Main Responsibilities and Required Skills for Fraud Analyst
A Fraud Analyst is a person who has the ability to retrieve and analyze data in relation to fraud investigations. They provide oversight, monitoring and reporting on financial crime risks and review Customer Accounts for prevention and detection of possible fraud situations. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Fraud Analysts.
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Main Responsibilities of Fraud Analyst
The following list describes the typical responsibilities of a Fraud Analyst:
Analyze
Analyze accounts and data to identify suspected fraud activity.
Analyze accounts and transaction patterns to determine existing fraud trends.
Analyze chargeback data to identify fraud trends and prepares chargeback reports.
Analyze customer behaviour to identify fraudulent patterns and provide customer insight using SQL.
Analyze data and information to provide insights and recommendations.
Analyze issues and determines next steps.
Analyze the portfolio and respective fraud strategies to optimize risk and reward.
Apply
Apply analytical techniques to break apart complex, evolving fraudulent activities and trends.
Assess
Assess and measure impact of technology, product, and process changes.
Assign
Assign files as directed by the Investigators and Manager.
Assist in
Assist in special projects and ad-hoc assignments, upon request.
Assist in the creation of proactive and / or automated fraud prevention / response efforts.
Assist in the development and performance monitoring of fraud prevention and detection systems.
Assist in the development of strategic plans.
Assist in the preparation of interim and final reports and recommendations.
Assist the retail / financial fraud department.
Audit
Audit fraud processes to determine accuracy and compliance to SOP / Policy.
Build
Build change management plans of varying scope and type.
Check
Check held orders and release / cancel.
Check us out in the Google Play.
Collaborate with
Collaborate and communicate effectively with cross functional teams to achieve objectives.
Collaborate in efficient functioning of collections life cycle.
Collaborate with Engineering, Sales, and Product to build internal tools supporting Wyre's platform.
Collaborate with Operational partners to communicate awareness of fraud trends and initiatives.
Communicate
Communicate effectively and confidently and is comfortable engaging all clients.
Communicate effectively and confidently with all clients to make their financial lives better.
Communicate effectively and confidently with all clients to make their financial lives better.
Communicate Fraud Alerts regarding ongoing fraudulent activity for other teams and departments.
Complete
Complete daily reporting to identify and review potential fraudulent activity.
Complete investigation to reach resolution when required.
Complete the Monthly Fraud Report for communication to goeasy Leadership Teams.
Conduct
Conduct analyses on historical data to identify fraud risks trends not yet identified by the team.
Conduct fraud operations, timely investigations, and manual interventions, acting as a fraud SME.
Conduct in-house, telephone and database research.
Connect
Connect with clients, internal and external partners concerning sensitive and investigative issues.
Contact
Contact customers to discuss changes to payment method or installment billing.
Contribute to
Contribute to the advancement of the team's processes, efficiencies and best practices.
Contribute to the continued improvements of our wider fraud prevention infrastructure.
Contribute to the creation of fraud rules by providing analytical data to support decisions.
Coordinate
Coordinate and monitors the review and sign-off of attestations and reporting.
Coordinate the management of databases.
Coordinate with defense attorneys to provide deposition strategies.
Create
Create written reports / adverse action documentation.
Define
Define fraud mitigation practices to ensure a balance approached between risk and reward.
Design
Design solutions to support the automation of processes and reporting.
Detect
Detect new and high risk subscriber activity through fraud detection tools.
Detects suspicious activity from various BSA and fraud alerts, reports and systems.
Determine
Determine existing fraud trends by analyzing accounts and transaction patterns.
Determine fraud trends by analyzing accounts, transactions and foul play patterns.
Determine if account blocking or other actions are necessary to neutralize loss exposure.
Develop
Develop and mature fraud research, analysis, and reporting practices.
Develop measures for identifying and monitoring key risk indicators.
Develop risk indicators and identify populations for further review.
Develop tailored messaging.
Document
Document customer accounts using standard comment / release codes and clear, concise notations.
Document issues, bugs & feedback received from the community.
Document the findings and the reason behind the decisioning.
Educate
Educate and inform leaders and employees.
Educate business owners on risk reduction and fraud prevention.
Embrace
Embrace new approaches to increase efficiencies, improve fraud detection and reduce risk.
Ensure
Ensure alignment between stakeholders.
Ensure all activities are recorded through various fraud databases.
Ensure compliance with established processes and procedures.
Ensure confidentiality of all information collected during investigation.
Ensure product marketing materials are accurate.
Ensure quick resolution of identified issues / gaps.
Enter
Enter information and scan all documentation into the case management system.
