Director of Fraud Prevention

The Director of Fraud Prevention is responsible for the leadership, support, and on-going development of the Fraud Prevention department. The role is critical to executing the bank's strategy for addressing fraud prevention, detection, investigation, analysis, and reporting; leveraging experience as well as industry and law enforcement relationships. The Director of Fraud Prevention is responsible for leading and managing the fraud risk management program which includes all payment and document related fraud, working fraud alerts, research fraud activity and the reporting and escalation of fraud trends. In addition, the Director of Fraud Prevention will collaborate and partner with various lines of business to minimize and mitigate fraud risk for the bank and our customers.

Position Responsibilities:

• Develop and implement comprehensive fraud prevention strategies and programs to safeguard the bank and its customers from various types of fraudulent activities, including but not limited to identity theft, payment fraud, account takeover, and cyber fraud.

• Responsible for leading the team by providing regulatory guidance, policy and standards on all matters relating to an effective Fraud program. Specific emphasis on Regulation E, and the Uniform Commercial Code.

• Lead a team of fraud prevention associates providing training, coaching, mentoring, establishing performance metrics and conduct performance reviews

• Leads efforts in financial analysis of fraud alerts. Builds and reports fraud metrics.
• Creates operating procedures and key controls to support fraud detection and mitigation
• Leads and participates in fraud governance meetings. Memorializes decisions, tracks and articulates progress in enterprise fraud initiatives.
• Participates in developing division strategic plan and sets goals and priorities based on the direction set for the unit; follows through to ensure that objectives are met.
• Keep abreast of changes to state and federal requirements and standards and changes to banking practices and emerging risk management techniques.
• Assist with annual Fraud Program Evaluation and Model Validation(s)
• Provide assistance and direction to the internal audit department, outside auditors and regulatory examiners during compliance exams and audits. Assist management in preparing responses to regulatory exam recommendations, Ensure department's compliance with record retention requirements.
• Demonstrate strong investigative/analytical skills and be able to formulate and clearly articulate a supportable rationale behind the decisions of the alerted activity while complying with departmental procedures.
• Use independent and professional judgment when reviewing Fraud alerts and cases in addition to all policies and procedures and meet regulatory standards - ensure management team is monitoring and escalating any concerns with alert aging as necessary.
• Participate in departmental projects and initiatives; keep abreast of new rules, regulations and reputational risks to further improve our investigation processes

• Utilize advanced fraud detection technologies, including AI, machine learning, and biometrics, to enhance the bank's ability to detect and prevent fraudulent transactions and activities.

• Monitor transactions and account activities in real-time to identify suspicious patterns, trends, and anomalies indicative of fraudulent behavior.

• Identify potential vulnerabilities and weaknesses in the bank's fraud systems and processes, and implement appropriate controls and safeguards to mitigate fraud risks.

• Collaborate with internal stakeholders, including senior management, compliance, risk management, and IT departments, to ensure that fraud prevention measures comply with regulatory requirements and industry and bank standards.

• Escalate and collaborate with the BSA Officer/Team in the identification and escalation of any potential red flags the may lead to BSA/AML concerns.

• Establish and maintain relationships with law enforcement agencies, regulatory authorities, and industry partners to facilitate the investigation and prosecution of fraudulent activities, as well as to share information and intelligence on emerging fraud threats.

• Develop and deliver training programs for bank staff to raise awareness about fraud prevention best practices, emerging fraud trends, and the importance of vigilance in detecting and preventing fraudulent activities.

• Prepare and present regular reports to senior management on fraud trends, incidents, prevention efforts, and key performance indicators (KPIs) related to fraud prevention.

Requirements:

• Bachelor's degree in finance, accounting, business administration, criminal justice or a related field; advanced degree or professional certifications (e.g., Certified Fraud Examiner, Certified Anti-Money Laundering Specialist) preferred.
• Minimum of 5 years of experience in fraud prevention, risk management, or related fields within the banking or financial services industry.
• In-depth knowledge of fraud prevention strategies, techniques, and best practices, with a proven track record of developing and implementing effective fraud prevention programs.
• Strong understanding of fraud detection technologies, including AI, machine learning, and biometrics, and their application in detecting and preventing fraudulent activities.
• Excellent analytical and problem-solving skills, with the ability to analyze complex data sets, identify patterns and trends, and draw actionable insights to mitigate fraud risks.
• Solid understanding of banking regulations and compliance requirements related to fraud prevention, including Regulation E and BSA/AML.
• Strong leadership and team management skills, with the ability to inspire and motivate a team of highly skilled fraud prevention professionals to achieve organizational goals and objectives.
• Excellent communication and interpersonal skills, with the ability to effectively collaborate with internal and external stakeholders, including senior management, regulatory authorities, law enforcement agencies, and industry partners.