Fraud Analyst

1. POSITION PURPOSE:

Identification of potential avenues of fraud within/outside the organisation and the areas of functioning, implementation of fraud tools to prevent/ detect fraudulent activity and to incorporate the regulatory requirements on a timely basis.

B. ESSENTIAL FUNCTIONS AND BASIC DUTIES:

• Perform extensive research and analyses to detect suspicious transactions and determine fraudulent activities in financial institutions.
• Assist Risk & Fraud Prevention Manager in the development and implementation of preventive and detective controls against fraud.
• Analyse areas of potential risk to the assets, earning capacity or success of the organisation
• Analyse new legislations, business or financial data to determine impact on risk exposure.
• Assist in implementing Fraud Risk Management Programmes using data extraction, data analytics, Fraud Risk processes, tools, policies, standards, management reporting, and procedures
• Monitor Business Indicators
• Develop and implement fraud rules that generate alerts to monitor transactions closely and report any unusual/suspicious activity to the appropriate stakeholders.
• To identify potential avenues of fraud within/outside the organisation and the areas of functioning
• Implement tools to prevent/ detect fraudulent activities and incorporate regulatory requirements on a timely basis
• Ensure close monitoring of fraud alerts, avoid fraud losses and ensure that follow-up actions are taken to mitigate future losses
• Review transaction monitoring rules regularly, adjust rule parameters according to the quality of alerts being generated and compare results. Present the results of rule amendment to Manager – Risk & Fraud Prevention.
• Conduct testing related activities for the newly implemented fraud rules.
• Identify any transactional abnormalities and conduct appropriate investigations to understand the extent of suspicious activity, and ways to curb losses and prevent similar occurrences in the future.
• Perform investigations along with Internal Audit regarding actual and suspected fraud activities and share appropriate resolutions to the relevant stakeholders.
• To develop procedures and monitoring mechanisms for handling suspicious transactions
• To prepare and analyse internal and external fraud loss data reporting to monitor risk management activities associated with significant losses.
• Ensure the effectiveness of anti-fraud programmes through fraud risk assessments carried out jointly with the Internal Audit team.
• Effectively communicate emerging and/or changing risk and related control opportunities and enhancements to Manager Risk & Fraud Prevention
• Provide training on fraud prevention, knowledge and awareness
• Maintain awareness of key process changes, system changes, organisation or governance structure, and key outsourcing arrangements/vendor exposure and how they impact operational risk management.
• Play an active role in the development and implementation of fraud risk monitoring processes, tools, policies, standards and procedures in alignment with the Fraud Prevention Programmes
• Ad hoc assignments as required by the immediate line of authority

C. WHAT WE ARE LOOKING FOR:

• Bachelor's degree in business, finance, accounting, or a related field.
• Minimum of 1-3 years of experience in the banking/finance industry, with at least 1 year of direct experience in fraud monitoring.
•  Strong knowledge of fraud detection systems and tools, especially in a 24/7 real-time environment.
• Excellent analytical skills with the ability to identify unusual transaction patterns or behavior.
•  Ability to handle high-pressure situations and respond swiftly to potential fraud alerts.
• Strong English and Arabic communication skills.