Fraud Investigator I

Overview

Reports to: Fraud Operations Officer

Functions Supervised: None

Primary Functions:

• Carry out detailed investigations concerning potential losses and/or suspected criminal activity.
• Interview potential victims, suspects, and witnesses involved in financial crimes, often addressing sensitive matters.
• Accurately prepare and document findings based on rules of judicial evidence, ensuring reports are both factual and impartial.
• Refer cases to law enforcement for prosecution and restitution.
• Review cases for accuracy and decide next steps, such as reimbursement, member contact, or government agency follow-up.
• Demonstrate prudent judgment in decision-making and maintain the highest standards of confidentiality.

Duties And Responsibilities

• Monitor alert queues to help prevent fraudulent activity and reduce losses.
• Conduct investigations into fraud claims related to online transactions, pre-authorized drafts, altered checks, forged endorsements, unauthorized third-party transfers, financial exploitation, identity theft, and additional fraudulent activities.
• Investigate discrepancies, gather all relevant information, and implement effective measures to mitigate and, when feasible, prevent losses related to fraud and identity theft.
• Interview potential victims, suspects, and witnesses involved in financial crimes, often addressing sensitive matters.
• Locate video surveillance and review recorded calls to support investigations.
• Accurately prepare and document findings based on rules of judicial evidence, ensuring reports are both factual and impartial. Reports may be used in criminal proceedings or civil litigation.
• Create and maintain complete and accurate case files, including investigative notes and documentation in the case management system.
• Detect, monitor, and analyze fraud patterns and trends.
• Participate in root cause analysis reviews of large loss incidents to help identity process gaps and recommend policy changes.
• Adhere to all regulations and internal policies and procedures in the timely management of complaints, referrals, and reimbursements.
• Report suspicious activity as required by the Bank Secrecy Act.
• Handle high-priority and high-risk cases, such as outgoing wires, recovering funds, consumer complaints, large transactions, and potential Bank Secrecy Act or SDN list violations.
• Work with all law enforcement, protective agencies, and financial institution contacts for fraud-related investigations.
• Work in partnership with BSA, Legal, Compliance, Operations, the credit union’s insurer, and other relevant credit union departments.
• Handle incoming and outgoing calls to deliver information about fraud, identity theft, or the Member Identification Program to branches, the Member Service Center, lending departments, and members.
• Ensure compliance with laws, rules, regulations, policies, and procedures applicable to assigned departments and related credit union activities.
• Perform other duties as assigned.