Head of Fraud

Job Purpose

• To embed fraud prevention/detection processes and procedures, including systems to manage fraud losses within the given budget & Implementation of Fraud Strategy.
• Work with industry counterparts and Fraud Strategy to deal with emerging fraud trends.
• Represent the Bank in external Frauds forums.
• Respond to high fraud exposure incidents.
• Control of merchant fraud by ensuring proper monitoring of exception reports and merchants deposits for all Absa Pan African Countries.
• Monitor Issuing and Acquiring chargebacks adhering to the rules & regulations guided by card schemes by ensuring proper reason codes are being used and card scheme policy is followed to maximize recovery through chargebacks.
• Review all new products for fraud risk.
• Review of Forensic Investigation Reports and provide root cause analysis back to the business with remedial recommendations.
• Test controls on ad-hoc basis.
• Pro-actively seek suspicious looking transactions with a view to pre-empt hits on the bank.
• Query and support business to prevent fraud.
• Link to, and participate in network of stakeholders e.g., other banks, investigators, law enforcement agencies, Card Schemes and Absa risk and compliance functions collate and interpret loss exposure and data.
• Review Fraud Trends and Recommend new strategies to make a difference.
• Steer the Fraud Operations team to undertake desktop investigations into suspicious fraudulent activities.
• Provide expertise and intelligence on fraud prevention, related risk management information and controls.
• Develop training on fraud awareness courses workshops, brochures, and other material to alert employees as to the bank's policy on fraud and how to detect, investigate and report on fraud.
• Develop and implement merchant fraud training.
• Monitor all P & L and suspense accounts related to the Fraud Operations function.
• Be proactive in safeguarding customer interests.
• Review and implementation of fraud monitoring tools.
• Provide expertise and intelligence on fraud prevention, related risk management and controls and reporting of fraud to the various forums.

Key accountabilities/Deliverables/Outcomes

Operational & Risk Management 50%

• Ensure compliance by staff in the department, to the Fraud policy, Fraud Risk Framework service standards and procedures as laid down in the Bank’s procedures.
• Ensure fraud is within agreed fraud appetite
• Ensure fraud alerts are sent to both employees and customers when new fraud trend is identified.
• Ensure fraud is reported to the scheme and regulator as per laid down procedures
• Ensure schemes fraud is within schemes agreed fraud thresholds
• Review chargebacks and ensure Schemes rules and procedures are followed
• Review fraud  parameters on quarterly basis
• Develop Fraud strategy

Budget Management 20%

• Implement plans and initiatives to rectify shortfalls in cost performance, actively engage staff in cost effective task management.

Service Management 10%

• Manage customers relationship where fraud is involved
• Ensure complaints are minimized

Staff management/Team leadership 20%

• Develop and agree individual and team performance objectives, standards, and targets.
• Review individual performance, ensuring that training needs are identified and addressed.
• Provide ongoing coaching and feed-back on new initiatives etc.
• Responsible for Team administration

Role/person specification

Qualification

• First Degree in Business /Technology related fields
• Professional Certifications in Fraud, Analytics or Accounting

Experience

• Experience in Risk Management and fraud prevention
• Knowledge and experience of card schemes Risk Management rules, policies and procedures
• Contacts with Law enforcement in relation to fraud
• Experience & Knowledge in customers, and employees Fraud Prevention Training
• Understanding of customers’ needs