Manager - Fraud & Loss Prevention

Freedom Credit Union•Warminster Township, PA

1d•Hybrid

About The Position

The Manager - Fraud & Loss Prevention is responsible for protecting the Credit Union's assets by leading enterprise-wide fraud prevention, detection, investigation, dispute, and loss prevention activities. This position develops and maintains fraud-related policies, procedures, controls, monitoring, and response protocols; oversees investigations and claims; and uses data, analytics, technology, training, and cross-functional partnerships to reduce financial and operational losses. The Manager ensures fraud and loss prevention activities are timely, well documented, compliant, member-focused, and aligned with the Credit Union's risk appetite and strategic objectives.

Requirements

Five years to eight years of similar or related experience.
A bachelor's degree, or achievement of formal certifications recognized in the industry as equivalent to a bachelor's degree (e.g., information technology certifications in lieu of a degree).
A strong knowledge of financial crimes, fraud schemes, and applicable laws and regulations is required.
High energy level, comfortable performing multifaceted projects in conjunction with day-to-day activities.
Proven leadership experience with the ability to mentor and develop team members.
Strong communication skills, both written and verbal, with the ability to present to senior management and the board.
Strong time management; ability to manage multiple workloads with successful results; ability to work independently; organizational skills, excellent verbal and written communication skills, listening skills, Excellent analytical and problem-solving skills with the ability to interpret complex data; above average interpersonal skills; above average computer skills (E.g., Proficiency in fraud detection software and data analysis tools).
The Manager is responsible for understanding, adhering to, and complying with applicable laws and regulations and the Credit Union’s policies and procedures, including requirements related to: Bank Secrecy Act and Anti-Money Laundering; Fraud prevention, financial crimes, and suspicious activity reporting; Electronic payments, payment disputes, and payment network rules; Consumer protection and fair treatment; Privacy and protection of member information; Information security and identity theft prevention; Vendor and third-party risk management; and Records retention and regulatory examination requirements.
The Manager is responsible for reporting suspicious activity, suspected fraud, compliance concerns, control weaknesses, and other reportable matters to the appropriate authority in accordance with Credit Union's Bank Secrecy Act and Anti-Money Laundering policies and procedures.
Strong knowledge of financial crimes, fraud schemes, fraud prevention and detection practices, investigative methods, dispute and claims processes, and applicable laws and regulations is required.
Proven leadership experience with the ability to mentor and develop team members.
Strong written and verbal communication skills, including the ability to present to senior management and the board.
Excellent analytical and problem-solving skills with the ability to interpret complex data, identify patterns, assess risk, and recommend practical controls.
Strong organization, time management, judgment, discretion, collaboration, and interpersonal skills.
Proficiency with fraud detection software, case management tools, data analysis, reporting, and standard business applications.

Nice To Haves

The employee may occasionally be required to walk, reach with hands and arms, stoop, kneel, or bend.
The employee may occasionally lift and/or move up to 50 pounds.

Responsibilities

Lead the Credit Union's enterprise-wide fraud and loss prevention strategy and operating framework.
Establish policies, procedures, controls, performance standards, and escalation protocols to reduce fraud and operational losses.
Assess emerging threats and recommend changes to systems, processes, controls, training, and member education.
Partner with business units to strengthen fraud prevention and detection across products, channels, and operations.
Prepare reports and recommendations for executive management and applicable committees.
Monitor trends involving identity theft, account takeover, scams, card, check, deposit, payment, loan application, and digital banking fraud.
Oversee fraud monitoring, alert review, case prioritization, and escalation processes.
Evaluate and improve preventive and detective controls, rules, thresholds, workflows, and quality standards.
Use data, analytics, automation, artificial intelligence, and other technology to identify patterns and improve fraud detection.
Conduct root-cause reviews and implement corrective actions following fraud events or control failures.
Oversee the investigation, documentation, escalation, and resolution of suspected or confirmed fraud.
Ensure investigations are thorough, timely, objective, and supported by complete case documentation and evidence.
Coordinate recovery efforts related to fraudulent transactions and operational losses, including collaboration with financial institutions, payment networks, insurers, law enforcement, legal counsel, and service providers, as appropriate.
Ensure suspicious activity and other reportable matters are escalated to the appropriate authority in accordance with Credit Union policy.
Track fraud attempts, prevented and confirmed losses, recoveries, investigations, and control effectiveness.
Oversee fraud-related dispute and claims processes and ensure timely, accurate, and member-focused resolution.
Maintain procedures for investigations, documentation, provisional credits, adjustments, recoveries, determinations, and member communications.
Ensure compliance with applicable laws, regulations, payment network rules, contractual requirements, and Credit Union policies.
Monitor regulatory and payment network developments and implement required procedural, control, training, and system changes.
Coordinate with Compliance, Legal, Internal Audit, Risk Management, and service providers on audits, examinations, complaints, and corrective actions.
Maintain complete records supporting disputes, fraud investigations, regulatory reporting, and audits.
Hire, train, schedule, coach, and evaluate assigned employees.
Establish department goals, procedures, controls, training, service standards, and performance expectations.
Maintain a skilled team capable of managing fraud alerts, investigations, disputes, claims, and loss prevention activities.
Evaluate and implement technology supporting fraud detection, case management, reporting, workflow, and loss prevention.
Promote accountability, collaboration, innovation, continuous improvement, ethical decision-making, and respectful member treatment.
Partner with Information Technology, Information Security, Compliance, Risk Management, Operations, Lending, Data and Analytics, and vendors to strengthen fraud prevention and response.
Performs other job-related duties as assigned.