Fraud Analytics and Innovation Senior Leader - Client Protection

Fraud Analytics and Innovation Senior Leader - Client Protection

Newark, Delaware;Plano, Texas; Richmond, Virginia; New York, New York; Boston, Massachusetts; Charlotte, North Carolina; Chicago, Illinois; Tampa, Florida; Kennesaw, Georgia; Jacksonville, Florida; Phoenix, Arizona

Job Description:

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Job Summary:

Client Protection is looking for an experienced analytical leader to join the digital commerce fraud strategy team. This is an exciting opportunity given the constantly evolving nature of digital adoption and attacks in marketplace as well as in money movement. The incumbent will be responsible for managing a team focused on fraud and scam prevention strategies for key digital money movement channels. Responsibilities will include, working across multiple lines of business; partnering with product, technology, operations, vendors, and others; responsibility for the overall first party fraud loss line; and evaluating various internally developed and vendor provided machine learning tools to maximize client experience while managing fraud most effectively.

As a Fraud Strategy Manager with the Client Protection organization, you will capitalize on technical abilities and strategic thinking to solve business challenges and seek opportunities for improvement. You will join a team of fraud professionals who are dedicated to stopping criminals and protecting customers. In the role you will spend time analyzing difficult problems as we try to stay one step ahead of the fraudsters. You will develop complex defenses designed to minimize the impact to good customers while maximizing fraud loss avoidance. You will work across multiple partner organizations and represent our team as a subject matter expert. We are looking for someone with strong communication skills, sound business judgement, results oriented with a track record of thriving in a fast-paced entrepreneurial environment.

The role will be responsible for several key areas:

• Develop and implement robust third-party fraud and scam detection program rooted in digital space to safeguard the organization against financial fraud.

• Provide recommendations on mitigation efforts, ensuring monitors are in place, and will self-create initiatives as needed.

• Lead a team of fraud analysts in the identification, investigation, and mitigation of fraud activity.

• Collaborate with cross-functional teams to integrate fraud detection measures into existing systems and processes.

• Stay abreast of industry trends, emerging threats, and technological advancements to continuously enhance fraud prevention methodologies.

• Analyze data and conduct investigations to identify patterns, trends, and anomalies indicative of potential fraud.

• Identifying new sources of data (internal or vendor-provided) that can enrich our existing detection processes, be added to our decision systems, and allow for new detection strategies to be developed. Will require close coordination with partners in Fraud Technology.

• Drive the development of new models designed to detect fraud activity.

• Ensuring proper risk controls are deployed, while adhering to best practices.

• Provide oversight on defect reviews of 3rd party/scam loss cases to identify any gaps in Fraud strategy and/or procedural adjustments.

• Providing fraud requirements, testing, and development of strategies for new project and endeavors

• Lead the team to Develop, implement, and continuously improve fraud detection algorithms and systems. Perform regular audits and analysis of transaction data to detect new fraud trends.

• Guiding team to Develop new fraud strategies using statistical and analytical techniques. Goal will be to identify and mitigate new and emerging fraud threats.

• Design and monitor key fraud metrics and KPIs to evaluate the effectiveness of fraud prevention.

• Monitor Strategy performance and Optimization of existing detection strategies to determine areas where rules can be adjusted to decline fewer false positives and improve the ROI and overall performance of our fraud strategies.

• Systems Integration: Integrate fraud detection systems with core banking and transaction processing systems using APIs and middleware solutions. Collaborate with IT and software development teams to ensure seamless integration and functionality of fraud management systems. Manage and optimize the performance of fraud detection systems and tools.

• Policy and Strategy Development: Stay updated with the latest fraud trends, regulatory requirements, and best practices. Lead the creation and refinement of fraud detection and prevention strategies.

• Work closely with compliance, legal, risk management, and other relevant departments to align fraud management efforts with organizational goals. Conduct training sessions and workshops to educate staff on fraud detection techniques and policies.

• Identify process improvements and efficiencies via data analysis.

• Deliver accurate metrics related to fraud and claim activity. Validate the integrity and quality of data required for performing analysis.

• Partner with claims, policy, strategy, and product teams to deliver data insights and analysis that inform critical decisions and help achieve goals.

Required Qualifications:

• 3+ years of experience in advanced to expert level in SQL and SAS

• Minimum 7 years of work experience in large financial institution with specialization in data analytics

• Minimum 5 years of experience in managing teams.

Desired Qualifications:

• The candidate must be at an advanced to expert level in SAS and SQL. Should also have familiarity with other programming languages such as Python, R, or Java. Knowledge of data extraction tools such as Hive or Hue will be useful.

• Experience in Statistical model utilization

• 3+ years of decision tree development

• Experience in managing fraud for digital products (Zelle, Wires, ACH, Bill pay)

• Expertise in fraud detection and management platforms, specifically SAS Fraud Management and creation of user defined variables for rule development.

• Ability to work in a fast-paced, dynamic environment is critical.

• Must have exceptional organizational, project management and communications skill.

• Candidate must have a proven track record of building and deploying analytical solutions that have resulted in material financial results.

• Ability to work independently as well as effectively work in teams with individuals with a variety of skills and backgrounds.

• Advanced analytical and quantitative skills with demonstrated ability in using data and metrics to identify root causes.

• Basic understanding of 1st and 3rd party fraud (claims to charge-off timing, chargeback recovery rights, etc.)

• Proven strong analytical and communication skills.

• Experience in working with tools like SAS E-miner and use machine learning models to identify patterns and anomalies in transaction data indicative of fraudulent activity.

• Bachelor's degree, preferably in a quantitative discipline such as mathematics, statistics, operations research, engineering, computer science, finance, or business.

Skills:

• Analytical Thinking

• Business Analytics

• Data Mining

• Fraud Management

• Business Process Analysis

• Critical Thinking

• Influence

• Relationship Building

• Strategy Planning and Development

• Business Case Analysis

• Issue Management

• Leadership Development

• Process Performance Measurement

• Recruiting

Shift:

1st shift (United States of America)

Hours Per Week:

40

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Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank's required accommodation request process before your first day of work.

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