Job Title: VP -Fraud Prevention and Security Officer
Department: Fraud Prevention
Status: Exempt
$93,833/$111,652/$143,376
SUMMARY:The Vice President - Fraud Prevention and Security Officer is responsible for shaping and executing the Bank's fraud prevention strategy. Leads efforts to identify, mitigate, and respond to fraud threats across all channels, with a strong emphasis on high-risk areas such as digital banking, wire transfers, remote deposit capture, check fraud, payments, lending, online account opening, ACH transactions and other payment types. Ensures adherence to established procedures and regularly evaluates internal controls to confirm ongoing effectiveness. Develops and regularly conducts relevant fraud training for both new hires and existing staff members. Maintains strong knowledge of industry trends and cultivates law enforcement and other pertinent relationships to network. Recommends and implements fraud prevention technologies and process enhancements tailored to the Bank's operations and risk profile. Maintains the safety and security of the Bank's employees, customers, assets, and facilities. Implements and maintains physical and procedural security measures, monitors for suspicious activities, and ensures compliance with security-related policies and regulations. Prevents theft, fraud, and unauthorized access to Bank premises and responds swiftly and appropriately to incidents. Manages all Bank owned and leased ATM machines.
EXPERIENCE:- 10+ years of experience in fraud prevention, fraud investigations, risk management, or financial crimes, ideally in banking or financial services
- Proven experience designing and executing enterprise-wide fraud prevention strategies
- Demonstrated leadership in collaborating with cross-functional teams and effectively managing fraud investigations
- Strong understanding of fraud risks across digital channels, wire transfers, ACH, remote deposit capture, card fraud, lending and internal fraud.
- Experience working with law enforcement and regulators on fraud-related matters
- Strong investigative skills with the ability to interpret complex data and detect patterns
- Preferred proficiency with fraud detection and prevention technologies, such as fraud analytics platforms, transaction monitoring systems, and case management tools
- Strong computer and software skills, including MS Word, Excel, Outlook and PowerPoint
- Bachelor's Degree or equivalent experience
ESSENTIAL DUTIES & RESPONSIBILITIES:Fraud Prevention Responsibilities- Develops and manages a comprehensive Bank-wide fraud prevention and response program.
- Designs, implements, and continuously improves fraud detection processes collaboratively with business lines. Works with business areas to implement adequate controls for mitigation and reports weaknesses in processes
- Establishes key performance indicators (KPIs) and reporting metrics to evaluate the effectiveness of fraud controls. Prepares monthly reports and presentations summarizing findings, trends, and recommendations related to fraud losses, risks and adequacy of controls
- Leads fraud investigations, ensuring thorough documentation, regulatory compliance, and timely resolution. Coordinates with appropriate personnel and ensures all relevant departments take necessary actions to safeguard customer accounts in response to fraud incidents
- Develops and delivers relevant training programs regularly for new and existing employees on fraud identification, prevention, and response as well as bank security protocols
- Maintains current knowledge of emerging fraud tactics, technologies, and regulatory expectations
- Conducts quarterly monitoring of employee accounts for internal fraud
- Reviews and refines fraud rule sets, thresholds, and system alerts to balance fraud mitigation and customer experience
- Participates as fraud SME to build controls into new and existing products and services
Security Officer and Other Responsibilities- Administers the Bank's Security program, including alarms, key & fob access, door and window alarms/locks, fraud investigation and recovery, building security (including camera systems) and ATMs. Completes and submits annual MA Reg Q ATM count report to the Division of Banks. Completes annual offsite ATM cost analysis.
- Manages all ATM machines and machine issues, both bank owned and non-bank owned that Bank of Canton leases through a third party. Responds to issues related to non-functioning machines and ensures machines are returned to service in a timely manner.
- Meets with and/or reports fraud to law enforcement and/or applicable agencies. Maintains industry relationships and participants in forums. Provides guidance and support to customers affected by fraud, assisting them with next steps and resolution procedures
- Recommends relevant customer awareness and fraud prevention communications to protect BOC customers
- Oversees the bank's Medallion/Signature Guarantee Program
- Assists with RDC installation and maintenance as requested. Performs annual RDC reviews
- Regularly evaluates existing fraud-related controls to identify deficiencies or gaps and recommends/implements process enhancements and control improvements
- Ensures appropriate documentation of fraud prevention processes and procedures that are reviewed and updated on a set cadence. Alerts executive of the potential for large losses
- Oversees the physical security of all Bank facilities and assets and manages access to facilities via alarms, alarm access and key controls
- Manages third-party vendors related to fraud prevention and detection or otherwise assigned, ensuring performance, compliance, and alignment with organizational goals
- Monitors the branch network for negative balance accounts and overdraft fee reports
- Works with Fiserv, branches, and IT department to oversee the Bank's Integrated Teller software and hardware solution
- Conducts Annual Security Report to the Board and submits any necessary Security Policy changes annually. Performs branch security training annually
- Reviews Alarm Testing reports, alarm system access reports, and FOB system access reports, and reports on anomolies
- Responds to branch & ATM alarm calls and burglaries, as required.
- Oversees armored carrier operation
- Conducts and responds to all Federal and State: Tax levies, Subpoenas and Summons served against the Bank
- Records Retention - Oversees/coordinates the Records Retention program for all Bank and offsite locations and acts as Bank's Keeper of the Records
PHYSICAL DEMANDS:- Work is performed in an office environment and requires the ability to operate standard office equipment.
- May require occasional lifting/carrying equipment/boxes of up to 30 pounds within the work area or to an RDC customer location.
VP- Fraud Prevention and Security Officer SignatureDate
