Head of Fraud Prevention

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General Function

The Head of Fraud Prevention is responsible for leading and managing the fraud risk management program and Financial Crimes – Fraud unit of the Bank. This includes developing, implementing and maintaining the necessary policies, procedures, controls and training required to assist the bank in preventing, monitoring, detecting, and reporting on fraud and misconduct related matters.

Responsible for developing systemic, data driven strategies to prevent and detect fraud activity. Sets fraud related on-boarding, authentication, customer engagement and fund movement expectations for the enterprise. Manages the balance between preventing fraud and the customer experience. Identifies fraud activity and works with customers to resolve potential fraud issues. Assesses and reports on fraud controls across the enterprise. While operating within the Banks risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Duties & Responsibilities

• Develop a fraud risk management program and standards for fraud monitoring, detection, operations and reporting.
• Take ownership for the development and on-going maintenance of Fifth Thirds Fraud Risk Management Policy.
• Responsible for the overall coordination of the fraud risk management program including: Strategy, policy development, risk assessment, analytics, strategy development and deployment, alert review, customer contact, fund recovery, reporting and loss analytics.
• Monitor fraud trends and the productivity / performance of the fraud unit to optimize fraud analysts and system performance based on appropriate indicators and risk-based strategy.
• Ensure that the senior management of the Bank and its subsidiaries and the regulators are provided with assurance that fraud risks are managed in line with the Bank’s fraud risk management program, risk tolerance and regulatory expectations.
• Take a leading role in the selection of systems and tools used for fraud risk management, ensuring that regulatory and bank requirements and standards are met.
• Identification of emerging fraud trends. Develop strategies to counter different fraud types and take timely and appropriate response within detection process to mitigate the fraud risk exposure.
• Provide second line oversight of controls put in place in the business areas of the Bank and its subsidiaries that are relevant to fraud and misconduct.
• Manage the escalation of significant fraud and/ or misconduct incidents with the Bank’s stakeholders and external parties as appropriate.
• Maintain acceptable fraud rates considering the risks, rewards, expense and operating environment and cultivate fraud awareness across the bank.
• Develop efficiencies in establishing contacts with customers when suspicious fraudulent activities are identified through internal controls or detection systems/ methodologies to determine if the activities are fraudulent.
• Coordination with Disputes team to recover or chargeback stolen funds.
• Partner with Line of Business and technical teams in the development or enhancement of bank products.
• Challenge existing fraud operation processes to improve team effectiveness and efficiency.
• Develop metrics aimed at tracking health of the fraud operations program.
• Manage key relationships with fraud vendors – identify opportunities for vendors to improve existing process or strategies.
  
  
  

Bank Secrecy Act Requirements

Responsible for adhering to the reporting and record keeping requirements of the Bank Secrecy Act and Anti-Money Laundering rules and regulations, observing economic sanctions by prohibiting transactions as specified by the Office of Foreign Asset Control (OFAC), following the bank’s customer identification program (CIP) rules, observing all Bank policies and procedures relating to BSA,

OFAC, CIP, and related acts, and participation in ongoing related training.

Supervisory Responsibilities

Responsible for providing employees timely, candid and constructive performance feedback; developing employees to their fullest potential and provide challenging opportunities that enhance employee career growth; developing the appropriate talent pool to ensure adequate bench strength and succession planning; recognizing and rewarding employees for accomplishments.

Minimum Knowledge, Skills And Abilities Required

• Bachelor's degree or equivalent work experience required.
• Significant experience working in the Fraud or AML.
• Strong analytical skills required to gather, assesses and present quantitative and qualitative data.
• Excellent communication and inter-personal skills, with experience of dealing with business partners at all levels.
• Ability to develop practical, cost-effective solutions to complex global issues.
• Able to Develop and Support conclusions and make practical recommendations to the business Lines and/or Regions. Ability to develop and implement controlled, systematic step-by-step processes based on guidance and procedures.
• Advanced understanding Fifth Third products, business lines, operations and corporate support organization.
• Ability to work with a team, to identify and solve problems or resolve issues, including members from other units such as the Legal department, audit department or line of business.
• Strong understanding of financial crime regulatory expectations
• Demonstrates working or functional proficiency sufficient to apply the use of software applications (Micro-Soft Office Suite) without assistance and minimal supervision.
• Excellent oral and written communication skills. Effectively communicates upward, downward and laterally. Displays a positive business presence with management and external contacts.
  
  
  

Head of Fraud Prevention

LOCATION -- Cincinnati, Ohio 45227

Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.