Fraud Prevention Analyst

Institution for Savings; Newburyport (MA); On-site; USD 39,000 - 53,000; Full time

Benefits offered by this job

Fully paid health, dental & vision

401(k) match

Life insurance

Disability plan

Pension plan after 2 years

Generous vacation & paid time off

Quarterly incentive

Job summary

The Institution for Savings in Newburyport, MA is seeking a full-time Fraud Analyst to monitor and review account activity for fraud indicators and to discuss findings with customers. You will document investigations, support risk-based decisions, and help protect customer funds.

You will work with fraud software, coordinate with departments, and contribute to fraud monitoring improvements in a collaborative in-office environment.

Qualifications

• Associate degree or equivalent from two-year college or technical school; or six months to one year related experience and/or training.
• Working knowledge of fraud detection, account takeover, identity theft, check/ACH/Debit Card fraud and other common financial fraud activities.
• Strong analytical and critical thinking skills with the ability to identify suspicious activity.
• Excellent investigative, research, and problem-solving abilities.
• Ability to handle sensitive and confidential information with professionalism and discretion.
• Ability to work independently while also collaborating effectively with cross-functional teams.
• Knowledge of Jack Henry and Verafin Financial Crime Management Software is helpful

Responsibilities

• Review and monitor account activity and transactions for indicators of potential fraud, including unusual patterns, suspicious behavior, account takeover, and identity theft.
• Investigate fraud referrals/incidents and perform necessary research; efficiently evaluate information and arrive at risk-based conclusions to minimize losses.
• Contact customers to verify activity, gather additional information, and provide guidance regarding steps needed to secure their accounts.
• Document investigative steps, findings, decisions, and recommended actions.
• Create and maintain complete, accurate fraud cases with supporting documentation and communications.
• Assess fraud detection rules and system parameters to ensure proper configuration and operation.
• Take action to protect customers and the Bank, including restricting accounts or services and replacing credentials.
• Elevate significant or high-risk situations to management.
• Collaborate with other financial institutions to promote recovery of funds and limit losses.
• Prepare and send requests, affidavits, indemnification docs, or other info related to fraud claims.
• Maintain awareness of fraud trends and regulatory changes and communicate observations to management.
• Assist with development of fraud monitoring practices, controls, and training.
• Participate in fraud-related audits, projects, and system testing.
• Complete annual regulatory training and adhere to requirements.
• Perform additional duties as assigned.

Skills

Fraud detection

Analytical thinking

Investigation

Communication

Discretion

Independent work

Education

Associate degree or equivalent

Tools

Jack Henry

Verafin Financial Crime Management Software

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Technical Newburyport, MA, US

2 days ago Requisition ID: 1102

Salary Range: $28.50 To $38.50 Hourly

The Institution for Savings is seeking a full-time in-office Fraud Analyst in our Deposit Operations Office in Newburyport, MA.

Position Summary

The Fraud Analyst is responsible for reviewing and monitoring account activity and transactions to identify, investigate, and respond to potential fraud. This position requires daily outreach to customers to discuss fraud alerts, documents investigative findings, and supports decisions with clear and well-reasoned analysis. The Fraud Analyst works closely with management, internal departments, customers, and other financial institutions to mitigate risk, recover fraudulent funds, and minimize losses to the Bank and its customers.

Essential Duties and Responsibilities

• Review and monitor account activity and transactions for indicators of potential fraud, including unusual patterns, suspicious behavior, account takeover, and identity theft.
• Investigate fraud referrals/incidents and perform necessary research; efficiently evaluate available information and apply sound judgment and arrive at risk-based conclusions to minimize fraud losses.
• Contact customers to verify activity, gather additional information, and provide guidance regarding steps needed to secure their accounts.
• Clearly document investigative steps, findings, decisions, and recommended actions.
• Create and maintain complete, accurate, and well-organized fraud cases, including supporting documentation, customer communications, recovery efforts, and final resolution.
• Regularly assess fraud detection rules, thresholds and system parameters in fraud software applications to ensure they are appropriately configured and operating. Recommend modifications as necessary.
• Take or recommend appropriate action to protect customers and the Bank, including restricting accounts or services, replacing compromised access credentials, and referring matters for further review.
• Promptly elevate significant, complex, or high-risk situations requiring management attention.
• Work with other financial institutions to promote recovery of fraudulent funds and mitigate losses.
• Prepare and send appropriate requests, affidavits, indemnification documents, or other supporting information related to fraud claims and recovery efforts.
• Maintain awareness of emerging fraud trends, industry developments, regulatory expectations, and changes affecting fraud prevention and investigation and communicate observations and potential risk to management.
• Assist with the development and improvement of fraud monitoring practices, procedures, controls, reporting, and customer and employee education.
• Participate in fraud-related training, audits, examinations, projects, and system testing as needed.
• Successfully completes annual regulatory training as required by the bank and adheres to all applicable regulatory requirements for this position.
• Perform additional duties and responsibilities as assigned.

Qualifications:

• Associate degree or equivalent from two-year college or technical school; or six months to one year related experience and/or training; or combination of education and experience.
• Working knowledge of fraud detection, account takeover, identity theft, check/ACH/Debit Card fraud and other common financial fraud activities.
• Strong analytical and critical thinking skills with the ability to identify suspicious activity.
• Excellent investigative, research, and problem-solving abilities.
• Ability to handle sensitive and confidential information with professionalism and discretion.
• Ability to work independently while also collaborating effectively with cross-functional teams.
• Knowledge of Jack Henry and Verafin Financial Crime Management Software is helpful

Hourly Range: $28.50-$38.50

The salary range listed is just one component of the Bank’s total compensation package. Other rewards include fully paid medical, dental and vision insurance, as well as dollar-for-dollar 401(k) match up to 10%; life insurance; disability plan; pension plan after 2 years of service; generous vacation and paid-time off; and quarterly incentive.

The Institution for Savings is an Equal Opportunity Employer.