Escalate
Escalate complex or unresolved customer situations to managers as required.
Find
Find emerging fraud trends, security non-compliance and gaps and build strategies to address.
Follow
Follow constantly changing procedures to minimize company losses.
Fulfill
Fulfill sales and service activities for the customer in accordance with approved procedures.
Gather
Gather and formats data into regular and ad-hoc reports, and dashboards.
Generate
Generate suspicious activity reports and risk management reports for Managers.
Guide
Guide our customers through various Trust and Safety related processes.
Guide / assist in the identification and classification of issues.
Handle
Handle camera footage requests.
Handle incoming calls in an informed, professional, and efficient manner.
Handle internal and external customer inquiries concerning fraudulent issues.
Help
Help determine business priorities and best sequence for execution of business / group strategy.
Help improve manual review accuracy and efficiency.
Host
Host formal and informal Fraud Training Classes internally within the company.
Identify
Identify and makes referrals to other business groups as needed.
Identify emerging issues and trends to inform decision-making.
Identify system improvements to prevent fraudulent activities.
Identify and investigate fraudulent orders and take appropriate action to close and flag accounts.
Identify changing "Card Not Present” fraud and risk trends and implement solutions to mitigate them.
Identify customer needs and be proactive when dealing with customer issues.
Identify fraud patterns through the monitoring of high-risk countries and merchants.
Identify fraudulent activity, Amend fraud rules in ACI to reduce cancellations and chargebacks.
Identify opportunities for continuous process optimization through automation methods.
Identify signatures and techniques used by threat actors / cyber criminals.
Identify system improvements to prevent fraudulent activities.
Identify system improvements to prevent fraudulent / money laundering activities.
Implement
Implement security measures and fraud prevention strategies across our operations teams.
Improve
Improve existing policies and workflows and help build a strong, scalable process.
Include
Include stores once Single Customer View & Aptos introduced.
Influence
Influence and negotiate to achieve business objectives.
Initiative
Initiative and openness for other tasks and responsibilities as needed.
Integrate
Integrate marketing promotions and programs into customer conversations as appropriate.
Interact
Interact with banks and customers to validate information and to confirm or cancel authorizations.
Interact with customers on an occasional basis.
Investigate
Investigate financial systems / accounts and determine if refund / payment taken.
Investigate high levels of discount.
Investigate possible causes of loss using a variety of programs and online tools.
Keep
Keep abreast of needs of the Collections departments.
Keep track of risk with debt relief companies.
Know
Know what a browser cookie is and how it can help us in the day-to-day activities.
Lead
Lead in defining the communication plan designed to positively influence or change behaviour.
Lead the development and maintenance of the governance system and framework.
Link
Link transactions and accounts to known or suspected fraudulent MO's and identify new fraud trends.
Maintain
Maintain all cases within service level agreement (SLA).
Maintain appropriate level of liaison with internal and external business partners.
Maintain fraud analysis models to improve efficiency and effectiveness of company systems.
Maintain fraud analysis models to improve efficiency and effectiveness of company systems.
Maintain positive working relationships with the wider business.
Maintain the confidentiality of customer and Bank information.
Make
Make a difference by joining our Fraud Detection team.
Make certain all necessary fraud related paper work has been completed.
Make good use of technology.
Make recommendations for revisions that would improve the Bank's.
Make reports on suspicious activity and risk management.
Manage
Manage all transactions related to customer calls or refers to appropriate internal business groups.
Manage and monitor risk assessment workflows on ongoing basis.
Manage different types of abuse on our website using in house and external tools.
Manage large data sets and maintain databases such as Access, SAS, SQL.
Manage payments issues on an individual customer level or on a wider business level, as needed.
Monitor
Monitor accounts and transactions to identify and predict risky behaviour.
Monitor affiliate networks for suspicious activity.
Monitor and investigate transactions using internal tools and external fraud prevention systems.
Monitor payments performance and assist with payments development for the business.
Organize
Organize work information to ensure accuracy and completeness.
Oversee
Oversee the creation of demos.
Perform
Perform ad-hoc analysis as potential risks and fraud trends are identified.
Perform analysis of high-risk orders and reviews reports to identify unauthorized credit card use.
Perform other duties and special projects as required.
Perform Risk Monitoring review for remote deposit capture.
Plan
Plan and carry out responsibilities with minimal direction.
Prepare
Prepare and present analytics results to business partners and management.
Prepare presentations that clearly and concisely communicate key findings and objectives.
Produce
Produce fraud reports for the wider business, including leadership teams.
Produce performance reporting and provides updates and recommended changes to team management.
