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  • Virginia Beach, VA 23452

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Fraud Investigator III

Navy Federal Credit Union • Virginia Beach, VA

Posted 9 days ago

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Job Description

Employee Perks

Why You Will Love Being Part of the Navy Federal Team:

*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine IND123
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To investigate, identify, review, resolve fraud claims/cases and risk exposures from various delivery channels. Review transactional activities, internal/external inquiries, and perform primary investigations. To protect Navy Federal and its Members’ financials and assets, and control and mitigate potential financial loss. Manage the review/analysis of potential fraud and forgery cases; inform related parties of status and actions taken on fraud accounts. Ensure adherence to applicable federal and state laws, rules and regulations. Serve as Mentor/Coach to lower level team members. Work is performed under limited supervision.

  • Investigate identified fraud activities/cases including reported or alleged loss of assets from various business channels
  • Investigate fraud claims up to $25,000.00, Ring Recognition and Reporting, Deposit Fraud Claims, and RDT Cases over $10,000.00 actual loss, and Transfer Fraud between over $5,000.00
  • Conduct investigations to determine risk, questionable contacts/information, other fraud patterns, which may require inclusion of additional investigative personnel
  • Collect evidence and related documentation by interviewing members; ensure chain of evidence/documentation is maintained in accordance with applicable federal and state laws, rules, regulations and NFCU’s policies and procedures
  • Review data gathered to substantiate/disqualify a loss claim or charge off, and escalate as needed
  • Research public databases to identify, analyze and verify information related to primary investigations, validation review, discrepancies associated with information provided, and assess potential fraud risk
  • Create detailed and summary reports of investigation ensuring accuracy, showing status, fraud trends, actions taken and results
  • Prepare and maintain data for analysis and reference; prepare reports 
  • Detect fraud trends/rings, red flags and recommend preventive measures to management and business units
  • Provide recommendations to management for improvements and changes to current fraud detection systems and methods
  • Ensure timely, effective processing and resolution of fraud cases
  • Communicate with internal and external customers on fraud and security issues, problem resolution, account information and investigations
  • Perform qualitative and quantitative analysis using analytical technics, tools, models, and simulation; interpret results of analysis; present recommendations, alternatives and implications to management
  • Monitor investigative timeline from notification of fraudulent activity, research, to case closure, ensuring service level agreements and regulatory requirements are met
  • Collaborate with other business units to gain an understanding of transactions processes and procedures, their impact on other business units processes and procedures, and identify risk potential for fraudulent activity
  • Testify in court as an investigator as to veracity of their findings, and act as a custodian of records
  • Identify risk exposure/fraud activity, and recommend restorative/control action (e.g. freezing accounts, contacting/alerting members or appropriate internal/external security/financial personnel, adding restrictions or fraud alerts to members accounts)
  • Determine if suspicious activities are caused by processing errors requiring corrections and/or recommending to management changes to business rules and/or processes to prevent reoccurrence
  • Respond to inquiries using various communication venues to provide explanation for action taken in response to a specific alert or case
  • Support projects related to fraud detection, prevention or root analysis
  • Involved in driving continuous process improvement to increase member experience quality; reduce losses; minimize financial risk and maintain high operational efficiency
  • Recommend and implement incident response standards, processes, procedures, and related training requirements to ensure quality response to  of security issues
  • Provide training to users regarding change/release management processes and procedures; document and communicate updates
  • Maintain knowledge of applicable federal and state laws, rules, regulations, and NFCU’s policies and procedures
  • Performs other duties as assigned 

Qualifications (All Required Unless Otherwise Noted)

  • Associate's degree in Business Administration, Criminal Justice, Finance, or related field, or an equivalent combination of education, training, and experience
  • Advanced knowledge of applicable federal and state laws rules and regulations (e.g. Bank Secrecy Act, USA Patriot Act, and OFAC regulations)
  • Advanced knowledge of credit/debit card fraud issues, patterns and processes
  • Advanced knowledge of fraud trends and threats
  • Significant experience in member/customer service, preferably in a financial institution or call center
  • Advanced skill managing multiple priorities independently and/or in a team environment to achieve goals Significant experience in applying various analytical techniques in determining and resolving fraud and identity theft in transactions and membership applications
  • Advanced skill determining identity theft and valid membership submissions
  • Advanced skill determining "Intent" and "No Intent" scenarios
  • Advanced skill identifying and responding to Red Flags (e.g. Known Fraud Pattern, Check Image Details Member-Specific Info, etc.)
  • Advanced investigative research, analytical, and problem solving skills
  • Advanced skill interpreting and synthesizing large amounts of information
  • Advanced skill exercising initiative and using good judgment to make sound decisions
  • Advanced skill identifying and analyzing business requirements and recommending solutions
  • Advanced organizational, planning and time management skills
  • Advanced skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
  • Advanced active listening skills to accurately respond to inquiries and account requests
  • Advanced skill presenting findings, conclusions, alternatives and information clearly and concisely
  • Advanced skill building relationships through rapport, trust, diplomacy and tact
  • Advanced verbal and written communication skills
  • Advanced word processing, spreadsheet, and presentation software skills
  • Significant experience in working with all levels of staff, management, stakeholders, vendors
  • Advanced skill to influence, negotiate and persuade to reach agreeable exchange and positive outcomes
  • Experience in leading, guiding and mentoring others
  • Experience in leading projects and/or initiatives medium to large scope which have business risk and impact  


  • Bachelor's degree in Business Administration, Criminal Justice, Finance, or related field
  • Advanced knowledge of NFCU's products, services, programs, policies, and procedures 
Monday-Friday 8am-4:30pm


Equal Employment Opportunity

Navy Federal values, celebrates, and enacts diversity in the workplace.  Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans.  EOE/AA/M/F/Veteran/Disability

Job ID: 37996-1A
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