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Job Description
Job Summary:
The Risk & Fraud Analyst will be responsible for monitoring and analyzing transactions and user behaviors to identify and prevent fraudulent activities, financial crimes, and other risks that could impact the company.
Key Responsibilities:
- Regularly monitor transactions and user activities for signs of fraud, including identity theft, account takeovers, payment fraud, and money laundering.
- Use advanced analytical tools and techniques to detect and prevent fraudulent activities. Develop and fine-tune models that predict fraud risk.
- Ensure all activities are in compliance with relevant regulations and standards. Prepare reports on fraud trends, losses, and risk management strategies for senior management.
- Collaborate with other departments to develop, implement, and refine fraud detection and prevention strategies. Suggest improvements to internal controls and procedures.
- Conduct detailed investigations into suspicious activities, collaborating with law enforcement and other external parties as necessary. Resolve issues efficiently and minimize financial losses.
- Assist customer support teams in handling fraud-related inquiries and issues, ensuring a positive customer experience while adhering to security protocols.
- Stay up-to-date with the latest in fraud detection technologies and methodologies. Recommend new tools and technologies to enhance fraud detection capabilities.
Job Requirements
- Bachelor’s degree in business administration, finance, economics, or a related field.
- 2-3 years of experience in risk and fraud management, preferably in banking sector, fintech or financial services industry.
- Knowledge of E-commerce fraud solutions.
- Knowledge of business analytical platforms (e.g., SQL etc.) to query databases and extract relevant data for analysis and reporting purposes.
- Proficiency in using fraud detection tools and software to monitor, identify, and mitigate potentially fraudulent activities across various payment channels.
- Strong data analysis skills to review transactional data, identify irregular patterns, and assess the likelihood of fraud.
- Familiarity with statistical methods and techniques to analyze large datasets, identify trends, anomalies, and patterns that could signify fraudulent behavior.
- Strong understanding of financial principles, payment processes, and transactional systems to effectively identify discrepancies and anomalies.
- Ability to assess the level of risk associated with different transactions and activities, and determine appropriate actions based on risk levels.
- Familiarity with cybersecurity practices and awareness of common cyber threats to better anticipate and prevent fraudulent activities.
- Understanding of AML regulations, compliance standards, and practices to ensure that the company adheres to relevant regulations.
- Knowledge of various payment methods, processors, and gateways to better understand potential vulnerabilities and risks.
- Familiarity with fraud prevention strategies, including rule-based systems, anomaly detection, and behavioral analytics.
- Proficiency in investigating technical issues related to fraud detection systems, identifying root causes, and implementing solutions.
- Awareness of financial industry regulations and standards relevant to fraud prevention and risk management.
- Ability to document processes, actions taken, and decisions made accurately for audit and reporting purposes.
- Excellent command in written and spoken English language.
