The Financial Crimes Specialist position independently conducts research to prevent, detect, assess, decision, mitigate, investigate, and report on alerted or potentially fraudulent activity that may expose WPCU to financial crime risk ensuring actions taken mitigate transaction, regulatory compliance, and reputation risk to WPCU, in accordance with established management practices and procedures, and applicable regulations. This position also provides member, partner, and law enforcement (LE) support in response to fraud-related inquiries or cases under investigation.
Utilizes fraud detection programs, internal reports, and public record, including online resources to investigate and research time sensitive alerts for potential financial crime activity resulting from transactions and applications that present possible transactional, regulatory, or reputational risk to the credit union, or potential loss to WPCU and members. Assesses the risk level, makes well supported decisions, and takes appropriate action to mitigate risk and/or loss in accordance with management practices and procedures, and in compliance regulations. Directly contacts members to conduct interviews regarding potential fraudulent activity including recovery efforts on resulting negative balances. Serves as a liaison and engages with law enforcement on fraud cases of significant financial impact to the credit union by providing evidence in the pursuit of prosecution, in collaboration with the Legal team, as needed. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (30%)
Responsible for investigating and decisioning member disputes related to cards and checks, assessing the validity, engaging members, and recommending and processing victim restoration to include pursuing recovery rights with the bank of first deposit, if applicable. Specific to card fraud, identifies common points of compromise, conducts rule testing, analysis, and implementation to prevent or mitigate card fraud losses; initiates and follows through on card re-issues resulting from possible compromise. (30%)
Provides support services for WPCU members and partners on fraud related issues via the internal fraud ACD line. (15%)
Identifies potential unusual activity flags, in accordance with the Bank Secrecy Act, for member transactions reviewed to determine whether a referral to BSA Compliance for review and potential FinCEN Suspicious Activity Reporting. This includes accurate referral preparation and timely submission for WPCU members suspected of being involved in unusual or questionable account activity. (10%)
Communicates identified fraud trends to assist management in adjusting parameters of fraud detection systems, and reports gaps in management practices, procedures, and operating controls to leadership to ensure member impact and fraud risk is mitigated. (5%)
Delivers new hire and enhanced fraud training for WPCU partners to educate teams on fraudulent activity potentially impacting WPCU and WPCU members, and “red flags” for potential fraud identification and mitigation. (5%)
Performs other related duties as assigned. (5%)
Required SkillsThe Financial Crimes Specialist is skilled and knowledgeable in managing financial crime risk and mitigating/preventing internal and external losses to WPCU. Demonstrated knowledge of depository financial institution fraud control is essential. The following skills and/or credentials are also desirable:
A Bachelor’s Degree in business is preferred. Candidates who present an equivalent combination of formal training and extensive experience specific to the fraud prevention and financial crimes industry may also be
A minimum of three years of experience, preferably in a depository financial institution, in financial crime risk management practices specific to fraud, including practices for prevention, detection, investigation, resolution, measurement, and reporting of internal and/or external fraud.
Willingness to pursue certification in financial crimes (ACFCS).
Knowledge of compliance requirements specific to BSA/AML regulations and reporting
Knowledge of applicable state and federal regulations specific to Financial Crimes and investigation activities, including, but not limited to Regulation E, Visa Operating Rules, UCC, Regulation CC, and Regulation Z.
Understanding of financial crimes and associated risk, and a complete understanding and application of technical principles, theories, and concepts in identifying financial crimes risk.
Strong understanding of financial crimes trends, typologies, and regulatory requirements.
Knowledge of WPCU’s multiple businesses, products, and delivery channels, and knowledge of management practices impacting fraud.
Proficient in MS Office Excel and
Demonstrated ability to learn and apply available and appropriate software applications to job
Strong verbal and written communication, organizational, time‐management, and member service
Required ExperienceLooking for 2-3 years experience with credit/debit card fraud.