Fraud Investigator I
Location: Vienna, VA
Salary: $21.00 - $32.50 hourly
Closing Date: March 17, 2023
Basic Purpose
To identify, review, investigate fraud activity, claims/cases and risk exposures from various delivery channels. Review transactional activities, internal/external inquiries, and perform investigations to protect Navy Federal and its members’ financials and assets, and control and mitigate potential fraud loss. Ensure adherence to applicable federal and state laws, rules and regulations. Work is performed under close supervision.
Responsibilities
• Investigate various types of transactions/activities/cases (e.g., ID Theft and Synthetic ID, Check Fraud, Account Takeover fraud) including reported or alleged loss of assets from various business channels
• Respond to inquiries using various communication venues (including inbound telephone calls) to provide explanation for action taken in response to a specific alert or case
• Communicate with internal and external customers on fraud and security issues, problem resolution, account information and investigations
• Collect evidence and related documentation via available systems and methods; ensure chain of evidence/documentation is maintained in accordance with federal and state laws, rules, regulations and Navy Federal’s policies and procedures
• Review data gathered to substantiate/disqualify a loss claim or charge off, and escalate as needed
• Research public record databases to identify, analyze and verify information related to primary investigations, validation reviews, discrepancies associated with information provided, and assess potential fraud risk
• Create detailed reports of investigations to include actions taken and results
• Prepare and maintain data for analysis and reference
• Detect fraud trends, red flags and recommend preventive measures to business units and management
• Monitor timeline from identification/notification of fraudulent activity to closure, ensuring service level agreements and regulatory requirements are met
• Collaborate with other business units to gain an understanding of transactions, processes and procedures, their impact on other business units processes and procedures, and identify risk potential for fraudulent activity
• Identify risk exposure/fraud activity, and recommend restorative/control action (e.g., freezing accounts, contacting/alerting members or appropriate internal/external security/financial personnel, adding restrictions or fraud alerts or holds to members accounts)
• Determine if suspicious activities are caused by processing errors requiring corrections and/or recommending to management changes to business policies and/or processes to prevent reoccurrence
• Support projects related to fraud detection, prevention or root analysis
• Involved in driving continuous process improvement to increase member experience quality; reduce losses; minimize financial risk and maintain high operational efficiency
• Maintain knowledge of applicable federal and state laws, rules, regulations, and Navy Federal policies and procedures
• Performs other duties as assigned
Qualifications
• Associate’s degree in Business Administration, Criminal Justice, Finance, or related field, or the equivalent combination of education, training, and experience
• Familiarity with applicable federal and state laws, rules and regulations (e.g., Bank Secrecy Act, USA Patriot Act, and OFAC regulations)
• Familiarity with fraud trends and threats
• Exposure to member/customer service, preferably in a financial institution or contact center
• Basic skill managing multiple priorities independently and/or in a team environment to achieve goals
• Exposure to applying various analytical techniques used in determining and resolving fraud and identity theft in transactions and membership applications
• Basic skill determining “Intent” and “No Intent” scenarios
• Basic skill in identifying and responding to Red Flags (e.g., Known Fraud Patterns, Check Image Details, Membership Specific Info, etc.)
• Basic skill assimilating information, analyzing facts, and developing logical conclusions
• Basic skill interpreting and synthesizing large amounts of information
• Basic skill exercising initiative and using good judgement to make sound decisions
• Basic skill identifying and analyzing business requirements and recommending solutions
• Basic organizational, planning and time management skills
• Basic investigative, research, analytical, and problem solving skills
• Basic skill following, interpreting, and applying relevant data/instructions to guidelines, procedures, practices, and regulations
• Effective active listening skills to accurately respond to inquiries and account requests
• Basic skill building relationships through rapport, trust, diplomacy and tact
• Exposure to working with all levels of staff, management, stakeholders, vendors
• Basic skill to influence, negotiate, and persuade to reach agreeable exchange and positive outcomes
• Basic verbal and written communications skills
• Basic word processing, spreadsheet, and presentation software skills
Desired Qualifications and Education Requirements
• Bachelor’s degree in Business Administration, Criminal Justice, Finance, or related field
• Familiarity with Navy Federal products, services, programs, policies, and procedures
Hours: Monday - Friday; 8:00AM - 4:30PM
Location: 820 Follin Lane, Vienna, VA 22180 | 5550 Heritage Oaks Dr. Pensacola, FL 32526 | 141 Security Dr. Winchester, VA 22602
*Must report to a campus location*
Navy Federal is now hybrid! Our standard enterprise requirement for a hybrid schedule is to report on-site 4-16 days each month. The number of days reporting on-site will ultimately be determined by the employee's leadership and business unit needs. You will learn more throughout the hiring and on boarding process.
Salary Range: $21.00 - $32.50 hourly
Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position.
Posting End Date: 03/17/23
Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team’s discretion based on qualified applicant volume.
