Fraud Specialist

Department

Risk Management

Reports To

Risk Manager/ Chief Risk Officer

Pay Classification

Hourly

FLSA Status

Non-Exempt

Position Grade

8

Summary

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.

Essential Functions, Duties, & Responsibilities

• 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, PayRailz 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.

Regulatory Compliance

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 Anti-Money Laundering (AML) Regulations, and other compliance related policies.

Confidentiality

This position requires maintaining confidentiality with regard to non-public information about our members, employees and the Credit Union. We must protect the confidentiality of member information. Financial transactions are confidential and private. With account access, employees are to handle member information responsibly and confidentially.

Security

To ensure the safety and security of all employees, employees must follow all security policies and procedures at all times. Security is the responsibility of all employees.

Qualification Requirements

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education Requirements

High School Graduate or equivalent

Work Experience Two years of similar experience within the Credit Union, or an equal amount of experience in a similar or related position outside the credit union is preferred.

Language Skills

Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or government regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, employees, clients, members, and the general public.

Mathematical Skills

Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent.

Reasoning Ability

Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Must have the capability to deal with problems involving concrete variables in standardized and non-standardized situations.

Other Skills & Abilities

• Excellent knowledge of the credit union’s core system.
• Excellent working knowledge of the forms and documentation used by the credit union.
• Ability to work independently and as a team member while using discretion in decision making and sound judgement in problem solving
• Strong knowledge of credit union products and services.
• Excellent understanding of the Credit Union departments and procedures.
• Punctual, self-motivated, confident and accurate.
• Excellent communication and interpersonal skills both written and verbal.
• Able to stay calm under pressure.
• Professional attitude; supportive management.
• Neat and professional in appearance and dress.
• Ability to create good word of mouth; proven ability to effectively refer products and services. Excellent math skills.
• Aptitude for handling money and detailed work.
• Ability to operate related computer applications and other business equipment including adding machine, typewriter, copy machine, coin and money counting machines, computer, and telephone.
• Good typing skills.

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is regularly required to stand; use hands to finger, handle, and feel objects, tools, or controls; reach with hands and arms; and talk or hear. The employee frequently is required to walk and stand. The employee is occasionally required to stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and the ability to adjust focus.

Work Environment

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in work environment is usually moderate. While performing the duties of this job, the employee occasionally works near moving mechanical parts, and is occasionally exposed to risk of electrical shock.

Mental Demands

The employee is frequently required to use alertness, precision, resourcefulness, problem solving, numeric calculations, persuasiveness, auditory perception, memory, creativity, judgment, writing ability, reading ability, reasoning, imagination, patience, visual perception, comparing, and analyzing.

Intent & Functions of Position Descriptions

Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff or termination decisions. All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate. In accordance with the Americans with Disabilities Act (ADA), it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which pose an undue hardship on the Credit Union. Job descriptions are not intended and do not create employment contracts. The Credit Union maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.

PFCU is an equal opportunity employer