Manager, Fraud

Scope of Position

The Manager, Fraud is entrusted with the critical responsibility of safeguarding the assets of Alterna Savings and Alterna Bank. The Manager is responsible for leading the efforts in fraud prevention and investigations, overseeing operations dedicated to identifying and preventing fraudulent activities. The Fraud Manager is tasked with formulating strategies, implementing systems and supervising investigations to ensure compliance with our partner service level agreements. Additionally, this role requires strong collaboration and relationship building with key stakeholders including Compliance, Legal, Retail Operations and others to effectively identify and mitigate fraud risks. The Manager is expected to act independently in many situations exercising sound judgement and taking immediate action or recommending appropriate measures as needed.

Key Responsibilities

Fraud Detection & Prevention: Develop, implement, and maintain fraud detection and prevention strategies to safeguard the bank’s assets, customers/members, and employees from fraudulent activities. Oversee investigations to ensure they are complete, accurate and compliant. Lead training initiatives for bank employees on fraud detection and prevention measures. Regularly update and provide awareness to Senior Management on emerging fraud trends, high risk areas, and significant incidents as outlined in the Fraud Operational Policy. Raise awareness to Senior Management of potential fraud schemes and ensure adherence to fraud prevention protocols. Collaborate on strategic planning to enhance the bank’s fraud risk framework, ensure adherence to internal controls, and promote a culture of fraud awareness and accountability across all levels of the organization.

Team Leadership:

Lead and manage the fraud prevention team, ensuring efficient operations and performance. Provide guidance, training and support to team members and partners..

Risk Assessment:

Conduct regular assessment to identify fraud risks and vulnerabilities across various banking products and services. Provide recommendations to mitigate identified risks.

Data Analysis & Reporting: Monitor fraud trends, generate reports, and provide actionable insights to senior management. Ensure all fraud-related reporting is accurate, timely and aligned with applicable regulatory requirements. Prepare and deliver key fraud metrics to Senior Management to support informed decision making and strategic oversight. Does regulatory reporting that goes directly to the board to be used for decision making.

Policy Development & Improvement: Create and update fraud prevention policies and procedures to ensure they are in line with industry best practices. Continuously improve systems to adapt to emerging risks. Stay current with industry trends, emerging fraud threats, and best practices, leveraging this knowledge to proactively advise Senior Management and ensure internal policies and procedures are regularly updated. Stays current with industry standards and developments, using this knowledge to advise Alterna and ensure our polices and processes are regularly update, helping to minimize our risk.

Stakeholder Collaboration: Work closely with stakeholders to align fraud prevention efforts with overall organizations goals.

Expectations / Outcomes

• Identify risks in a proactive and urgent manner to minimize the losses and risk exposure to the organization.
• Regulatory and audit reporting requirements are accurate complete and delivered in accordance to set timelines.
• Fraud staff are effective, efficient in the completion of their duties and contribute to the success of the organization.
• Sound fraud risk awareness and practices are adopted and maintained by all areas of the organization and maintain an adequate fraud prevention and detection programs.

Contacts

• Executive Leadership Team
• Finance Department
• Credit Risk Department
• Alterna Savings /Alterna Bank members
• Police
• Lawyers
• External Auditors / Regulators
• Credit Risk Management
• External partners (CRM, Real Estate agents)
• Retail Operations
• Retail Branch Leadership

Education / Certification / Experience

• Post-secondary education in a related business field and/or equivalent work experience
• 7 years of experience in a similar position at this level
• 4 years of direct management experience
• Experience creating strategies, policies, processes for fraud and it’s prevention
• Significant experience in all areas relating to Fraud.

Competencies

• Good managerial leadership skills
• Excellent written and verbal communication skills
• Proven ability to work under pressure and meet deadlines
• Strong analytical and problem solving skills
• Strong influencing skills
• Strong attention to detail
• Exhibit a strong work, service ethic and conduct
• Effectively mentors and coaches others
• Establishes service standards and develops strategies to ensure staff meet them
• Models’ behavior that maximizes group participation by consulting, listening and communicating
• Contributes to the development of the strategic and long term direction for the organization
• Challenge inefficient and ineffective work processes and offers constructive alternatives.

About Alterna Savings

Alterna Savings and Credit Union Limited (Alterna) has delivered The Good in Banking® for over 115 years creating financial services that transform lives for the better, all while giving back to our community. Alterna is made up of Alterna Savings and Credit Union Limited and its wholly owned subsidiary, Alterna Bank.

Alterna is the first full-service, member-owned cooperative financial institution outside Quebec, sharing its expertise with over 210,000 members through a network comprised of 40 branches across Ontario, a call centre and multiple digital channels. Members and customers also benefit from an industry-leading online brokerage and investment management services.

To learn more about Alterna Savings, please visit alterna.ca, X, Facebook, Instagram, or LinkedIn.

Working at Alterna

We are incredibly proud of our corporate culture, embodying our core values: Collaboration, Integrity, and Respect, where everyone works together towards a common goal; the financial wellbeing of our employees, members, and customers. This commitment has earned us several prestigious employer awards, including the National Capital Region's Top Employers award for eight years running.

• We appreciate all applicants; however, preference will be given to candidates who most closely meet the qualifications, key skills, and competencies outlined above.

• Alterna is compliant with the Ontarians with Disabilities Act and our team strives to provide an accessible accommodation experience. If you have a disability and require accommodations during the recruitment process, please contact our Recruitment Team and let us know how we can accommodate you.