Responsibilities:
Strategy and Planning
- Ensure close monitoring of fraud alerts by iCIMB (outsourced service provider) in accordance with established SOP/ process or procedures, avoid fraud losses and ensure timely follow-up actions are take to mitigate losses.
- Performs Fraud Monitoring, Detection & Investigations with relevant stakeholders e.g., iCIMB / Non-Retail Financial Risk (NFRM)/Customer Experience Team (CXM) etc and assist with the response to customers/regulators/ABS/Fidrec who has reported the fraud/mules/scam incident.
- Escalates cases with defined escalation criteria to Fraud Risk Management, Singapore to determine if cases should be escalated to Group Corporate Assurance for further investigation.
- Take reasonable measures to recover financial losses and perform corrective actions based on recommendations and investigation report.
- Responsible for periodic and monthly reporting and dashboard as required by Fraud Risk Management Singapore, Compliance SG as well as Group.
- Ensure all investigations are completed within the timeline set out in Group Fraud Risk Policy & Procedures and applicable Process and Procedures.
- Act as key liaison for CBGS Fraud Point-of-Contacts which will be all the DCOROs. Ensure the timely escalations by CBGS DCORO of all Fraud Investigation Preliminary Assessment Report to Fraud Risk Management, SG.
- Work closely with relevant stakeholders (e.g., Compliance, Legal and Fraud Risk Management on institutionalizing strategies of the applicable procedures and policies relating to Fraud and Scam Management for CBGS.
- Prepare and attend to Fidrec adjudication with relevant stakeholders, if necessary.
- Evaluate all CBGS fraud/scam cases to identify recurring fraud patterns and any gaps. Suggest improvements and work with DCOROs and relevant stakeholders on process changes, if necessary.
- Regular evaluation and review of existing Fraud rules and ensure efficiency in detection of credit card fraud transactions and online Clicks monitoring rules.
- Perform gap analysis on current controls to ensure sufficient mitigating controls are in place.
- Keep abreast of industry best practices, advisories, consultation papers and consideration for adoption within CBGS.
- Strategic role to deliver and implement a sound anti-fraud risk strategy in protecting the customers and the Bank.
- Devise fraud-specific road map and recommend innovative solutions using technology & or processes to manage, assess, monitor and mitigate these key risks.
Business Performance and Management
- Develop and ensure the Fraud Risk Management framework is effectively embedded and a sound fraud risk awareness culture within CBGS.
- Credit card fraud losses are recoverable, and actual losses are within acceptable levels.
- Outsourcing vendors are compliant with requirements set by Outsourcing committee /SLA requirements set by CIMB.
- Act quickly and decisively when any risk and control weakness become apparent during investigations and ensure these are addressed within an appropriate timeframe and escalated to the relevant stakeholders.
- To develop and ensure improvement of the operational efficiency and effectiveness of fraud management procedures and processes for CBGS.
- Ensure all audit reviews relating to Fraud/Scams obtain a satisfactory result.
- Facilitate in identifying a new and effective Fraud/Scam monitoring system with relevant stakeholders as per management direction.
People Management
- Provide directions, guidance and responsible to ensure optimal productivity and performance of the team & outsourced service provider supporting the Fraud functions.
- Work closely with internal and external stakeholders by building strong rapport and escalating issues to management in a timely manner.
- Develop a collaborative relationship with regulators, SPF, Anti-scam Centre, peer banks and fraud risk industry forums to help detect and mitigate fraud.
- Team player.
Regulatory Compliance
- Develop processes which have controls in place ensuring compliance with all regulatory requirements.
- Ensure all set sales processes and procedures comply with internal, group and relevant regulatory guidelines.
- Responsible for all CBGS audits relating to Fraud/Mules/Scam matters as well as regulator’s queries.
- Lead the implementation of Bank’s risk management/compliance policies and framework for the Consumer Banking division.
Requirements:
Qualifications
- Degree/Diploma
Professional Qualification and/or Regulatory, Licensing Requirements
- Technical and Regulatory Knowledge relating to Fraud and Scams
Relevant Work Experience
- At least 10 years of relevant experience in fraud risk and scams/mules related areas will be preferred
- Strong relationships with Law Enforcement Agencies will be a plus point
Technical/Functional Skills
- Familiar with relevant Regulatory Acts/Notices/Advisories
- Strong analytical skill and eye for detail
- Good communication and interpersonal skills
- Independent, versatile and able to perform under pressure
- Knowledge of Consumer Banking business practices, processes and procedures
- Understanding of Fraud system, e.g., Falcon, Net Reveal, Nice Actimize and behaviour will be an added advantage
Personal Skills (Soft Competencies)
- Good communication skills, written and spoken with the ability to communicate at all levels
- Planning and organizing