Fraud Prevention Strategy Lead

AlSagr Cooperative Insurance Co; Dammam; On-site; SAR 120,000 - 180,000; Full time

Job summary

AlSagr Cooperative Insurance Co in Dammam seeks a Fraud Prevention Lead to build and run the company’s fraud prevention framework, covering detection, investigation, and reporting across insurance operations. You will coordinate with Claims, Underwriting, Legal, Compliance, IT, and other functions to investigate suspected fraud, maintain case register, and report KPIs and emerging trends.

The role requires 3–5 years in fraud prevention, a bachelor’s in a related field, and knowledge of Saudi

Qualifications

• Bachelor’s degree required in a relevant field.
• Professional certification in fraud examination (e.g., CFE) preferred.
• Experience in fraud prevention/investigation in insurance or financial services.
• Knowledge of Saudi insurance regulations and fraud practices.

Responsibilities

• Develop, implement, and periodically review the Company’s Fraud Prevention Framework, policies, procedures, and controls.
• Develop, implement fraud prevention strategy and plan.
• Conduct and maintain a comprehensive Fraud Risk Assessment covering all insurance activities, products, processes, and distribution channels.
• Identify and assess fraud risks related to claims, underwriting, policy issuance, renewals, premiums, refunds, commissions, providers, intermediaries, and other insurance transactions.
• Establish fraud indicators, red flags, detection rules, and early-warning mechanisms to identify suspicious activities and emerging fraud patterns.
• Monitor and investigate suspected fraudulent insurance claims and transactions involving policyholders, beneficiaries, healthcare providers, repair workshops, brokers, agents, employees, vendors, and other third parties.
• Lead fraud investigations and ensure that cases, evidence, findings, conclusions, and recommendations are properly documented.
• Coordinate with Claims, Underwriting, Medical, Motor, Finance, Legal, Compliance, Risk Management, Internal Audit, IT, Cybersecurity, HR, and other relevant functions when investigating suspected fraud.
• Develop fraud detection methodologies and utilize data analytics to identify unusual claims patterns, suspicious transactions, duplicate claims, inflated claims, misrepresentation, and other potential fraud schemes.
• Maintain a centralized and confidential Fraud Case Register containing suspected and confirmed fraud cases, investigation outcomes, financial impact, recoveries, and corrective actions.
• Escalate material fraud cases and significant fraud risks to the CEO, senior management, and relevant committees in accordance with the Company’s approved governance framework.

Skills

Fraud investigations

Data analysis

Regulatory compliance

Stakeholder management

Report writing

Education

Bachelor's degree in Insurance/Finance/Law/Business

Tools

Fraud detection systems

Data analytics tools

Job description

AlSagr Cooperative Insurance Co in Dammam seeks a Fraud Prevention Lead to build and run the company’s fraud prevention framework, covering detection, investigation, and reporting across insurance operations. You will coordinate with Claims, Underwriting, Legal, Compliance, IT, and other functions to investigate suspected fraud, maintain case register, and report KPIs and emerging trends.

The role requires 3–5 years in fraud prevention, a bachelor’s in a related field, and knowledge of Saudi