Fraud Analyst is someone who works for a bank or a financial institution to investigate forgery and theft on customers accounts and transaction.
The Fraud Analyst track and monitor the bank's transactions and activities on customers account in order to understand the spending/transactioon pattern of customer to know if there is possible fraud on customers account. It is their job to identify and trace any suspicious or high-risk transactions, determine if there is improper activity involved, and determine if there is any risk to the bank or its customers.
It is the job of the fraud analyst to understand whether there is a change in customer transaction pattern and if there is prevent possible loss of customers fund by placing the account on hold and verifying from the customers if they are the one actually carrying out such transaction.
Role of a Fraud Analyst
1. Monitors customers account activities
2. Prevent fraud on customers account
3. Protect the bank against possible loss.
4. Reports suspicious transaction on customers account
5. Monitor real time queues and identify high risk transactions within the business portfolio.
6. Observe customer transactions to identify fraudulent activity such as account take over, friendly fraud, theft and similar other risks.
7. Identify fraudulent transactions and cancel them from further processing.
8. Resolve queued transactions within the service level agreements to reduce potential revenue losses.
9. Interact with banks and customers to validate information and to confirm or cancel authorizations.
10. Resolve customer issues within the scope of existing service level agreements.
11. Monitor constantly customer and transactional records to identify unauthorized transactions and fraudulent accounts.
12. Maintain fraud analysis models to improve efficiency and effectiveness of company systems.
13. Ensure confidentiality of all information collected during investigation.
14. Determine existing fraud trends by analyzing accounts and transaction patterns.
15. Identify system improvements to prevent fraudulent activities.
16. Recommend anti-fraud processes for changing transaction patterns and trends.
17. Recommend new software tools used for fraud detection, prevention and reporting activities.
18. Generate suspicious activity reports and risk management reports for Managers.
Fraud Analyst is someone who works for a bank or a financial institution to investigate forgery and theft on customers accounts and transaction.
The Fraud Analyst track and monitor the bank's transactions and activities on customers account in order to understand the spending/transactioon pattern of customer to know if there is possible fraud on customers account. It is their job to identify and trace any suspicious or high-risk transactions, determine if there is improper activity involved, and determine if there is any risk to the bank or its customers.
It is the job of the fraud analyst to understand whether there is a change in customer transaction pattern and if there is prevent possible loss of customers fund by placing the account on hold and verifying from the customers if they are the one actually carrying out such transaction.
Role of a Fraud Analyst
1. Monitors customers account activities
2. Prevent fraud on customers account
3. Protect the bank against possible loss.
4. Reports suspicious transaction on customers account
5. Monitor real time queues and identify high risk transactions within the business portfolio.
6. Observe customer transactions to identify fraudulent activity such as account take over, friendly fraud, theft and similar other risks.
7. Identify fraudulent transactions and cancel them from further processing.
8. Resolve queued transactions within the service level agreements to reduce potential revenue losses.
9. Interact with banks and customers to validate information and to confirm or cancel authorizations.
10. Resolve customer issues within the scope of existing service level agreements.
11. Monitor constantly customer and transactional records to identify unauthorized transactions and fraudulent accounts.
12. Maintain fraud analysis models to improve efficiency and effectiveness of company systems.
13. Ensure confidentiality of all information collected during investigation.
14. Determine existing fraud trends by analyzing accounts and transaction patterns.
15. Identify system improvements to prevent fraudulent activities.
16. Recommend anti-fraud processes for changing transaction patterns and trends.
17. Recommend new software tools used for fraud detection, prevention and reporting activities.
18. Generate suspicious activity reports and risk management reports for Managers.