Fraud Analyst

Job Responsibilities

1. The role involves performing fraud analysis of customer transactions by identifying, assessing, and mitigating fraud risks through effective controls, procedures, and training programs to lower risks pertaining to assigned areas.
2. 24x7 monitor real-time and non-real-time transactions for potential fraud. Responsible for executing various aspects of transaction monitoring, fraud awareness, and related investigations.
3. Utilize fraud detection systems to analyze data and identify unusual transaction patterns or behavior.
4. Identify, assess, and document fraud risks across various channels, including Cards, IBMB, ATMs, IVR, digital wallets, and others.
5. Proactively identify vulnerabilities in existing fraud detection measures and advise on enhancements.
6. Conduct regular monitoring and analysis of patterns in fraud incidents, attempted fraud, and consumer complaints.
7. Respond to fraud alerts and coordinate with relevant stakeholders for quick resolution.
8. Conduct investigations of suspected or confirmed fraud cases and document findings. Generate reports for internal and external reporting.
9. Co-ordinate with relevant departments, such as IAD Investigations team, Legal, business, InfoSec, Complaints dept, law enforcement agencies (LEA), member banks, regulatory authority, etc., to conduct thorough investigations.
10. Analyze evidence, gather information, and determine appropriate actions and remedial measures to address fraud incidents and record the incidents.
11. Respond to LEA's and CBUAE inquiries and requests related to matters pertaining to transactional fraud.
12. Maintain detailed logs of fraud incidents, including the type of fraud, actions taken, and outcomes.
13. Prepare reports for senior management and regulatory bodies, such as the Central Bank, summarizing trends and incidents.
14. Facilitate the filing of annual reports to regulatory authorities, including preventive measures taken.
15. Work closely with the Information Security, Risk Assurance, and Complaints departments to address fraud-related issues.
16. Coordinate with external parties such as law enforcement, third-party vendors, and regulatory bodies as necessary.

Qualifications Requirements

1. Bachelor’s degree/Diploma in Business, Finance, Computer Science, MIS, Accounting, Information Security, or a related field.
2. Certification in fraud prevention (e.g., Certified Fraud Examiner - CFE) is an added advantage.
3. Minimum of 2 years of experience in fraud detection, investigation, or risk management within the banking sector.
4. Experience working with fraud detection systems and tools, within a real-time 24x7 environment.
5. Proven track record of handling fraud cases and coordinating with law enforcement and regulatory bodies.
6. Strong knowledge of financial products, digital payments, and e-commerce fraud risks.
7. Strong analytical and problem-solving skills with attention to detail.
8. Ability to work in a fast-paced, high-pressure environment with a focus on delivering results.