Produce top-quality content.
Project
Project manage different aspects of fraud prevention and mitigation across various teams.
Provide
Provide analysis on fraud trends and chargeback levels to management.
Provide complete troubleshooting before escalation.
Provide expert advice and support to Customer Service on all fraud and payments related matters.
Provide input and develops recommendations for process and customer service improvements.
Provide oversight, monitoring and reporting on financial crime risks for a designated portfolio.
Provide review and analysis of risky or exception conditions.
Provide specialized consulting, analytical and technical support.
Provide status updates for 'in progress' investigations to management and business partners.
Provide support to the Operational and Business units of the organization on fraud related matters.
Provide testing of new procedures & systems.
Query
Query data from complex and / or disparate data sets using SQL or similar querying language.
Receive
Receive all incoming files, check for accuracy and content.
Recommend
Recommend and implement solutions based on analysis of issues and implications for the business.
Recommend anti-fraud processes and optimizes current fraud prevention processes.
Record
Record findings and outcomes.
Reflect
Reflect a positive and mature attitude towards teammates and peers.
Release
Release verified orders from the Credit Card Verification Module.
Represent
Represent chargebacks with our banks.
Research
Research and obtain documentation on all products related to the unusual activity.
Research and remediate risk events and suspicious activity.
Resolve
Resolve customer issues within the scope of existing service level agreements.
Resolve queued transactions within the service level agreements to reduce potential revenue losses.
Respond
Respond to and close Loss Prevention service tracks by taking appropriate actions.
Respond to chargebacks received by business – update chargeback log and ACI.
Respond to customer queries by email / phone.
Respond to customer queries in a timely and accurate way.
Retrieve
Retrieve and analyze data in relation to fraud investigations.
Review
Review and monitor account data in search of indicators of risk and fraud.
Review applications and identify potential fraud issues.
Review branch Kiting reports.
Review chargeback disputes and creates disputing templates for new products.
Review Customer Accounts for prevention and detection of possible fraud situations.
Review daily payment batches for risky payments and take action with our operations team.
Review daily reports to identify and verify potential fraudulent activities with clients.
Review deposit fraud reports for suspect items on a daily basis.
Review individual reports looking for member account data changes.
Review LIT – any patterns, customers, addresses etc - cross reference claims with chargebacks.
Review reports for possible elder abuse.
Share
Share information and make suggestions for improvements to fraud operations.
Support
Support a long lasting, effective team environment, to achieve mutual team and business goals.
Take
Take initiative to continually evaluate and meet / exceed the department needs and goals.
Take that first one by applying to be a Fraud Investigator.
Test
Test procedures to ensure they are working and take corrective actions when they are not.
Understand
Understand existing solution design and how / where risk assessments are made.
Undertake
Undertake proactive analysis of transactional and customer records.
Update
Update and maintain the fraud data base with new information received.
Update internal systems of record for tracking and reporting requirements.
Use
Use available data to identify and plan appropriate actions in varying and evolving business cases.
Use knowledge of policies and processes to effectively and quickly act on issues.
Use social media, LexisNexis to verify if the person exists.
Verify
Verify activities through outbound calls and / or send "Potential Fraud Alert” e-mails to customers.
Verify customer credit card information using internal and external tools as appropriate.
Work with
Work as part of a team along with our Stores, Riders and other colleagues to reduce fraud.
Work directly with customers to flag and resolve any fraud contacts.
Work independently and within a team to meet project deadlines.
Work with Branch staff to resolve items identified in a timely manner.
Work with co-workers to validate and gather details on suspected fraud to reach resolution.
Work with teams to identify fraudulent activity, threats, tactics and trends.
Write
Write detailed summaries to disseminate to the LOBs after an incident has been identified.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Fraud Analyst:
Banking Products
Risk and Regulatory Requirements
Python
Fraud
Claims
Client Experience
Make Judgmental Decisions Based on the Data Reviewed
Researching Information through Multiple Systems
Reviewing Related Information
Risk Mitigation
Most In-demand Soft Skills
The following list describes the most required soft skills of a Fraud Analyst:
Written and oral communication skills
Analytical ability
Organizational capacity
Problem-solving attitude
Collaborative
Multi-task
Interpersonal skills
Decision-making
Critical thinker
Solve complex problems
Attention to detail
Goal-oriented
Learn and adapt to new information and technology platforms
Sense of urgency
Sound judgment
Think critically
Time-management
Self-motivated
Use good
Creative
Confident
Dealing with customers issues
Dependability
Detail-oriented
Work a flexible schedule to meet business needs
