Payment Services Risk and Fraud Manager

First Interstate Bank - Boise, ID

Full-time - Mid Level

Boise, ID

Credit Intermediation and Related Activities

About the position

The Payment Services Risk and Fraud Manager at First Interstate BancSystem is a pivotal role responsible for preventing, identifying, and mitigating fraud losses associated with the bank's credit and debit card portfolios. This position requires collaboration with Operational Managers and the Enterprise Risk Management team to leverage vendor insights, data, and systems to create a comprehensive approach to fraud prevention. The manager will implement changes, monitor impacts, and report findings to ensure a superior client experience while maintaining a focus on risk mitigation. As a subject matter expert within the business unit, the manager will coordinate with internal stakeholders to develop strategic initiatives and performance management metrics that align with organizational goals. This includes collaborating with leadership on dispute management to ensure compliance with regulatory and network requirements. The role also involves ensuring that the Payment Services operational team is equipped with the necessary tools, resources, and training to execute the strategic plan effectively. The manager will foster a positive and productive work environment, encouraging collaboration and partnership for risk mitigation in an ever-evolving landscape. Essential duties include managing multiple fraud monitoring platforms, analyzing fraud data to refine prevention tactics, maintaining comprehensive model documentation, and developing policies and procedures to mitigate fraud risk. The manager will also resolve escalated issues, communicate with various stakeholders, and conduct in-depth investigations of account activity to identify trends and prevent future fraud.

Responsibilities

• Manage the output of multiple fraud monitoring platforms and ensure cohesion across them.
• Analyze fraud data to implement rules and refine tactics for ongoing prevention while minimizing false positives in collaboration with Enterprise Risk Management.
• Maintain comprehensive model documentation in accordance with the Bank's Model Risk Management Program.
• Prepare reports for management regarding fraud losses, trends, and recommendations.
• Develop policies and procedures to mitigate fraud risk in partnership with Operational Leaders and Enterprise Risk Management.
• Independently determine if transactions are fraudulent and take appropriate actions, including escalating issues to the appropriate department manager or investigative unit.
• Resolve escalated and complex issues while ensuring compliance with regulations and audit standards.
• Partner with debit and credit dispute teams to investigate and identify trends to proactively minimize future fraud losses.
• Collaborate with Enterprise Risk Management for investigation and accurate SAR reporting.
• Communicate with customers, team members, business lines, merchants, and other financial institutions to validate information and provide guidance on mitigation or recovery steps.
• Develop relationships and card fraud awareness for training and communication to ensure business line and banker awareness of evolving fraudulent activities.
• Conduct in-depth investigations of debit and credit account activity to identify trends or common points of compromise and collaborate on rule development to prevent future fraud with Enterprise Risk Management.
• Create and update procedures according to changes in or the implementation of new processes or systems.
• Coordinate discussions with fraud vendors regarding rule performance and implementation.
• Escalate any risk or fraud issues to Leadership and assist with the development of reporting to drive recommendations.

Requirements

• Proven experience in fraud prevention and risk management, particularly in the banking or financial services sector.
• Strong analytical skills with the ability to interpret complex data and make informed decisions.
• Excellent communication skills to effectively interact with various stakeholders, including customers and team members.
• Experience in developing and implementing policies and procedures related to fraud risk management.
• Ability to work collaboratively with cross-functional teams and build relationships with internal and external partners.
• Knowledge of regulatory compliance and audit standards related to fraud management.

Nice-to-haves

• Experience with fraud monitoring platforms and tools.
• Familiarity with the latest trends and technologies in fraud prevention and risk management.
• Certifications related to fraud prevention or risk management.

Benefits

• Generous Paid Time Off (PTO) in addition to paid federal holidays.
• Student debt employer repayment program.
• 401(k) retirement plan with a 6% match.