Fraud Specialist

Description

Department: Risk Management & Compliance

Days of Work: Monday - Friday 8 AM - 5 PM; occasional Saturday morning hours (approx. every 5-6 weeks)

Starting salary range: $25 - $27 per hour based on experience

Location: Rochester, MN

FLSA Status: Nonexempt

Schedule: Full time

Hours/Pay Period: 80

Remote Worker: No

Job Summary

The Fraud Specialist investigates and analyzes financial data and monitors transactions to prevent fraudulent activity. Typical job duties include, but are not limited to: timely identifying, investigating, and completing appropriate follow-up on suspicious and fraudulent activities in compliance with applicable regulations and policies; actively participating in the development and implementation of organizational fraud prevention strategies; and promoting a culture of fraud prevention awareness across the credit union. Other duties may be assigned as needed.

Organizational Relationships

The Fraud Specialist reports to the Director of Enterprise Risk Management & Compliance. They also work collaboratively with other credit union employees, members, and law enforcement and/or regulatory authorities as necessary. 

Duties and Responsibilities

Timely identifies, investigates, and completes appropriate follow-up on suspicious and fraudulent activities in compliance with applicable regulations and policies.

• Reviews and analyzes account transactions and reports to detect suspicious activity.  
• Reviews and documents unusual activity related to wires, unauthorized activities and potential identity theft.
• Handles outreach from members regarding fraud and identity theft, providing accurate and professional assistance.
• Coordinates the recovery of losses due to fraudulent activity.
• Collaborates with various departments to ensure timely resolution of fraud incidents.
• Works with authorities as needed regarding fraud cases. 
• Logs cases regarding fraudulent activity, providing clear, applicable, and accurate documentation.

Actively participates in the development and implementation of MEFCU fraud prevention strategies and promotes a culture of fraud prevention awareness across the credit union.

• Collaborates with all credit union departments to ensure effective fraud risk identification, assessment, and mitigation; including the development of action plans to manage and mitigate fraud risks.  
• Works with various departments (i.e. collections, accounting, cards) in the timely identification, management and enforcement procedures for at-risk accounts.
• Assists with credit union employee training and member education regarding fraud detection and prevention.

Requirements

Education and Experience Requirements

An Associate degree AND at least one year of experience working in a financial institution.

OR

A high school diploma and two years of experience working in a financial institution. 

An equivalent combination of education and experience sufficient to successfully perform the essential duties of the position may be considered. 

Desirable Qualifications

Fraud related certification 

Knowledge, Skills, and Abilities

Employees in this position are expected to possess and demonstrate the following knowledge, skills, and abilities throughout their employment:

Knowledge of: various functional areas of financial institutions and their interrelationships. 

Fraud detection and prevention concepts, application methods and program elements; regulatory requirements, and procedures necessary; financial industry standards and regulations

Skill in: strong organizational and interpersonal skills; strong analytical and organizational skills; partnering and coordinating with multiple departments.  

Ability to: work cross-functionally throughout all business segments as related to effective fraud detection and prevention; communicate and translate complex information to all levels of the organization both verbally and in writing

Physical and Environmental Criteria

This physical effort required to perform this position is best described as: Sedentary. Exerting up to 10 pounds of force occasionally and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time. The majority of this position involves computer work, which requires fine dexterity in the continuous movement of the wrist and fingers.

Sensory requirements necessary in the performance of the essential functions of this position include: sight, hearing, touch.

Environmental conditions that may exist in the performance of the essential functions of this job include: None. 

Why Mayo Employees Federal Credit Union?

Our mission of caring for our members drives what we do every single day.  Join our team and build your career in an environment where your work is valued, and you can make a difference in the lives of our members. 

The Mayo Employees Federal Credit Union offers fantastic benefits, including:

• Affordable Medical Plans
• Six Paid Holidays and Generous Accrued Paid Time Off Plan
• Employer-Paid Life and AD&D Insurance (additional voluntary coverage      is available for employee purchase too!)
• Employer-Paid Short and Long-Term Disability Insurance
• Employer-Paid Health Reimbursement Account or Health Savings Account      contribution
• 401k Plan with Generous Employer Match
• Tuition Assistance
• Flexible Spending Accounts
• Employer-Paid Identity Theft Insurance
• Employee Assistance Program
• Voluntary Accident and Critical Illness Insurance
• Discounted Pet Insurance Program