The Loss Prevention Specialist is responsible for daily prevention of deposit, card and account loss by reviewing and analyzing alerts and reports used to detect suspicious activity, member contact, and providing assistance, research, resolution and operational and technical support for members and staff. Responsibilities include; taking action needed on suspicious accounts, handling fraud cases to resolution, analyzing reports and data and working in conjunction with other team members in recommending and implementing prevention to control and reduce losses, providing fraud prevention education and serving as a liaison with other departments within the credit union and coordinating with other departments on development of fraud reduction/control efforts. Ensure the quality of loss prevention systems and outstanding member service.
The Loss Prevention Specialist must effectively carry out the essential duties of this position in a manner that consistently demonstrates the core values of the organization in a positive manner.
1) Loss Prevention & Investigation- 50%
a. Monitor suspicious activity through various alerts and reports and taking proactive actions to prevent deposit, card and/or account losses.
b. Analyze fraud trends and initiate actions to prevent loss or abuse.
c. Initiate and receive phone and written correspondence from account holders, branch personnel and other organizations regarding the fraudulent or suspicious use of accounts.
d. Responsible for monitoring activity and taking action on abusers of UWCU services or products
e. Maintain a case load of investigations involving reported, alleged or suspected fraud and handle all files in accordance with CU procedures and state/federal guidelines.
f. Work with team members to conduct investigations working closely with staff and local financial institutions.
g. Effectively communicate accurate information to superiors, staff and members in a timely, accurate and courteous manner.
h. Act as a resource for staff & members providing support, research and accurate data.
i. Report program/product issues and process trends to the Manager or Vice President.
2) Loss Prevention Intiatives- 20%
a. Prepare detailed reports concerning investigation and losses from the department’s Case Management System.
b. Prepare written communication on behalf of team, including retail, member and vendor correspondence.
c. Assist senior team members with management of investigations, disputes, fraud and loss cases, including but not limited to; case management entries, trending reports, law enforcement reports, photo and video evidence, etc.
d. Pull transaction records needed for fraud investigations, subpoenas, court cases or collection issues.
e. Stay current on fraud prevention techniques with appropriate agencies and vendors attending anti-fraud training seminars as required.
f. Develop mutually beneficial relationships with staff, local financial institutions and law enforcement agencies to keep abreast of fraud schemes.
g. Analyze data and identify areas of potential loss and prepare and submit findings and make recommendations to management.
h. Develop and assist with loss mitigation and prevention programs.
i. Participate in risk mitigation sessions for new projects or processes identifying risks and controls.
j. Work with internal & external groups to constantly improve processes, coordinating with managers to create balance between service, sales and risk of fraud.
3) Compliance, Process and Technical Knowledge- 20%
a. Maintains knowledge of related regulations and compliance.
b. Keep current on all policy and procedure changes and updates remaining involved in ongoing training programs.
c. Serves as a fraud resource for staff. Participate in researching and resolving process issues.
d. Establish written procedures for department processes including those necessary for disaster recovery plans & assures that procedures are current and in compliance with various deposit related regulations.
e. Coordinates and publishes updates, bulletins or emails to retail staff to inform of process or procedure changes being sure to educate staff on all program changes in a positive manner by explaining the changes and emphasizing the benefits to the change.
f. Participates in system releases & audit recommendations to assure compliance.
g. Responsible for the formatting and maintenance of policies and procedures that are supportive to Loss Prevention, support and retail staff.
h. Assists with Intranet blog/home page/manual administration of Loss Prevention.
4) Champion Engagement within Loss Prevention Department- 10%
a. Work collaboratively and cooperatively with other members of the department to achieve corporate and departmental goals.
b. Support the operational implementation of new products, systems, and procedures that support retail sales and service through all delivery channels (i.e. Branch, Internet, and Contact Center).
c. Assume responsibility for personal development through training, collaboration and teamwork. Take ownership for change. Analyze, justify and recommend change in operations to enhance productivity and improve service.
d. Participate in project work associated with business priorities outlined in the department business plan, provide or attends training to strengthen knowledge base.
e. Actively participate in dialogs, group meetings and training. Assume ownership for securing information communicated during personal absence.
f. Provide primary backup support to others in the division as appropriate, fostering teamwork and quality service.
g. With the assistance of Organizational Development, develop and lead in-house training and education.
- High school diploma and/or equivalency required. Associates Degree in Finance, Banking, - Business, or a related field preferred.
- Minimum of 3 years experience of a financial institution which should include 1 year of in a lead role within in a team environment and include an understanding of account ownership, check/debit & credit card processing operations, fraud investigations, fraud prevention, and other deposit serving operations.
- Maintain knowledge of Operating Rules and Regulations including; Regulation E, Regulation Z, Suspicious Activity Reporting, ID Theft and any other state or federal regulations that has a direct impact.
- Demonstrated ability to thoroughly research and organize data.
- Demonstrated ability to multitask in a fast paced, growing environment.
- Ability to use a personal computer and related software i.e. Word, Excel, and Microsoft Outlook
- Ability to use Access Database/ Case Management software application preferred.
- Demonstrated ability to communicate effectively with individuals involved with actual or potential fraudulent activity.
- Must maintain the highest degree of confidentiality.