Fraud Analyst II (Chicago, IL

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Full Time Corporate Operations 180 N. LaSalle Street, Chicago, IL, US

2 days ago Requisition

Salary Range: $61,000.00 To $76,000.00 Annually

Objective of Position:

The Fraud Analyst II serves as a senior fraud investigator and subject matter expert responsible for conducting complex fraud investigations, identifying emerging fraud trends, and supporting fraud prevention efforts. This role reviews transactional activity, customer accounts, and supporting documentation to detect potential fraud and financial crime risks. The Fraud Analyst II prepares Suspicious Activity Investigation Reports (SAIRs) and Suspicious Activity Reports (SARs), makes risk-based decisions, and escalates matters to management, compliance, legal, or law enforcement as appropriate.

The position also supports fraud loss recovery efforts and collaborates with internal business partners and local, state, and federal law enforcement agencies on suspected fraudulent or illegal activity. This role is critical to minimizing fraud losses and ensuring compliance with regulatory requirements.

Duties and responsibilities:

• Investigates fraud cases escalated by Fraud Specialists, manual reviews, and other business units.
• Reviews and properly disposition complex alerts assigned as warranted.
• Leads fraud investigations and prepare Suspicious Activity Investigation Reports (SAIRs) and Suspicious Activity Reports (SARs) in compliance with regulatory requirements and internal policies.
• Reviews case management software to investigate and disposition cases as required, including fraudulent/unusual activity escalated through internal channels.
• Perform independent investigations involving fraud schemes such as account takeover, identity theft, synthetic identity fraud, elder financial exploitation, check kiting, counterfeit checks, and other suspicious activities.
• Analyzes complex fraud patterns, trends, and schemes, including account takeover, identity theft, synthetic identity fraud, elder exploitation, and money movement activities.
• Determines if suspicious activity meets established thresholds for regulatory reporting.
• Documents investigative findings, case decisions, and recommendations clearly and accurately within case management systems.
• Identifies connections between accounts, customers, transactions, and external entities to support investigations.
• Collaborates with Fraud Operations, Anti-Money Laundering, Compliance, Risk Management, Security, and Law Enforcement when necessary.
• Monitors fraud trends and recommend enhancements to fraud detection strategies, controls, and monitoring rules.
• Maintains compliance with federal regulations, company policies, and industry best practices.
• Participates in quality assurance reviews and supports audit or regulatory examination requests.
• Provides recommendations to management regarding termination of account relationships, when applicable.
• Communicates effectively and efficiently with business lines to obtain needed documentation for SAR investigations.
• Understands and complies with applicable laws and regulations and the bank's Identity Theft Prevention Program, as applicable to job duties.
• Investigates fraud or Whistle blower issues.
• Facilitates and performs periodic (90 Day) SAR follow-up reviews.
• Assists Bank staff with instances of identified Fraud.
• Reviews and maintains Red Flag cases and Concern Reports related to confirmed or possible fraudulent activity.
• Proactively identifies instances of potential fraud and abuse through manual reviews.
• Maintains a solid working knowledge (functional and operational) of the rules and regulations related to Fraud reporting as well as the Bank’s policies and procedures by participating in ongoing training.
• Including, assisting with administering Fraud related training for other business units.
• Perform research and investigation related to Grand Jury Subpoenas.
• Attends Fraud training sessions and networks with industry groups.
• Complete actionable measures to mitigate losses related to fraud.
• Assist…