Fraud Investigation Specialist I

Navy Federal Credit Union Milton, FL

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
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To identify, review, investigate, resolve fraud activity and risk exposures from various delivery channels. Review transactional activities, internal/external inquiries, and preliminary investigations. Detect, prevent, and mitigate potential fraudulent activity which may target NFCU members Personally Identifiable Information (PII) and financial assets. Provide recommendations to management for improvements and changes to current fraud detection systems and methods. Ensure adherence to applicable federal and state laws, rules and regulations. Work is performed under close supervision.


• Monitor member account transactions to identify fraudulent activity; take immediate corrective/protective action and/or escalate alerts/cases to the Security group for investigation
• Respond to inquiries using various communication mediums to provide explanations for action taken in response to a specific alert or case
• Detect fraud trends, red flags and recommend preventive measures to management and partnered business units
• Create investigation records consisting of chain of evidence/documentation from members, employees, and external parties
• Communicate with internal and external customers on fraud and security issues, problem resolution, and account information
• Recommend to management if fraud detection policies and procedures should be changed to identify new fraudulent schemes arising from new products/services or fraud patterns
• Conduct identity validation investigations in accordance with Customer Identification Program (CIP) requirements and respond, research and follow-up to resolve inquiries in a timely manner
• Support projects related to fraud detection, prevention or root cause analysis
• Collaborate with business units to gain an understanding of the impact of transactions processes and procedures, and identify risk potential for fraudulent activity
• Determine documentation required from prospective members to review/validate identity and related documents; notify members of approval/denial of new member applications
• Analyze and document results of third party identity validation reviews; research public databases to identify discrepancies associated with information provided, and assess potential fraud risk
• Determine if suspicious activities are due to processing errors requiring corrections; recommend changes to business processes to management to prevent future occurrences
• Assist and guide NFCU employees regarding Customer Identification Program (CIP) review requirements and use of back office applications in the membership application process
• Review data gathered to substantiate/disqualify a loss claim or charge off, and escalate as needed
• Prepare and maintain data for analysis and reference; prepare reports
• Involved in driving continuous process improvement to increase member experience quality; reduce losses; minimize financial risk and maintain high operational efficiency
• Perform qualitative and quantitative analysis using analytical techniques, tools, models, simulation, etc.
• Interpret results of analysis; present recommendations, alternatives and implications
• Develops, recommends and documents adjustments to workflow to streamline processes

Qualifications – All required unless otherwise noted:

• Associate’s degree in Business Administration, Finance, or related field, or an equivalent combination of education, training, and experience
• Familiarity with applicable federal and state laws, rules and regulations (e.g. Bank Secrecy Act, USA Patriot Act, and OFAC regulations)
• Familiarity with fraud trends and threats
• Basic skill determining “Intent” and “No Intent” scenarios
• Exposure to member/customer service, preferably in a financial institution or call center
• Basic skill managing multiple priorities independently and/or in a team environment to achieve goals
• Basic skill assimilating information, analyzing facts, and developing logical conclusions
• Basic skill interpreting and synthesizing large amounts of information
• Basic skill exercising initiative and using good judgment to make sound decisions
• Basic organizational, planning and time management skills
• Basic research, analytical, and problem solving skills
• Basic skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
• Effective active listening skills to accurately respond to inquiries and account requests
• Basic skill presenting findings, conclusions, alternatives and information clearly and concisely
• Basic skill building relationships through rapport, trust, diplomacy and tact
• Effective verbal and written communication skills
• Effective word processing, spreadsheet, and presentation software skills
• Exposure to working with all levels of staff, management, stakeholders, vendors
• Ability to work independently and in a team environment


• Experience researching and detecting fraud trends
• Familiarity with NFCU products, services, programs, policies, and procedures
• Familiarity with credit/debit card fraud issues, patterns and processes
• Bachelor’s degree in Business Administration, Finance, or related field

Bank Secrecy Act

Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.

Work Schedule

Shift available
Sunday - Thursday, 10:00 am - 6:30 pm CST
Tuesday - Saturday, 11:00 am - 7:30 pm CST

***Please note if you have a shift preference on your resume

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