Fraud Analyst

Alexandria , Virginia
Oct 30, 2017
Dec 11, 2017
Full Time


PenFed is hiring a Fraud Analyst for the Financial Security Office (FSO).  The Fraud Analyst will work with the FSO and Financial Intelligence Unit (FIU) teams to combat corporate-wide fraud to include, first party fraud, third party fraud, deposit fraud and loan fraud.  The Fraud Analyst’s responsibilities include all aspects of fraud prevention, detection, and mitigation of fraud losses using technology and analytical skills.  The Fraud Analyst will authenticate new members’ identity and verify their intent to establish membership with PenFed using fraud solutions technology, analyzing documents and making contact with members.  This position also involves analyzing reports and data to identify fraud patterns and trends in an effort to detect, prevent and mitigate fraud losses.  He/she will also be responsible for properly documenting and reporting fraud trends, potential losses and actual losses.   


Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.

    Independently analyze and respond to alerts and reports received from multiple sources including fraud detention software, Fiserv’s FCRM system and other PenFed internal systems (i.e. Hogan, Penguin) to detect and evaluate suspicious and fraudulent transactions.   Investigate leads received via email, phone or other referrals from PenFed business units, other financial institutions, law enforcement, and members in furtherance of fraud identification and the recovery of losses. Effectively communicate with fraud victims to establish proper protocols in regards to fraud education, identification and reporting.  Use judgement while working directly with members, department managers, law enforcement officials, and the general public to identify and investigate suspicious and potentially fraudulent activities, both internal and external to PenFed. Effectively gather information and evidence from multiple sources, including system data, transaction records, online sources, interviews, and other channels.  Independently conduct research through available means including internal and external databases, phone calls, and Internet searches to obtain information. Provide well-documented results of research and analysis of data to management.  Ensure proper action is taken to limit potential fraud losses when suspicious or fraudulent activity is identified.  Prepare Suspicious Activity Reports (SARs) with limited corrections and ensuring that a comprehensive and well organized case summary is completed.  Contribute to the planning, research, design, development and implementation of process enhancements to create efficiencies. Serve as a fraud subject matter expert while developing and maintaining excellent working relationships with other PenFed business units. Plan and coordinate activities and workload to ensure timely and accurate completion of tasks within established timelines.  Have knowledge of laws, regulations, policies and procedures applicable to the FIU, and ensure business and operational activities are consistent and compliant with all requirements.  Keep up-to-date with current fraud trends in the financial services industry. Assist with preparing and delivering fraud training and assist with fraud awareness and loss prevention efforts. Authenticate new members’ identity and verify their intent to establish membership

Education and Experience

    Bachelor’s degree from an accredited college or university is required. Two years of bank or credit union operational experience with knowledge of products, services, systems, operational policies and procedures, and regulatory compliance issues, is required. Knowledge of various data analysis software and tools such as MS-Excel, Word and Accurint is required. Comprehensive understanding of fraud schemes, fraud trends and money laundering techniques is required. Working knowledge of the Fair and Accurate Credit Transactions Act, Bank Secrecy Act, and other regulations related to fraud activities, schemes, and investigations is strongly desired. Strong professional and interpersonal skills, and the ability and willingness to work collaboratively with others, are essential. Demonstrated ability for complex problem solving, and research skills are essential. Strong attention to detail and delivering a thorough, high-quality work product is essential.  The ability to work under pressure, act decisively, and consistently meet deadlines is required. Strong oral and written communication skills are required.  Experience preparing Suspicious Activity Reports (SARs) is desired. Highly effective organizational, time management and prioritization skills are essential.                                                                           

Supervisory Responsibility

This position will not supervise employees


Licenses and Certifications

    Certified Fraud Examiner (CFE) or similar Certification preferred.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.



Limited travel to various worksites is required.


About Us

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.6 million members and over $23 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.


Equal Employment Opportunity

PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 703-838-1568.

Similar jobs