Fraud Officer, Vice President (Wealth Custody and Clearing)

State Street•Boston, MA

23h•$100,000 - $171,250

About The Position

State Street Wealth Services – Wealth Custody and Clearing is seeking an experienced Vice President to serve as its Fraud Officer. Reporting to the Head of Wealth Custody and Clearing Compliance, the Fraud Officer will be dedicated to establishing, implementing and executing the business’s fraud risk management program. The role translates enterprise fraud policy and regulatory expectations into a practical, sustainable, risk-based program tailored to the business model, client lifecycle, products, channels and third-party ecosystem. The Fraud Officer owns the program’s design, implementation, execution and continuous enhancement, including its strategy, governance, risk assessments, control framework, detection and analytics agenda, monitoring, incident coordination, remediation, third-party oversight, new-product reviews, training and resources. The position also serves as the principal liaison between Wealth Custody and Clearing and the State Street Fraud Program Office, providing advice and reporting to business and control partners, senior leadership and governance forums. The role requires senior-level fraud risk leadership in a regulated financial institution, strong judgment and executive communication, and the ability to drive outcomes across a matrixed organization. The Fraud Officer works with Compliance, Business Risk Management, Operations, Product, Technology, Data, Global Security, Cybersecurity, Legal, Audit and external service providers to protect client assets and information, strengthen controls, meet policy and regulatory expectations, and support a secure, client-focused operating model.

Requirements

10 or more years of relevant experience in fraud risk management, fraud strategy, fraud operations, financial crimes compliance, operational risk, business risk management, investigations, audit or a related discipline.
Meaningful experience leading programs or major workstreams.
Experience in banking, broker-dealer, wealth management, custody, clearing, payments, fintech or another highly regulated financial services environment.
Demonstrated success designing and implementing fraud frameworks, controls, analytics, governance, reporting and remediation in a complex organization.
Working knowledge of fraud risks affecting onboarding, authentication, account servicing, money movement, digital channels, employee access, third parties and vulnerable clients.
Experience overseeing material third parties and defining control, data, incident, service-level and escalation requirements.
Experience engaging senior management, regulators, auditors and governance committees on fraud risk matters.
Deep expertise in fraud typologies, prevention and detection, risk assessment, control design, analytics, incident response, issue management and third-party oversight.
Ability to translate policy, regulatory expectations, risk information and operational realities into an executable program with clear ownership, milestones and measurable outcomes.
Strong executive communication skills, including the ability to present complex fraud issues, options and recommendations to senior management and governance forums.
Ability to influence senior stakeholders and drive action across a matrixed organization without relying solely on direct authority.
Sound judgment under pressure, including prompt escalation and risk-based recommendations that balance loss prevention, client experience and operational efficiency.
Strong understanding of first-, second- and third-line responsibilities and the ability to work across compliance, business, risk, audit and investigative functions.
High integrity, discretion and ability to manage sensitive incidents, confidential information and competing priorities.

Nice To Haves

An advanced degree.
Experience with risk, issue, reporting, case-management or data-visualization platforms such as Archer, OpenPages, Tableau and SharePoint.

Responsibilities

Own the end-to-end design, implementation, execution and ongoing enhancement of the Wealth Custody and Clearing fraud risk management program, including its operating model, governance, standards, procedures, control framework and roadmap.
Set program strategy and priorities in alignment with State Street policy, enterprise risk appetite, applicable legal and regulatory requirements, business objectives and the evolving operating model.
Establish fraud governance, decision rights, escalation thresholds, roles, reporting routines and documented accountability across the business and its partners.
Direct periodic and event-driven fraud risk assessments across products, services, clients, digital channels, processes, systems and third-party relationships; translate findings into remediation plans and measurable risk reduction priorities.
Define minimum preventive and detective fraud controls for onboarding, identity verification, authentication, account servicing, ownership changes, money movement, transfers, employee access, exception management and other high-risk activities.
Drive control implementation, establish evidence and testing expectations, assess control design and operating effectiveness, and require timely remediation or compensating controls for identified gaps.
Set the fraud detection and analytics agenda, including data requirements, typologies, scenarios, rules, thresholds, alert standards and management information; partner with relevant teams and platform providers to develop scalable capabilities.
Own useful key risk indicators, key performance indicators and thresholds covering incidents, losses, prevented losses, false positives, client friction, investigations, control performance and remediation.
Lead business coordination for potential or confirmed fraud events, ensuring escalation, containment, evidence preservation, stakeholder engagement and management communication under enterprise response pathways, without displacing formal investigative responsibilities.
Direct root-cause and lessons-learned reviews, ensure control deficiencies are documented and assigned, challenge remediation plans, and drive sustainable closure through issue management processes.
Set fraud control, data-sharing, incident notification, audit trail, service-level and escalation expectations for Apex and other material service providers, vendors and relevant relationships; establish due diligence and ongoing monitoring.
Review and challenge fraud risk for new products, client propositions, material process changes, technology releases and market expansion; define launch readiness conditions and monitor performance after launch.
Sponsor measures to address account takeover, identity theft, impersonation, social engineering, scams, unauthorized transfers, insider activity and financial exploitation of vulnerable or specified adults while balancing client experience and operational efficiency.
Maintain alignment with State Street policies and relevant regulatory expectations, and coordinate readiness for fraud-related regulatory, audit and independent reviews.
Provide concise, forward-looking reporting and recommendations to the Head of Wealth Custody and Clearing Compliance, business leadership and governance committees; promptly escalate material exposures, incidents, control failures and overdue remediation.
Serve as the primary Wealth Custody and Clearing contact for the Fraud Program Office and a senior fraud risk advisor to business and control partners.
Establish role-based fraud awareness, procedures and training for personnel and relevant partners, reinforcing escalation and reporting expectations.
Define required program capabilities, staffing, technology and external support; lead assigned resources and workstreams, manage dependencies and hold stakeholders accountable for deliverables and timelines.

Benefits

Retirement savings plan (401(k)) with company match.
Insurance coverage including basic life, medical, dental, vision, long-term disability and optional additional coverages.
Paid time off, including vacation, sick leave, short-term disability and family-care responsibilities.
Access to an Employee Assistance Program.
Incentive compensation, including eligibility for annual performance-based awards, subject to stated exclusions.
Eligibility for certain tax-advantaged savings plans.
Inclusive development opportunities.
Flexible work-life support.
Paid volunteer days.
Employee networks.