Fraud Prevention Analyst

Institution for Savings•Newburyport, MA

3h•$29 - $39•Onsite

About The Position

The Institution for Savings is seeking a full-time in-office Fraud Analyst in our Deposit Operations Office in Newburyport, MA. The Fraud Analyst is responsible for reviewing and monitoring account activity and transactions to identify, investigate, and respond to potential fraud. This position requires daily outreach to customers to discuss fraud alerts, documents investigative findings, and supports decisions with clear and well-reasoned analysis. The Fraud Analyst works closely with management, internal departments, customers, and other financial institutions to mitigate risk, recover fraudulent funds, and minimize losses to the Bank and its customers.

Requirements

Associate degree or equivalent from two-year college or technical school; or six months to one year related experience and/or training; or combination of education and experience.
Working knowledge of fraud detection, account takeover, identity theft, check/ACH/Debit Card fraud and other common financial fraud activities.
Strong analytical and critical thinking skills with the ability to identify suspicious activity.
Excellent investigative, research, and problem-solving abilities.
Ability to handle sensitive and confidential information with professionalism and discretion.
Ability to work independently while also collaborating effectively with cross-functional teams.

Nice To Haves

Knowledge of Jack Henry and Verafin Financial Crime Management Software is helpful

Responsibilities

Review and monitor account activity and transactions for indicators of potential fraud, including unusual patterns, suspicious behavior, account takeover, and identity theft.
Investigate fraud referrals/incidents and perform necessary research; efficiently evaluate available information and apply sound judgment and arrive at risk-based conclusions to minimize fraud losses.
Contact customers to verify activity, gather additional information, and provide guidance regarding steps needed to secure their accounts.
Clearly document investigative steps, findings, decisions, and recommended actions.
Create and maintain complete, accurate, and well-organized fraud cases, including supporting documentation, customer communications, recovery efforts, and final resolution.
Regularly assess fraud detection rules, thresholds and system parameters in fraud software applications to ensure they are appropriately configured and operating. Recommend modifications as necessary.
Take or recommend appropriate action to protect customers and the Bank, including restricting accounts or services, replacing compromised access credentials, and referring matters for further review.
Promptly escalate significant, complex, or high-risk situations requiring management attention.
Work with other financial institutions to promote recovery of fraudulent funds and mitigate losses.
Prepare and send appropriate requests, affidavits, indemnification documents, or other supporting information related to fraud claims and recovery efforts.
Maintain awareness of emerging fraud trends, industry developments, regulatory expectations, and changes affecting fraud prevention and investigation and communicate observations and potential risk to management.
Assist with the development and improvement of fraud monitoring practices, procedures, controls, reporting, and customer and employee education.
Participate in fraud-related training, audits, examinations, projects, and system testing as needed.
Successfully completes annual regulatory training as required by the bank and adheres to all applicable regulatory requirements for this position.
Perform additional duties and responsibilities as assigned.