Fraud Analytics and Modeling, Senior Data Scientist

Company

Federal Reserve Bank of BostonFederal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), and Check Services.

We are currently leading a strategic effort to transform FRFS to a national, enterprise-focused organization. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff.

We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation.

To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow Service.

This service enables financial institutions to provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds.

This position is a unique opportunity to be part of this mission-critical Federal Reserve initiative that is transforming the payments landscape in the United States.

Candidates that live near one of our Reserve Bank locations will be provided some work from home flexibility. Rules for hybrid work arrangements differs from Bank to Bank and should be discussed during the interview process.

As a member of the FedNow Fraud Protection team, you will participate in statistical and mathematical initiatives to predict future outcomes through the application of analyzing data and responding to fraud attacks.

Key responsibilities include evaluating situational threats and threat trends, performing ongoing analytics, and presenting recommendations to senior leadership.

Applies statistical methods to characterize uncertainty using large, complex datasets. Assists with deploying data mining techniques to refine models that optimize decisions and improve scalable and reusable data mining solutions and capabilities that support the FedNow fraud program.

Collaborates on methods for transforming data into actionable information. An ideal candidate excels in a highly productive environment and manages multiple tasks to meet expected deadlines.

What you'll do :

Develop analytics and make recommendations for fraud strategies to minimize fraud loss in conjunction with other stakeholders (e.

g. product development, operations, etc.) using data mining techniques (e.g. classification trees, bagging, random forests, boosting, cluster analysis, factor analysis, shrinkage methods).

• Contribute to large-scale analytical fraud research projects through all stages; this includes concept formulation, determination of appropriate statistical methodology, data manipulation, research evaluation, and final research report fraud trends and provide real-time recommendations to mitigate potential fraud
• Develop and produce executive key performance metrics for fraud protection to report to senior leadership and operational risk teams
• Perform the design and optimization of algorithms for matching and pattern recognition using advanced approaches (e.g.

locality-sensitive hashing, fuzzy logic).

• Create, test, and implement rule and model criteria in applicable fraud detection systems
• Balance fraud prevention recommendations with network experience considerations
• Evaluate fraud cases holistically to identify areas of improvement
• Maintain knowledge and understanding of current trends, laws, and issues affecting the area of expertise
• Compile, review, and assess information from academic journals, market sources, and other reports to maintain state-of-the-art knowledge in data analysis techniques.

What you have :

• Bachelor’s degree in business administration, finance, computer science, risk management, or a related field
• 4+ years of data analytics experience, preferably with a financial institution or payments
• 3+ years fraud protection experience preferred
• Strong knowledge of descriptive and predictive statistical tools
• Strong knowledge of programming languages such as SQL, R, or Python.
• Knowledge of intermediate data science and machine learning concepts preferred
• Excellent verbal, written, and interpersonal communication skills to effectively communicate with team members and external stakeholders
• Excellent presentation skills to communicate complex results to business audiences not familiar with data, analytics, or fraud
• Ability to prioritize tasks, deal effectively with competing and changing priorities to meet deadlines
• Accurate, detail-oriented, and organized with task management
• Strong analytical and problem-solving skills with the ability to interpret large amounts of data

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Job Category

Work Shift

First (United States of America)