Fraud Investigator

Fraud Investigator

The Fraud Risk Management (FRM) department 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. The investigator position will conduct this research in accordance with established management practices and procedures, and applicable regulations while also providing member, partner, and law enforcement (LE) support in response to fraud?related inquiries or cases under investigation.

1) This position is responsible for independently conducting complex, in-depth fraud investigations involving check fraud, wire fraud, account takeover, identity theft, new account fraud, elder exploitation, and other types of fraud. The Fraud Investigator will perform all aspects of the investigative process which includes gathering evidence via internal and external resources, analyzing data, conducting link analysis (if applicable), documenting results, and preparing comprehensive case narratives to support their conclusions. Research time sensitive alerts for potential financial crime 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. Serve as a subject matter expert for a specific domain of knowledge to handle any escalations. (60%)

2) 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. 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 (20%)

3) Liaison / partner with other bank divisions / departments and platforms to develop relationships and help define workflows / processes that allow identification and reporting of suspicious activity. Collaborate with both internal and external parties on behalf of the CU to resolve outstanding questions. Work with law enforcement to ensure proper resolution of applicable fraud events. (10%)

4) Stays current on investigative fraud techniques, privacy laws, bank regulations, investigation and security incidents handling policies and procedures and industry best practices. 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%)

5) Assist in training and other related duties as assigned. (5%)

Required Skills

The Fraud Investigator is skilled and knowledgeable in managing financial crime risk and mitigating / preventing fraud related losses.

The following technical knowledge / skills are required :

1) High school diploma or equivalent is required or equivalent or ten (10) years equivalent work experience.

2) Five or more years' experience within a financial institution or similar program.

3) Four or more years' experience within financial crime risk, Fraud, Anti-Money Laundering (AML), due diligence, risk mitigation, compliance, or similar program, including, but not limited to, BSA / AML regulations and reporting.

4) Exceptional analytical and research skills with ability to analyze large amounts of data.

5) Advanced understanding of fraud trends, typologies, and regulatory requirements.

6) Ability to work independently, manage competing priorities, and multi-task in a fast?paced environment with tight deadlines; and

7) Proficient in Microsoft Office

The following technical knowledge / skills are preferred :

8) Bachelor's degree, or equivalent combination of formal training and extensive experience specific to financial crime risk, fraud, AML, due diligence, risk mitigation, compliance, or similar program.

9) Applicable certification such as Certified Financial Crimes Specialist (CFCS), Certified Fraud Examiner (CFE), or Certified Anti-Money Laundering Specialist (CAMS).

10) Ability to work under pressure while being adaptable to changing conditions, including adjusting priorities on the fly.

11) Knowledge of applicable State and Federal regulations specific to financial crimes and investigation activities, including, but not limited to, Regulation E, Visa Operating Rules, UCC, Regulation CC, and Regulation Z.

12) Strong verbal and written communication, organizational, time-management, and member service skills; and

13) Knowledge of WPCU's multiple businesses, products, and delivery channels.