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, this role is dedicated to establishing, implementing and executing the Wealth Custody and Clearing fraud risk management program. The Fraud Officer translates enterprise fraud policy and regulatory expectations into a practical, sustainable and risk-based program tailored to the business model, client lifecycle, products, channels and third-party ecosystem.

The role provides focused leadership and accountability for the fraud program, helping protect client assets and information, meet policy and regulatory expectations, strengthen preventive and detective controls, and support a secure, client-focused operating model. It also serves as the principal Wealth Custody and Clearing liaison to the State Street Fraud Program Office and relevant governance forums.

The Fraud Officer owns the program from design through execution, including its strategy, governance, risk assessments, control framework, detection and analytics, monitoring, incident coordination, remediation, third-party oversight, new-product reviews, client protection, reporting, training, resources and continuous enhancement. The position partners across Compliance, Business Risk Management, Operations, Product, Technology, Data, Global Security, Cybersecurity, Legal, Audit and external service providers.

Requirements

• 10+ 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, including 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.
• Executive ownership and accountability for building and operating a fraud risk management program in a complex, regulated environment.
• Deep expertise in fraud typologies, fraud prevention and detection, risk assessment, control design, analytics, incident response, issue management and third-party oversight.
• Ability to convert policy, regulatory expectations, risk information and operational realities into an executable program with clear ownership, milestones and measurable outcomes.
• Strong executive communication and ability to present complex fraud issues, options and recommendations to senior management and governance forums.
• Demonstrated 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 fraud-loss prevention with client experience and operational efficiency.
• Strong understanding of first-, second- and third-line responsibilities and 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 continuous enhancement of the Wealth Custody and Clearing fraud risk management program, including its operating model, governance, standards, procedures, control framework, implementation roadmap and ongoing maintenance.
• Set the fraud program strategy and prioritized roadmap 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 and responsibilities, reporting routines and documented accountability across the business and its internal and external partners.
• Direct periodic and event-driven fraud risk assessments across products, services, client types, digital channels, processes, systems and third-party relationships, and translate results into funded remediation plans and measurable risk-reduction priorities.
• Define minimum preventive and detective fraud control requirements across onboarding, identity verification, authentication, account servicing, money movement, asset transfers, employee access, exception management and other high-risk activities.
• Drive control implementation, set evidence and testing expectations, assess control design and operating effectiveness, and require timely remediation or compensating controls for identified gaps.
• Establish the fraud detection and analytics agenda, including data requirements, typologies, scenarios, rules, thresholds, alert quality standards and management information; partner with relevant teams and providers to build or enhance scalable capabilities.
• Own key risk indicators, key performance indicators and thresholds covering incidents, losses, prevented losses, false positives, client friction, investigation timeliness, control performance and remediation progress.
• Lead business coordination for potential or confirmed fraud events under enterprise reporting pathways and the Fraud Response Plan, ensuring escalation, containment, evidence preservation, stakeholder engagement and management communication.
• 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, technology vendors, RIAs and correspondent relationships; establish due diligence and ongoing monitoring.
• Review and challenge fraud risks in new products, client propositions, material process changes, technology releases and market expansion; define launch controls and readiness conditions and monitor post-launch performance.
• Sponsor fraud prevention measures addressing account takeover, identity theft, impersonation, social engineering, scams, unauthorized transfers, insider activity and financial exploitation of vulnerable or specified adults.
• Maintain alignment with State Street policies and relevant regulatory expectations, and coordinate fraud-related regulatory, audit and independent-review readiness with internal partners.
• Provide 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 point of contact to the Fraud Program Office and as 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 (401K) 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, with certain sales-role exclusions.
• Eligibility for certain tax-advantaged savings plans.
• Inclusive development opportunities.
• Flexible work-life support.
• Paid volunteer days.
• Employee networks.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior