About the Role
The Fraud Risk Officer is responsible for identifying, investigating, and mitigating fraudulent activities across the company. This role involves continuous monitoring of transactions, detection of suspicious patterns, and implementing anti-fraud measures. The Fraud Risk Associate will work closely with internal departments to protect the company from potential fraud risks and ensure compliance with regulatory requirements.
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Key Responsibilities
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Fraud Detection and Prevention
- Continuously monitor transactions across various platforms to detect potential fraud.
- Investigate and resolve cases of fraud promptly to minimize financial losses.
- Develop and implement fraud detection strategies, tools, and techniques.
- Analyze data to identify fraud trends and patterns, taking proactive measures to mitigate risks.
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Transaction Monitoring and Reporting
- Monitor suspicious activities through fraud detection systems and review the transaction details in the alerts from the systems.
- Follow-up with other departments to obtain information on suspected activities and escalate issues to the Fraud Risk Manager.
- Prepare reports on identified fraud incidents.
- Work closely with the compliance and legal team to ensure reporting to regulators is accurate and timely.
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Investigation and Case Management
- Assist the Fraud Risk Manager in the investigation process, including root cause analysis and review of mitigation plans.
- Draft investigation reports for review by the Fraud Risk Manager and assist in case management, including correspondence with regulatory authorities.
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Policy and Process Development
- Assist in developing fraud prevention policies and processes in line with regulatory requirements and industry best practices.
- Regularly review and update fraud detection procedures to ensure they are current and effective.
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Collaboration and Stakeholder Management
- Work closely with IT, compliance, and legal teams to ensure alignment on fraud prevention measures.
- Assist the Fraud Risk Manager in providing fraud-related training to internal staff to raise awareness and reduce fraud risks.
- Act as a point of contact for fraud-related queries within the company.
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Regulatory Compliance
- Ensure that all fraud detection and reporting processes comply with local regulations.
- Stay up-to-date with emerging fraud trends, regulatory changes, and industry best practices.
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Data Analytics and Continuous Improvement
- Utilize advanced data analytics to identify and predict fraud patterns.
- Contribute to the continuous improvement of fraud detection tools and techniques.
- Provide insights and recommendations to enhance the fraud detection and prevention framework.
Requirements
- Education & Experience Requirement
- Omani Nationals only.
- 5 years of experience in Risk Management, preferably Fraud Risk, or Audit.
