Fraud Analyst II (Chicago, IL)

Socket.dev; Chicago (IL); Hybrid; USD 61,000 - 76,000; Full time

Job summary

Byline Bank is seeking a Fraud Analyst II to act as a senior investigator and subject matter expert. You will conduct complex investigations, prepare SAIRs/SARs, and support fraud prevention while collaborating with internal teams and law enforcement.

A focus on regulatory compliance and data-driven decisions is essential. The role requires 2+ years in banking/fraud, familiarity with SARs, and strong analytical/communication skills.

Qualifications

• Bachelor’s degree preferred.
• 2+ years banking experience with Fraud, Loss Mitigation, and Bank Secrecy Act regulatory requirements and/or other program related compliance functions.
• 2+ years of lending industry experience in fraud detection/investigation, risk management or compliance.
• Knowledge of SAR requirements, regulatory expectations, and financial crime investigative practices.
• Ability to collect and analyze complex data, evaluating information and drawing logical conclusions.
• Ability to communicate fraud issues to frontline personnel for day-to-day execution.
• Strong verbal and written communication skills, including active listening and presenting findings.

Responsibilities

• Investigates fraud cases escalated by Fraud Specialists and other units.
• Reviews and disposition complex alerts.
• Leads fraud investigations and prepares SAIRs and SARs in compliance with regulations.
• Reviews case management software to investigate and disposition cases.
• Performs independent investigations into fraud schemes (e.g., account takeover, identity theft).
• Analyzes fraud patterns, trends, and schemes including money movement activities.
• Determines if suspicious activity meets regulatory reporting thresholds.
• Documents findings and recommendations clearly in case systems.
• Identifies connections between accounts, customers, and external entities.
• Collaborates with Fraud Operations, AML, Compliance, Risk, Security, and Law Enforcement.
• Monitors fraud trends and recommends enhancements to detection rules.
• Maintains compliance with federal regulations and bank policies.
• Participates in QA and supports audit requests.
• Provides recommendations to management regarding termination of relationships.
• Communicates with business lines to obtain documentation for SAR investigations.
• Complies with laws and the Bank’s Identity Theft Prevention Program.
• Investigates fraud or whistleblower issues.
• Performs periodic SAR follow-up reviews.
• Assists staff with fraud incidents.
• Maintains Red Flag cases and concern reports.
• Proactively identifies fraud and abuse via manual reviews.

Skills

Fraud investigations

Data analysis

Regulatory knowledge

Communication skills

Team collaboration

MS Office proficiency

Self-motivated

Education

Bachelor’s degree preferred

Fraud certification (preferred)

Tools

Case management software

MS Office Suite

Job description

Objective of Position:

The Fraud Analyst II serves as a senior fraud investigator and subject matter expert responsible for conducting complex fraud investigations, identifying emerging fraud trends, and supporting fraud prevention efforts. This role reviews transactional activity, customer accounts, and supporting documentation to detect potential fraud and financial crime risks. The Fraud Analyst II prepares Suspicious Activity Investigation Reports (SAIRs) and Suspicious Activity Reports (SARs), makes risk-based decisions, and escalates matters to management, compliance, legal, or law enforcement as appropriate.

The position also supports fraud loss recovery efforts and collaborates with internal business partners and local, state, and federal law enforcement agencies on suspected fraudulent or illegal activity. This role is critical to minimizing fraud losses and ensuring compliance with regulatory requirements.

Duties and responsibilities:

• Investigates fraud cases escalated by Fraud Specialists, manual reviews, and other business units.
• Reviews and properly disposition complex alerts assigned as warranted.
• Leads fraud investigations and prepare Suspicious Activity Investigation Reports (SAIRs) and Suspicious Activity Reports (SARs) in compliance with regulatory requirements and internal policies.
• Reviews case management software to investigate and disposition cases as required, including fraudulent/unusual activity escalated through internal channels.
• Perform independent investigations involving fraud schemes such as account takeover, identity theft, synthetic identity fraud, elder financial exploitation, check kiting, counterfeit checks, and other suspicious activities.
• Analyzes complex fraud patterns, trends, and schemes, including account takeover, identity theft, synthetic identity fraud, elder exploitation, and money movement activities.
• Determines if suspicious activity meets established thresholds for regulatory reporting.
• Documents investigative findings, case decisions, and recommendations clearly and accurately within case management systems.
• Identifies connections between accounts, customers, transactions, and external entities to support investigations.
• Collaborates with Fraud Operations, Anti-Money Laundering, Compliance, Risk Management, Security, and Law Enforcement when necessary.
• Monitors fraud trends and recommend enhancements to fraud detection strategies, controls, and monitoring rules.
• Maintains compliance with federal regulations, company policies, and industry best practices.
• Participates in quality assurance reviews and supports audit or regulatory examination requests.
• Provides recommendations to management regarding termination of account relationships, when applicable.
• Communicates effectively and efficiently with business lines to obtain needed documentation for SAR investigations.
• Understands and complies with applicable laws and regulations and the bank's Identity Theft Prevention Program, as applicable to job duties.
• Investigates fraud or Whistleblower issues.
• Facilitates and performs periodic (90 Day) SAR follow-up reviews.
• Assists Bank staff with instances of identified Fraud.
• Reviews and maintains Red Flag cases and Concern Reports related to confirmed or possible fraudulent activity.
• Proactively identifies instances of potential fraud and abuse through manual reviews.
• Maintains a solid working knowledge (functional and operational) of the rules and regulations related to Fraud reporting as well as the Bank’s policies and procedures by participating in ongoing training.

