Manager, Fraud Prevention - Risk Department

Job Purpose :

• Responsible to implement fraud prevention methodologies based on the bank’s strategy.
• Prevent, detect frauds & review referrals mitigating controls accordingly.
• Respond to suspicion, conduct detailed analysis on the attempted or suspicious fraud cases referred to Fraud Risk Management Unit & provide a report containing the findings, conclusion and recommendations to the management for recommended actions.
• Imparting trainings to all staff and partners about fraud typologies along with recommended controls/ mitigations.
• Timely preparation of fraud awareness messages to staff and customers on a periodic basis.
• Review and filing of Suspicious Activity Report (SAR) & Suspicious Transaction Report (STR) pertaining to fraud related matters.
• Documenting the review and decision for filing the STR/ SARs.
• Conduct FRMU analysis related to any fraud referrals or incidents as assigned.
• Automation of the FPU tasks where applicable including prevention and detection strategies.
• Display UAB Values of Integrity, Customer Focus, Competence, Consistency and Courteousness.

Principal Accountabilities :

• Monitor and identify high-risk applications within the business portfolio.
• Observe customer card transactions to identify fraudulent activity such as document Fraud, identity theft and similar other risks.
• Resolve queued transactions within the service level agreements to reduce potential revenue losses and affecting customer experience.
• Interact with employees and customers to validate information & to match the statements with the information mentioned in the product application form.
• Resolve internal customer issues within the scope of existing service level agreements.
• Ensure confidentiality of all information collected during the fraud risk management unit (FRMU) analysis.
• Identify system improvements to prevent fraudulent activities.
• Recommend anti-fraud processes for changing transaction patterns and trends.
• Recommend new tools used for fraud prevention, detection and reporting activities.
• Handling & Reviewing Referral cases as well as conducting sampling review to identify Fraud Risks (Identity theft, suspected set- up company, document forgery etc.)
• Fraud Forum Activity – Communicating with the peer banks upon receiving alerts from the peer bank on the particular individual/company & taking necessary actions in case of negative feedback received to mitigate the potential loss of the bank and recording the same via a tracker.
• Evaluate the effectiveness of current tools, identify capability gaps, and recommend investments in advanced technologies to enhance fraud detection, prevention, and response.
• Promote a strong culture of fraud awareness and provide expert guidance to business units and stakeholders on fraud risk and prevention.
• Updating the blacklist database in the bank’s system/ application on a timely basis & disseminating the information to the key stakeholders in a timely manner
• Establish a clear SLA with the Fraud Investigation, for proper documentation and reporting timelines to minimize customer experience impact.
• Develop fraud prevention policies and procedures to comply with regulatory requirements.
• Assisting FRMU in conducting Fraud Risk Assessments.
• Ensuring that the fraud risk losses are within the overall Risk Appetite of the bank.

Job Requirements (Qualifications/Experience) :

• Bachelor/ Master’s Degree from a recognised institution
• Professional certifications (e.g., CFE, ACAMS, CISA, CISM)
• 10+ years of banking experience in Fraud Risk Management
• Understanding concepts of fraud prevention/ detection as part of risk management in banks