The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.
Position Title: Fraud Manager
Reports To: Chief Risk Officer
Department: Fraud
Purpose: The Fraud Manager is primarily responsible for running the Bank’s Anti-Fraud Program, which aims to detect, deter and prevent fraudulent activity. The Fraud Manager will continually assess the fraud risk vulnerabilities across Five Star Bank’s various lines of business and work with the leadership of those lines of business to implement mitigating controls. This position is also responsible for the Bank’s Regulation E (Electronic Funds Transfer Act) Dispute Process through both the Bank’s organic customer base and its Banking-as-a-Service partners. The Fraud Manager role is responsible for managing the staff within the Fraud area, to include a Regulation E Dispute Processing and Fraud Alert Investigation Teams. Daily interaction with the Bank’s various BSA/AML Teams is necessary to ensure a nested Anti-Financial Crimes Program. The position is responsible for directly reporting on performance of the Anti-Fraud Program to executive and senior leadership, Management Committees (including the Company Risk Committee) and the Board of Directors and its Risk Oversight Committee, and engaging with federal and state regulators, as needed, on program performance.
Supervisory Responsibilities:
Degree of Supervision Received: Minimal
Degree of Supervision Given: Extensive
- Supervision Given to: Fraud Risk Clerk (3), Fraud Risk Analyst (4)
Essential Functions:
- Maintains, manages, and administers an effective Anti-Fraud Program that is reflective of the evolving risk profile of the Bank, integrates industry best practices and regulatory guidance, and complies with federal and state regulatory requirements.
- Develop and implement comprehensive fraud detection, deterrence and prevention strategies to safeguard the bank’s assets prudently balancing customer banking expectations around the accessibility of funds and ease of banking .
- Manages staff and develops, implements, administers and enhances the fraud monitoring systems to ensure that appropriate parameters are in place to identify fraudulent activity.
- Oversees performance tuning and validation of monitoring models.
- Maintain, update and utilize key Anti-Financial Crimes systems such as Abrigo’s BAM+, Socure, JHA’s CPS, Q2 Central, Q2 Sentinel, Advanced Fraud Solution’s TrueCheck and more to identify and proactively resolve fraud.
- Regularly shares relevant information with other business units, including the BSA/AML and OFAC business unit, and escalates emerging risks and areas of immediate concern to the Chief Risk Officer, other members of executive management, and the head of the BSA-AML business unit.
- Conducts an annual risk assessment, appropriate testing and model validations to ensure that the efficacy and relevance of the Anti-Fraud program to mitigate risk.
- Reports the efficacy and performance of the Program to management committees (including the Company Risk Committee) and the Board of Directors and its Risk Oversight Committee
- Develops and/or enhances management and Committee reporting for fraud risk management activities. Maintain clear and transparent Job Aids and Procedures that govern the processes carried out by the Bank’s Anti-Fraud Team, to include the investigation of potentially suspicious activities and transactions, occurrences of charge backs, issuance of check returns and breaches of warranty, and the intake, investigation, processing and remediation of Regulation E disputes.
- Monitor and analyze fraud trends, identifying emerging threats, recommending proactive measures and report findings to Management monthly.
- Collaborate with all lines of business (e.g., Retail, Small Business, Commercial, Digital, Compliance, Legal, etc.) to ensure alignment with regulatory requirements, internal policies, reduced customer friction and mitigation of fraud vulnerabilities.
- Acts as a liaison/contact for examinations, internal audit and external audits of Regulation E compliance and performance of fraud programs. Responds to exams and audit concerns and oversees corrective action of all related fraud/compliance deficiencies.
- Make independent decisions as to the actions required to prevent financial loss to the Bank or its customers, which includes but is not limited to account closure, enhanced monitoring, return of debt items, hold placement, account restrictions, debt collection and payment arrangements.
- Manages performance of direct team and provides ongoing coaching and training opportunities to ensure staff has the skills and resources to be successful; conducts daily quality control of the direct team’s work product.
- Ensures department workload is processed timely and in accordance with Regulatory (Regulation E) and risk mitigation standards and requirements.
- Ensures any regulatory changes applicable to the department are implemented in a timely manner in accordance with regulatory requirements.
- Continually assess staff and systems to ensure a sound understanding of how line of business decisions may impact volumes, staffing and the ability of the team to mitigate losses.
- Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
Job Related Qualifications – Education and Prior Experience:
Required:
- Education: Bachelor’s Degree
- Prior Experience: 8+ years of experience in fraud prevention, detection and investigation within the banking industry; at least 3 of those years being in a direct management role.
Preferred:
- Education: Master’s Degree
- Prior Experience: 8+ years of experience in fraud prevention, detection and investigation within the banking industry or law enforcement investigations; at least 4 of those years being in a direct management role.
- Licenses or Accreditation: Certified Fraud Examiner (CFE) or similar certification.
Competencies:
- Strong knowledge of banking regulations and compliance requirements related to fraud (e.g., Regulation E, Regulation CC, FinCEN priorities, etc.).
- Proficiency in using fraud detection and analytics tools/models.
- Excellent analytical and problem-solving skills, with the ability to interpret complex data.
- Strong leadership and team management skills.
- Exceptional communication and interpersonal skills, with the ability to escalate and present emerging risks and findings to senior management and the Board.
- Ability to work in a demanding, fast-paced, multi-tasked environment with the ability to prioritize and meet deadlines.
- Ability to respond quickly and effectively to issues involving high dollar or high volume fraudulent transactions, irate customers, robberies, complaints and law enforcement interaction.
Physical Requirements:
- Able to regularly sit for prolonged periods of time.
- Extensive computer usage is required.
- Ability to work: Evenings or weekends occasionally
This job description is not exhaustive. The Fraud Manager may be required to perform other duties as assigned.