Fraud Manager

Fraud Manager at Veritas Partners Fraud Manager at Veritas Partners in Gaithersburg, Maryland Posted in 5 days ago.

Type:

full-time

Job Description:

Overview:

The Fraud Manager manages the operations of the fraud investigations department and the supervision of its staff. This person will develop policies and procedures to prevent fraud activities and to recover incurred losses. This position identifies weaknesses in current control processes and recommends enhancements. They collaborate investigations with appropriate business partners and local, state, and federal authorities. The Fraud Manager plays a critical role in developing, implementing, and managing fraud prevention and detection strategies across the organization. Responsible for identifying, preventing, and investigating fraudulent activities to safeguard the company's assets and interests.

Major Duties and Responsibilities:

Provide second-line oversight of fraud-related programs including check fraud, ACH fraud, wire fraud, identity theft, account takeover (ATO), elder financial exploitation, and new account fraud. Independently assess and challenge the effectiveness of first-line fraud detection, prevention, and investigation activities across all banking channels (retail, commercial, digital, and card). Maintain and continuously enhance the enterprise Fraud Risk Management Policy and supporting standards and procedures. Conduct periodic fraud risk assessments to identify emerging threats, control gaps, and areas of heightened risk exposure. Serve as a subject matter expert during regulatory examinations, internal audits, and third-party reviews related to fraud risk management. Monitor evolving regulatory guidance (FFIEC, CFPB, OCC, FDIC, Federal Reserve) and assess impact on the Bank's fraud program. Design and present fraud risk reporting to senior management, risk committees, and the Board as appropriate. Analyze fraud trends, loss data, and industry intelligence to proactively identify and communicate emerging risks /material issues. Partner with first-line fraud operations, BSA/AML, cybersecurity, legal, and technology teams to ensure an integrated approach to financial crimes and fraud risk management. Evaluating existing Verafin fraud agents against existing fraud tools to determine which fraud tool is more efficient. Create MRM documentation for all active fraud agents and conduct quarterly monitoring of the efficiency of the fraud agents. Collaborate with the Verafin administrator to conduct annual tuning of the Verafin fraud agents. Collaborate with other financial institutions and/or law enforcement regarding the recovery of assets and identification of suspects.

Conduct fraud investigations:

Interviewing victims, documenting findings, and collaborating with various internal units to make an investigative determination.

Qualifications:

Bachelor's Degree required 8+ years' experience in fraud risk management, financial crimes compliance, or a related field within a financial institution 2+ years' people management/supervisory experience Experience with Verafin or other fraud tracking software Proficient knowledge of fraud typologies across multiple banking products and channels Working knowledge of applicable regulatory frameworks (FFIEC, Regulation E, Regulation

CC, BSA/AML

)