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The Role:
We are seeking a Fraud Risk Lead who will drive the development of the Commercial Payment Services (CPS) Fraud Program within the first line of defense. The Fraud Risk Lead will be responsible for proactively and collaboratively developing and monitoring key control metrics; defining fraud reporting requirements and strategies alongside Operational Risk and Independent Risk Management; and supporting the development of fraud risk controls (RCSA) for better program management and risk mitigation. This position will also lead the development for the onboarding and due diligence process, Fraud Program requirements, and Fraud SAR filing criteria specifically for CPS. The ideal candidate will have strong experience with various data analytic systems/tools (i.e., Snowflake, Tableau, AWS, etc) and coding (i.e., SQL, Python), as well as a deep understanding of fraud risk at the operational and risk management level, and the ability to drive cross-functional collaboration between all lines of business.
Overview of CPS:
CPS is the payments sponsorship line of business for SoFi Bank. The Bank provides access to the payment networks (Mastercard, Visa), holds deposits, and performs related risk and compliance oversight. Money movement is managed by the Bank on behalf of its partners to fund underlying accounts for card transaction volume.
What you’ll do:
The Fraud Risk Lead will be responsible for the following:
- Build and maintain the fraud program playbook, detailing the fraud requirements for CPS partners
- Define and ensure proper documentation of fraud RCSA to ensure proper coverage and consideration of fraud risk and needed controls.
- Assist in the development of the CPS fraud risk assessment in collaboration with the 2LoD.
- Build, define, and maintain fraud-related metrics and reporting (KPIs, KRIs, and RAM) using tools such as Snowflake and Tableau
- Develop fraud reporting materials which will report into critical stakeholder committee meetings
- Develop the onboarding standards, incident handling, and other SOPs
- Develop and execute on an ongoing monitoring plan to evaluate partner and client adherence to requirements set forth in the fraud program playbook
- Coordinate with and pull-in Fraud IRM (and other risk stripes, as warranted) to review and challenge fraud program activities (including all above bullets)
- Identify any remaining gaps should be addressed with additional fraud controls as needed
- Experience working at a Issuer Sponsor Bank or Banking-as-a-service (BaaS) provider
- Deep understanding of payment card fraud prevention strategies
- 4+ years of data analysis experience preferably with focus on risk management and/or fraud prevention
- Mastery of SQL and a strong understanding of data relationships / relational databases, experience working with large datasets.
- Experience working with Snowflake and Tableau.
- 3+ years in fraud or risk program/project management
- MBA, or a degree in a quantitative field of study (e.g., Statistics, Finance, Economics, Math, Sciences, Engineering)
- Ability to wear multiple hats and be able to independently execute
- Strong experience in leading projects, working cross-functionally, and influencing senior stakeholders.
- Experience in banking and/or fintech industry
- Strong knowledge of fraud prevention tools and techniques.
- Excellent problem-solving skills and ability to translate complex data into clear business recommendations.
