Account Fraud Investigator II

Position Summary:

The Fraud Prevention Department supports the Credit Union through fraud monitoring and risk mitigation. Account Fraud Investigators will review accounts and transactions through various channels, such as bill pay, check, ACH and wires to identify fraudulent activity and mitigate loss to the Credit Union and our members. New account opening, loan originations, remote activity (access and deposits) and other transactional activity are monitored and actioned to ensure members' funds are secure and that there is minimal risk of loss. Qualified candidates will be knowledgeable about products and services that the Credit Union offers, possess exceptional verbal and written communication skills, handle daily responsibilities with thoroughness and accuracy and be able to conduct a comprehensive analysis and investigation to detect and mitigate fraudulent activity.

Work Arrangement: This position is able to work onsite, or hybrid (1-2 days/week) at our East Lansing Headquarters.

Schedule:

• This position requires working a standard 40 hour week during hours of operations
  
  
  
  • Monday - Thursday 8:30am - 6:30pm
  • Friday 8:30am-7:00pm
  • Rotating Saturdays 8:00am-3:00pm
  
  
  
  
• Employees working a Saturday receive a consistent day off during the week to offset their hours
• Scheduled hours could change based on business need and future department growth.

An offer of employment with MSU Federal Credit Union and affiliates is contingent upon the agreed work arrangement (onsite/hybrid/remote) and work location. MSU Federal Credit Union may or may not be able to accommodate temporary or permanent changes to work arrangements or allow employment outside the city and/or state of residency in which the new hire resides at the time of offered employment.

Compensation & Benefits:

• This position starts at $21.00+/hour dependent on experience
• 100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums
• Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays
• 401(k) with an immediate 2:1 Match
• Tuition Reimbursement
• Up to 12 Weeks of Paid Parental Leave

Essential Duties and Responsibilities:

• Review accounts and transactions for fraudulent activity and take appropriate action, such as restricting account activity, to prevent fraud losses and recover funds. This may require extensive research and independent decision-making.
• Investigate fraud claims or potential losses incurred from check, ACH, bill pay, wire, M2M and other non-card payment channels and in accordance with laws, regulations, policies and procedures.
• Assist members promptly and professionally in person, over the phone, or through the Credit Union's messaging systems when working on fraudulent or potentially fraudulent account activity.
• Provide account fraud expertise to service area employees in reviewing and taking action on potentially fraudulent activity.
• Proactively solve member and employee complaints and issues using good judgement.
• Educate and advise members in making informed decisions about their account and personal identification information, including security, reporting and arrangements for resolving negative balances that result from fraud.
• Prepare letters of indemnity to recover funds from other financial institutions.
• Investigate Suspicious Activity Alerts and track and report the outcome.
• Review application and membership information and identification documents when there are discrepancies or irregularities to verify information and decision requests appropriately.
• Use tools and resources to investigate, such as skip tracing, pulling film or web searches to identify individuals and validate information.
• Develop and maintain a working relationship with departments, branches, and contacts at other financial institutions to expedite exchange of information and to obtain assistance and counsel when needed on all matters pertaining to account fraud.
• Efficiently use multiple systems such as Episys Quest, Temenos, Ensenta, and Payrailz simultaneously for reporting, information gathering and completing fraud investigations.
• Complete projects as assigned by management that produce quality and action driven results within provided deadlines.
• Conduct user acceptance testing (UAT) on fraud detection systems.
• Maintain awareness and understanding of emerging and changing fraud trends.
• Review alerts and other notifications to identify fraud trends and inform on loss mitigation strategies.
• Assist law enforcement by providing evidence for investigations while following the Credit Union's privacy policy.
• Accurately document all account review efforts, contacts with members and actions taken, in a thorough and timely manner to ensure updated information is available to front line and other employees.
• Perform account maintenance and daily balancing of all financial transactions performed.
• Record and maintain charge off, fraud tracking, and other department trackers.
• Actively engage in department initiatives and achieve assigned position goals.
• Participate in training activities within your department or branch and with the learning and talent development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws.
• Perform other duties and assist other employees, as assigned.
• Handle escalated member situations and take appropriate action to resolve them.
• Notify management about common fraud account activity trends and make recommendations to update or implement changes to prevent further loss.
• Identify training opportunities and work with management to implement them.
• Consistently take ownership of situations, utilize resources, approach tasks with a solution-based mindset and attention to detail.
• Identify industry trends in fraud and risks associated with fraud and make recommendations in controlling and mitigating risk.
• Make recommendations for loss mitigation strategies based on fraud trends.
• Consistently meet or exceed assigned goals and is engaged in department initiatives.

Knowledge, Skills, and Abilities Required:

• High school diploma or GED required.
• Must have strong independent thinking skills with the ability to prevent, detect and investigate signs of internal and external fraud.
• Must have the ability to assess the risks of fraud and make recommendations in controlling risks.
• Ability to show effective decision-making skills and recognize the appropriate action needed when reviewing activity.
• Interpersonal skills to communicate and negotiate effectively with a diverse group of members and employees in stressful situations
• Strong written and verbal communication and listening skills to effectively obtain necessary information to make appropriate and effective decisions.
• Grammatical and typing skills with an emphasis on accuracy.
• Problem solving skills.
• Ability to empathize with others.
• Must be self-motivated and able to work independently.
• Ability to multi-task and work in a fast-paces and goal oriented, team environment.
• Must be responsible, professional and dependable.
• Attention to detail and accuracy.
• Functional knowledge of financial products, services, policies, procedures and systems.
• Knowledge of Regulations E and CC.
• Above average investigative skills and techniques, including: negotiating, active listening and communication.
• Above average decision-making process to effectively determine what course of action to take and solutions that are realistic and within guidelines.
• Above average analytical skills to solve problems and identify unusual or suspicious activity.
• Ability to promote a positive team environment.
• Strong attention to detail and accuracy required to operate with latitude for independent judgement and initiative.
• Above average knowledge and application of fraud trends, policies and regulations.
• Comprehension of fraud trends displayed in analyzing account activity and identifying concerns.
• Above average ability to offer additional solutions to members and resolve escalated situations.

Physical Demands and Work Environment:

• May be required to remain in a stationary position for an extended period of time.
• Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
• Occasionally needs to move about inside of office area.
• Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure.
• This position is able to work in hybrid or onsite working arrangements.

Disclaimer:

The above statements are intended to indicate the kinds of tasks and levels of work difficulty that will be required of positions that will be given this title and shall not be constructed as declaring what the specific duties and responsibilities of any particular position shall be. It is not intended to limit or in any way modify the rights of any supervisor to assign, direct, and control the work of employees under his or her supervision. The use of a particular expression or illustration describing duties shall not be held to exclude other duties not mentioned that are of similar kind of level of difficulty. MSU Federal Credit Union is an affirmative-action, equal-opportunity employer. Reasonable accommodations may be made for individuals with disabilities to enable them to perform the essential functions of the position.