Fraud Specialist
Milan, IL
The Fraud Specialist is responsible for supporting the bank's efforts to protect itself and its customers from fraudulent activities. This position involves assisting in monitoring, detecting, and investigating fraud related to checks, ACH (Automated Clearing House), and wire transfers. The Fraud Specialist will work closely with Verafin, our fraud detection software, to ensure comprehensive fraud prevention and detection. Additionally, the Fraud Specialist will provide essential support to the Fraud Officer and the Fraud Prevention and Detection department.
Duties and Responsibilities:
- Monitor and analyze transactions for potentially fraudulent activities, including checks, ACH, and wire transfers. This involves reviewing daily transaction reports and identifying unusual patterns or anomalies.
- Utilize Verafin software to detect and investigate suspicious activities. You will help configure and maintain the software to ensure it effectively identifies potential fraud.
- Support the Fraud Officer in developing and implementing strategies to prevent fraud and mitigate risks. This includes assisting in creating and updating fraud detection rules, thresholds, and scenarios within Verafin.
- Assist the Fraud Officer in conducting thorough investigations of suspected fraud cases, gathering and analyzing evidence. This may involve interviewing customers, reviewing transaction histories, and collaborating with other departments.
- Prepare detailed reports of findings and recommend actions to mitigate future risks. These reports will be shared with the Fraud Officer and senior management.
- Collaborate with law enforcement and regulatory agencies as necessary to support investigations. This includes providing documentation and testimony as required.
- Ensure compliance with all relevant laws, regulations, and bank policies. This includes staying informed about changes in regulations and updating internal policies and procedures accordingly.
- Stay updated on the latest fraud trends and regulatory changes to proactively address potential threats.
- Provide training and support to bank staff on fraud prevention and detection techniques.
- Assist customers who have been victims of fraud, provide guidance and support. This includes helping them understand the fraud process, assisting with account recovery, and advising on preventive measures.
- Educate customers on fraud prevention measures to protect their accounts.
- Work closely with the Fraud Officer and other team members to enhance fraud prevention efforts. Provide support and contribute to team projects and initiatives.
- Assist the Fraud Officer in overseeing the daily operations of the department, ensuring that all tasks are completed accurately and efficiently.
- Work closely with other departments, to enhance fraud prevention efforts. This includes participating in cross-functional teams and projects.
- Oversee and ensure the accuracy and security of wire transfer agreements.
- Develop and conduct training programs to educate employees on the procedures, compliance requirements, and security protocols related to wire agreements and wire transfers.
- Participate in fraud risk assessments and audits to identify and address vulnerabilities.
- All other duties as assigned.
Position Requirements:
- Previous experience in bank or financial institution
Required Skills:
- Strong analytical and investigative skills.
- Excellent communication and report-writing abilities.
- Proficiency in using Microsoft Office Suite (Word, Excel, PowerPoint).
- Ability to work independently and as part of a team.
EOE, including disability/vets
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