Risk & Fraud Officer - Fintech Services

Midland States Bank•Washington, DC

8d•$90,000 - $130,000

About The Position

The Risk and Fraud Officer – Fintech Services is a leadership role within Midland States Bank’s Banking as a Service (BaaS) line of business. Reporting directly to the Senior Manager - Fintech Services, the position serves as an advisor to the Director of Financial Crimes, Chief Digital Officer, and executive management. The role oversees and enhances the bank’s fintech and third-party fraud management programs, develops and implements risk and fraud management strategies, and ensures alignment with regulatory requirements and industry standards. The officer leads and develops a team, oversees fraud prevention and detection, compliance processes, investigations, regulatory reporting, third-party monitoring, and the implementation of first-line defense methodologies. The role serves as a liaison between fintech partners and the bank and coordinates projects across compliance, fraud management, deposit operations, and other functions. Occasional travel is required for training and team meetings, with travel of up to 10% to company branches and third-party sites nationwide. Work in a Midland office may be required to support collaboration and internal and external customers.

Requirements

At least 8 years of banking compliance experience, with a strong emphasis on fraud management.
At least 5 years of experience leading teams, with demonstrated success coaching and motivating team members.
Comprehensive understanding of federal and state banking regulations, with specific expertise in fraud prevention.
Required compliance professional certifications focused on fraud management, such as Certified Fraud Examiner (CFE).
Excellent oral, written, and interpersonal communication skills, including the ability to instruct others, interpret documents, and write reports and correspondence.
Excellent organizational and time-management skills.
Ability to handle complex problems involving multiple facets and variables in non-standardized situations.
Ability to travel up to 10% to various locations, company branches, and third-party sites nationwide.

Nice To Haves

Bachelor’s degree in finance, risk management, business administration, or a related field preferred.
Experience in Banking as a Service (BaaS) and fintech is highly desirable.

Responsibilities

Manage a team in a customer-centric, fast-paced culture; coach and develop employees, conduct performance management, identify high-potential employees, and address poor performance.
Promote the bank’s core values and ensure team members are trained and aware of their risk and fraud management responsibilities.
Lead the development and implementation of fraud detection and prevention strategies for the bank’s BaaS offerings.
Provide strategic guidance on fraud management for new and existing fintech products and services.
Oversee compliance and fraud management processes to meet regulatory requirements, best practices, and second-line-of-defense requirements.
Investigate suspicious activities and ensure timely reporting and resolution.
Maintain knowledge of fraud detection, prevention, and loss-mitigation practices; address applicable regulatory changes and ensure timely and accurate Suspicious Activity Report submissions.
Monitor and analyze third-party vendor performance to detect and mitigate fraud risks.
Use Verafin, Cable, and other tools and software to enhance monitoring and support effective BSA/AML compliance.
Maintain detailed logs and reports of monitoring activities, transaction alerts, investigation results, and corrective actions.
Serve as a primary risk and fraud liaison between fintech partners and the bank.
Partner with management on integration of new technologies and approaches to enhance BaaS offerings.
Report identified risks, issues, and incidents to the second line of defense and senior management.
Coordinate across compliance, fraud management, deposit operations, and other functions in support of the bank’s strategic objectives.
Oversee implementation of first-line defense methodologies for Bank Operations, Risk, Compliance, and Fraud Management of third-party partners.
Participate in and lead project-management duties for BaaS initiatives.
Travel occasionally for training and team meetings and periodically to locations within the market as needed; travel may include company branches and third-party sites nationwide.
Maintain compliance with applicable regulations, including the Bank Secrecy Act.
Perform other duties as assigned.

Benefits

Comprehensive healthcare
Well-being benefits
Paid family leave
Generous paid time off
Banking perks
Employee Stock Purchase Plan
401(k) plan with company match
May include the opportunity to participate in a Non-Qualified Deferred Compensation plan
Short-term incentives, such as bonus and/or commission
May include long-term incentives, such as stock awards