Fraud Investigator

Live Oak Bank; Wilmington (DE); On-site; USD 72,000 - 113,000; Full time

Job summary

Live Oak Bank in Wilmington, Delaware is hiring a Fraud Investigator to conduct comprehensive analyses of suspect reports, investigate events to resolution, and help minimize losses across deposits, loans, and online banking.

You will collaborate with Customer Success, Deposit Operations, Compliance, and law enforcement when needed, prepare SARs, and stay current on fraud trends while maintaining regulatory awareness.

Qualifications

• 3-5 years of experience in risk management, payment processing, fraud investigation, chargeback representation, or law enforcement.
• Must have working knowledge of fraud schemes, scams, and fraud systems.
• Knowledge of card processing, payment fraud prevention/detection techniques, and/or On-line Fraud Management.
• Excellent PC and technical proficiency in Microsoft Word, Excel, and PowerPoint.
• Strong analytic and problem-solving skills.

Responsibilities

• Track and document action taken in a timely and accurate manner.
• Open cases in the established case management system to include all records as defined by management.
• Conduct thorough investigations related to deposit accounts, loans, electronic transactions, wire transfers, check fraud, and other banking products.
• Review system-generated alerts to identify fraudulent activity related to ACH, debit and credit card, wire, digital banking, account openings, and other payment mechanisms.
• Determine action required to protect the Bank’s assets; work with management on handling more complex cases as required.
• Identify potential fraudulent schemes through the research process for the engagement of law enforcement personnel.
• Work closely with law enforcement and other financial institutions when necessary.
• Monitor consumer transaction and account activity for potentially fraudulent activity, including identity theft, account takeover, ACH, Check, Wire, loan, and other identified risks.
• Communicate professionally with customers, financial institutions, and other Bank personnel to resolve problems or request additional information and/or documentation to support a decision on whether fraudulent activity has occurred.
• Prepare and submit SARs in compliance with FinCEN regulations.
• Remain current on national and global fraud trends to incorporate into daily activities as appropriate.
• Work with Fraud Analytics to monitor existing fraud models/strategies and ensure they meet false-positive and detection rate criteria.
• Explain variances and recommend remedial actions.
• Assist in the implementation of new fraud strategies to mitigate fraud losses associated with online banking activity.
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Skills

Fraud investigation

Risk management

Payment processing

Data analysis

Regulatory awareness

Education

Bachelor’s degree

CAMS

CFE

Tools

Microsoft Word

Excel

PowerPoint

Job description

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and its People

Completes comprehensive analyses on suspect reports or fraud alerts. Investigates suspicious events to resolution. Takes appropriate actions to prevent and/or minimize losses for Live Oak Bank and its customers. Fraud Investigator also works closely with Customer Success and Deposit Operations (re: Chargebacks, Disputes, and New Accounts), as well as Compliance officers and all other internal teams to mitigate risk.

What You’ll Do at Live Oak

• Track and document action taken in a timely and accurate manner.
• Open cases in the established case management system to include all records as defined by management
• Conduct thorough investigations related to deposit accounts, loans, electronic transactions, wire transfers, check fraud, and other banking products
• Review system-generated alerts to identify fraudulent activity related to ACH, debit and credit card, wire, digital banking, account openings, and other payment mechanisms.
• Determine action required to protect the Bank’s assets; work with management on handling more complex cases as required
• Identify potential fraudulent schemes through the research process for the engagement of law enforcement personnel
• Work closely with law enforcement and other financial institutions when necessary
• Monitor consumer transaction and account activity for potentially fraudulent activity, including identity theft, account takeover, ACH, Check, Wire, loan, and other identified risks
• Communicate professionally with customers, financial institutions, and other Bank personnel to resolve problems or request additional information and/or documentation to support a decision on whether fraudulent activity has occurred
• Prepare and submit SARs in compliance with FinCEN regulations
• Remain current on national and global fraud trends to incorporate into daily activities as appropriate
• Work with Fraud Analytics to monitor existing fraud models/strategies and ensure they meet false-positive and detection rate criteria
• Explain variances and recommend remedial actions
• Assist in the implementation of new fraud strategies to mitigate fraud losses associated with online banking activity
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Required Experience

• 3 - 5 years of experience in risk management, payment processing, fraud investigation, chargeback representation, or law enforcement
• Must have working knowledge of fraud schemes, scams, and fraud systems
• Knowledge of card processing, payment fraud prevention/detection techniques, and/or On-line Fraud Management
• Excellent PC and technical proficiency in Microsoft Word, Excel, and PowerPoint
• Strong analytic and problem-solving skills

Preferred Experience

• Bachelor’s degree
• Professional Certifications (CAMS, CFE, etc...)

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
• Respect: Treat everyone with courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more.

For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/

Live Oak Bank is an Aff

We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability.

Equal access to programs, service and employment is available to all persons.

Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at [e-mail].

EEO is the Law

Compensation and Benefits

The base pay range for this position is $71,960.00 - $113,080.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.

• Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.

More than just a job, a career at Live Oak is an opportunity to mold the future of the banking industry. Live Oak Bank would not be the top SBA 7(a) and USDA lender in the country without our people. We focus on hiring folks who are dedicated to living our values, every single day. Together, we’re on a mission to be America’s small business bank. At Live Oak we never lose sight of focusing on the wellbeing of our folks. We believe our employees are the heart of our company and drive our commitment to our customers. As part of the Live Oak team, you’ll have the chance to shape the next chapter of banking while supporting the backbone of our nation – small businesses.