Fraud Risk Manager

Roles and Responsibilities

• Developing and implementing fraud prevention strategies: Design and execute strategies to detect and prevent fraudulent activities within the payment processing system. This involves creating SOPs, policies, rules, algorithms, and protocols to identify suspicious transactions and behaviors.
• Monitoring and analyzing transaction data: Regularly monitor transaction data to identify patterns, trends, and anomalies indicative of fraudulent activity. Utilize data analysis tools and techniques to assess risk and make informed decisions.
• Investigating suspicious activities: Investigate suspicious transactions and activities to determine their legitimacy. This may involve analyzing transaction histories, conducting research, and collaborating with internal and external stakeholders to gather relevant information.
• Implementing fraud detection tools: Deploy and manage fraud detection tools and technologies, such as machine learning algorithms, artificial intelligence systems, and behavioral analytics software, to enhance the detection and prevention of fraudulent activities.
• Managing fraud alerts and escalations: Respond promptly to fraud alerts and escalations, investigate the underlying issues, and take appropriate actions to mitigate risks. This may include freezing accounts, blocking transactions, and initiating fraud investigations.
• Collaborating with internal teams: Work closely with cross-functional teams, including risk management, compliance, operations, and customer support, to address fraud-related challenges and implement effective solutions.
• Collaborating with external teams: Work closely with acquirers, 3P fraud tool providers and others to address fraud and chargeback related challenges.
• Conducting risk assessments: Conduct comprehensive risk assessments to identify potential vulnerabilities and weaknesses in the payment processing system. Develop and implement risk mitigation strategies to address identified risks and enhance security measures.
• Developing fraud prevention policies and procedures: Develop and maintain fraud prevention policies, procedures, and guidelines in accordance with industry best practices and regulatory requirements. Ensure that all stakeholders are informed about and compliant with these policies.
• Reporting: Assist with risk reporting, procedure creation, and updates.
• Providing training and education: Provide training and education to employees and partners on fraud prevention best practices, procedures, and tools. Promote a culture of fraud awareness and vigilance throughout the organization.
• Staying updated on industry trends: Stay informed about the latest trends, developments, and emerging threats in the fraud landscape. Continuously assess and adapt fraud prevention strategies to address evolving challenges and risks.

Desired Candidate Profile

Executes against established SOPs and identifies opportunities for process improvement.
Identifies gaps in controls and processes.
Design program controls and testing mechanisms in collaboration with internal teams.
Consult legal for guidance on specific use cases or escalations.
Establish SOPs, process controls, recommend revisions, and ensure alignment with risk and regulatory requirements.
Observes, escalates & resolves gaps in processes or controls.
Communicates and defends processes and controls to peers in partner organizations.
Performs deep dive analysis and creates COE based on identified deviations and recommends appropriate solutions.
Measures key metrics, process or control risk to inform product and program level risk assessment and owns weekly/monthly metrics and process reviews with internal and external stakeholders.
Maintains subject matter expertise specific to job functions and general industry awareness.
Earns trust of peers by understanding operational processes related to risk management programs and product offerings.
Makes recommendations as inputs into product and technology roadmap discussions.
Researches and recommends innovative technology solutions to management.
Implements operational program controls by creating project plans.
Identifies, prioritizes, and coordinates work streams necessary.
Influences internal teams to uphold and maintain program control.
Recommends to product and technical teams improvements to technical risk management solutions to drive program efficiencies.

Basic Qualifications

• 5+ years of compliance program management, legal, governance, audit, risk/loss prevention, or equivalent experience.
• Bachelor's degree or equivalent.
• Experience handling confidential information.

Preferred Qualifications

• 5+ years of program or project management experience.
• Professional auditing qualification, or similar risk or compliance credentials.
• Experience with research and investigation skills or equivalent.