Digital Banking & Payments Fraud Specialist

Job Description

Digital Banking & Payments Fraud Specialist

Job Classification: Full Time

FLSA Status: Exempt

Department: Payment Systems

Reports To: Director of Digital Banking & Payments

Senior Leader: Chief Operating Officer

Job Overview

The Digital Banking & Payments Fraud Specialist is responsible for monitoring and mitigating fraud risks and losses related to digital banking and payment systems activity along with supporting our digital banking platform by focusing on maintaining and enhancing the platform.

The ideal candidate will play a key role in collaborating with cross-functional teams to ensure the secure and compliant operation of our digital banking platform. They will be responsible for monitoring transactions to detect fraud patterns, implementing effective fraud prevention strategies, and responding to fraud incidents to minimize losses and protect our members. This position also involves providing exceptional member service, troubleshooting digital banking issues, and resolving fraud claims efficiently.

Major Tasks, Responsibilities and Key Accountabilities

• Fraud Detection and Prevention: Monitor digital banking and account transactions to identify and analyze fraud patterns.
  1. Implement strategies to prevent fraud and mitigate risks.
  2. Responsible for reviewing chargeback cases and resolution.
  3. Review daily reports.
• Incident Response: Respond promptly to fraud incidents, conduct thorough investigations and take necessary actions to minimize losses and protect members. Escalate scams and fraud to the BSA and Fraud Officer as necessary.
• Fraud Monitoring: Oversee all fraud alerts and cases from notification to resolution or escalation, ensuring timely and effective handling of the fraud cases.
• Product and Feature Deployment: Collaborate with cross-functional teams to support the deployment of new digital banking products and features, ensuring they are secure and compliant.
  1. Participate in new product roll out or enhancements to existing services (i.e. Zelle, FedNow, AI...)
  2. Collaborate with marketing to drive adoption.
• Strategy Implementation: Assist in developing and implementing fraud prevention strategies, policies, and procedures.
• Collaboration: Work closely with various teams across the organization, including BSA/AML, fraud, retail and business units, audit, risk and compliance, marketing and IT, to ensure a secure and trusted digital banking and payments experience.
• Compliance and Reporting: Ensure all activities comply with regulatory requirements and internal policies.
  1. Prepare and present reports on fraud trends and prevention measures.
  2. Maintain an active awareness and understanding of regulations and laws, including but not limited to: Bank Secrecy Act, Anti-Money Laundering, Regulation E, Regulation CC, Regulation J, US Treasury Green Book, NACHA Operating Rules Book, UCC 4a, OFAC.
• Member Service: Provide both internal and external member service to support digital banking platforms and services, as well as fraud-related support. This includes troubleshooting digital banking issues, opening support cases with vendors, communicating with members to initiate and resolve their fraud claims, and ensuring a positive member experience throughout the process.
• Perform other duties as assigned.

QUALIFICATIONS and COMPETENCIES

EDUCATION and EXPERIENCE

• Associate's degree or an equivalent level of knowledge, skills, and abilities typically acquired through work experience.
• Minimum 2 years of financial institution work experience.
• Must be at least 18 years of age.
• May be required to obtain and/or maintain one or more certifications in areas of specialization (AAP, NCP, APRP, FPP).
• Pass the pre-employment credit and background screening.
• Attend local fraud meetings or other industry fraud training courses

COMPETENCIES

• Multitasking and Prioritization: Ability to multitask and prioritize in a fast-paced, changing environment while maintaining a commitment to accuracy, confidentiality, and timeliness.
• Technical Knowledge: Understanding of payment systems, digital banking products, and financial technologies.
• Written Communication: Exceptional written communication abilities to maintain accurate records of fraud cases, investigations, and mitigation actions.
• Analytical Skills: Strong analytical skills to identify and interpret fraud patterns and trends.
• Problem-Solving: Effective problem-solving skills to address and resolve fraud incidents promptly.
• Attention to Detail: High attention to detail to ensure thorough investigations and accurate reporting.
• Collaboration: Ability to work collaboratively with cross-functional teams, including fraud, retail operations, audit, risk and compliance, and IT.
• Member Service: Strong member service skills to provide support to both internal and external members, including troubleshooting digital banking issues and resolving fraud claims.
• Regulatory Knowledge: Knowledge of regulatory requirements and compliance standards related to digital banking and payments.
• Adaptability: Flexibility to adapt to new challenges and changes in the digital banking landscape.
• Confidentiality: Commitment to maintaining confidentiality and integrity in handling sensitive information.
• Proactive Approach: Proactive approach to identifying potential fraud risks and implementing preventive measures.

OTHER (PHYSICAL, MENTAL, AND VISUAL SKILLS)

Physical Job Requirements

• Frequent periods are spent standing or sitting in the same location with some opportunity to move about; occasionally there may be a need to stoop or lift light objects (typically less than 8 pounds).
• Ability to move about and communicate with a diverse membership and employee group.
• Ability to accomplish the described responsibilities using computers and technology.
• Ability to sit and/or stand for extended periods of time.
• Ability to work in a changing, challenging, and fast paced work environment.
• Variable stress levels.
• Provide own transportation.
• Occasional business travel.

Environmental Job Requirements

Typically located in a comfortable, quiet indoor area. There may be regular exposure to mild physical discomfort from factors such as dust, fumes or odors, temperature extremes, strong drafts, or bright lights.