Fraud Specialist

The Fraud Specialist position independently conducts research to prevent, detect, assess, decision, mitigate, investigate, and report on alerted or potentially fraudulent activity that may expose WPCU to fraud risk ensuring actions taken mitigate transaction, regulatory compliance, and reputation risk to WPCU, in accordance with established management practices and procedures, and applicable regulations. This position also provides member, partner, and law enforcement (LE) support in response to fraud-related inquiries or cases under investigation. 

 1)      Utilizes fraud detection programs, internal reports, and public record, including online resources to investigate and research time sensitive alerts for potential fraud activity resulting from transactions and applications that present possible transactional, regulatory, or reputational risk to the credit union, or potential loss to WPCU and members. Assesses the risk level, makes well supported decisions, and takes appropriate action to mitigate risk and/or loss in accordance with management practices and procedures, and in compliance regulations. Directly contacts members to conduct interviews regarding potential fraudulent activity including recovery efforts on resulting negative balances. Serves as a liaison and engages with law enforcement on fraud cases of significant financial impact to the credit union by providing evidence in the pursuit of prosecution, in collaboration with the Legal team, as needed. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (30%)

2)      Responsible for investigating and decisioning member disputes related to cards and checks, assessing the validity, engaging members, and recommending and processing victim restoration to include pursuing recovery rights with the bank of first deposit, if applicable. Specific to card fraud, identifies common points of compromise, conducts rule testing, analysis, and implementation to prevent or mitigate card fraud losses; initiates and follows through on card re-issues resulting from possible compromise. (30%)

3)      Provides support services for WPCU members and partners on fraud related issues via the internal fraud ACD line. (15%)

4)      Identifies potential unusual activity flags, in accordance with the Bank Secrecy Act, for member transactions reviewed to determine whether a referral to BSA Compliance for review and potential FinCEN Suspicious Activity Reporting. This includes accurate referral preparation and timely submission for WPCU members suspected of being involved in unusual or questionable account activity. (10%)

5)      Communicates identified fraud trends to assist management in adjusting parameters of fraud detection systems, and reports gaps in management practices, procedures, and operating controls to leadership to ensure member impact and fraud risk is mitigated. (5%)

6)      Delivers new hire and enhanced fraud training for WPCU partners to educate teams on fraudulent activity potentially impacting WPCU and WPCU members, and “red flags” for potential fraud identification and mitigation. (5%)

7)      Performs other related duties as assigned. (5%)

A.      Specialized or Technical Knowledge and Skills: The Fraud Specialist is skilled and knowledgeable in managing fraud risk management and mitigating/preventing internal and external losses to WPCU. Demonstrated knowledge           of depository financial institution fraud control is essential. In addition:

1)      A Bachelor’s Degree is preferred.

2)      A combination of formal training and/or experience specific to financial crime risk, fraud, fraud prevention, Anti-Money Laundering (AML), customer due diligence, risk mitigation, compliance, or similar program.

3)      A minimum of three years of experience in a depository financial institution or similar program.

4)      Versed in risk management practices specific to fraud, including practices for prevention, detection, investigation, resolution, measurement, and reporting of internal and/or external fraud.

5)      Certified, or willing to pursue certification, in relevant fraud or AML programs such as CFE, CAMS, or CAFS.

       6)      Knowledge of compliance requirements specific to BSA/AML regulations and reporting requirements.

      7)      Knowledge of applicable state and federal regulations specific to Fraud Risk Management and investigation activities, including, but not limited to Regulation E, Visa  Operating Rules, UCC, Regulation CC, and Regulation Z.

8)      Strong understanding of fraud trends, typologies, and regulatory requirements.

9)      Ability to adapt to a constantly changing environment while navigating competing priorities.

          10)   Demonstrated ability to learn and apply available and appropriate software applications to job functions; advanced MS Office skills preferred, proficient skills required.

         11)   Strong communication, organizational, time‐management, and member service skills; advanced writing and critical thinking skills preferred.