactions, including relevant banking regulations and laws
• Well organized
• Good typing skills
• Able to use a computer, adding machine, copy machine, and basic business equipment
• Able to get along well with coworkers
• Intermediate to advanced knowledge of Microsoft Office software applications

• Using Verafin’s software platform, which reviews large volumes of data to identify patterns and anomalies that may indicate fraudulent activity on customer accounts, monitors alerts and identifies possible fraudulent activity
• Sends necessary alerts to applicable branches/departments for timely action in the respective programs in order to reduce potential losses to the bank
• Understands, and to the extent possible, ensures timely return time frames regarding check, ACH, POS, Zelle and other applicable transactions
• Evaluates the likelihood of fraud based on risk factors such as the type of transaction, parties involved, and account history
• Communicates with customers and businesses that may be affected by fraud to gather additional information and clarify any discrepancies
• Serves as a primary point of contact for all branches and departments when fraud is identified on a customer’s account and assist with completing and gathering all required documentation
• Prepares and sends forms required by other financial institutions, such as hold harmless or indemnification documents in order to recover fraud losses
• Assesses the effectiveness of existing fraud prevention measures and identifies gaps or weaknesses in the Bank’s current process
• Makes recommendations for adjustments to current fraud strategies when necessary changes are identified
• Assists with the implementation of new software and fraud related processes
• Reviews transactions in order to recognize patterns of fraud and suggest new methods of detection, mitigation and prevention
• Assumes responsibility for specific duties in order to support the Corporate Security Officer with fraud prevention, and bank security
• Develops training materials, such as presentations, videos, or written materials that provides guidance on identifying and preventing fraudulent activity
• Orders training materials from the Federal Trade Commission and the Consumer Financial Protection Bureau when necessary
• Assists with maintaining records of Restitution Orders for crimes committed against the Bank and it’s customers
• Assists with the testing of security systems and fraud detection measures to evaluate effectiveness
• Updates Verafin or other case management software to reflect payment status and monies owed
• Forwards Restitution Orders to the Special Assets Department for civil or small claims filings when necessary
• Assists with the processing of restitution payments received to the appropriate general ledger account based on the branch or department affected
• Assists with pulling video footage…