• Including, assisting with administering Fraud related training for other business units.

• Perform research and investigation related to Grand Jury Subpoenas.
• Attends Fraud training sessions and networks with industry groups.
• Complete actionable measures to mitigate losses related to fraud.
• Assist with recovery efforts when warranted.
• All other duties as assigned.

Note: Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.

Qualifications:

• Bachelor’s degree preferred.
• 2+ years of banking experience with knowledge of Fraud, Loss Mitigation, and Bank Secrecy Act regulatory requirements and/or other program related compliance functions. General compliance or operational work related to Fraud elements to be considered.

• 2+ years of experience in the lending industry, preferably in fraud detection and investigation, risk management or compliance.
• Knowledge of SAR requirements, fraud-related regulatory expectations, and financial crime investigative practices
• Knowledge of fraud related trends, theories, and practices.
• Fraud certification(s) or willingness to pursue.
• Ability to collect and analyze complex data, evaluating information and drawing logical conclusions
• Ability to effectively communicate the applicability of fraud issues to front line personnel for execution in the day-to-day working environment
• Effective verbal and written communication skills, including active listening skills, and skills in presenting findings and recommendations
• Ability to work with confidential information
• Ability to communicate with colleagues and the BSA Officer regarding issues and findings.
• Ability to work collaboratively with a variety of stakeholders at all levels.
• Be self-motivated with a strong attention to detail.
• Have strong change management, organizational and planning capabilities.
• Proficiency in MS Office Suite.

Physical Demands/Work Environment:

Usual office environment with frequent sitting, walking, and standing, and occasional climbing, stooping, kneeling, crouching, crawling, and balancing. Frequent use of eye, hand, and finger coordination enabling the use of office equipment. Oral and auditory capacity enabling interpersonal communication as well as communication through automated devices.

At Byline Bank, we value work-life flexibility and support a hybrid work environment for this position. This role allows for a combination of remote and in-office work, with occasional visits to the office based on business needs. Specific in-office days may vary and will be discussed during the interview process.

Compensation & Benefits:

Byline Bank offers competitive industry rate salary bands with the goal of retaining and growing talented individuals. We regularly review and adjust our compensation structure as needed to ensure equity across teams and levels.

The salary range for this position is between $61,000 to $76,000.

• In addition, Byline provides benefits including medical coverage, dental, vision, disability, 401k, paid time off and much more!
• Depending on the specific role, compensation may also include discretionary bonuses and other benefit programs. The actual compensation package may vary based on factors such as skill set, experience level, and candidate's location.

Additional Information:

Byline Bank is an Equal Opportunity Employment / Aff… employer dedicated to providing an inclusive workplace where the unique differences of our employees are welcomed, respected, and valued. We are committed to the principle of equal employment opportunity for all employees and to providing employees with a work environment free of discrimination and harassment.

All employment decisions at Byline Bank are based on business needs, job requirements and individual qualifications, without regard to race, color, religion or belief, national, social or ethnic origin, sex (including pregnancy), age, physical, mental or sensory disability, HIV Status, sexual orientation, gender identity and/or expression, marital, civil union or domestic partnership status, past or present military service, protected veteran status, family medical history or genetic information, family or parental status, or any other status protected by the laws or regulations in the locations where we operate. Byline Bank will not tolerate discrimination or harassment based on any of these characteristics.

Byline Bank is committed to providing reasonable accommodations for candidates with disabilities in our recruiting process. If you need any assistance or accommodations due to a disability, please contact us directly at 773-475-2900, Option #2.

If applying within the US, this role is not eligible for visa sponsorship now or in the future.