Director, Fraud Operations

About Us

MoneyLion is a digital financial platform on a mission to rewire a broken banking system that applies a one-size-fits-all approach to personal finance. Since our launch in 2013, we’ve engaged with over 8.5 million hard-working Americans, with a focus on empowering them to take control of their finances to achieve their life goals. Our award-winning platform delivers holistic banking, lending and investing solutions while surrounding each customer with personalized tools, content and advice relevant to their unique financial situation -- all in a single app.

We pride ourselves on being the most innovative team in Fintech, and all of our team members are passionate about making a difference in people’s lives. We work fast, collaborate always and, above all else, we do it for our customers.

MoneyLion is headquartered in New York City, with offices in Sioux Falls, and Kuala Lumpur, Malaysia, and we also support remote team members around the globe.

About the Role

As the Director, Fraud Operations, you are responsible for building and developing the team necessary to better identify fraud as it pertains to our platform, products, and services, while enabling legitimate customers to enjoy the MoneyLion platform with fewer restrictions. The Director, Fraud Operations will be responsible for managing a growing fraud and risk investigations team, its associated KPIs, and the systems and tools used for these investigations. You will actively work with your team to identify points of exposure and vulnerability, balancing this against opportunities to reduce false positives. These points of exposure include money transfers (ACH, funding via debit card), banking, lending, and investment activity, user onboarding risks, check deposit, ATO, and others. The individual in this role will also work with the VP of Fraud Risk to incorporate findings, patterns, and trends observed during the course of investigations in order to fine tune and optimize our fraud ruleset.

Key Responsibilities

• Build, scale, and lead a world-class Fraud Operations team across internal and outsourced (BPO) team members
• Establish and track KPIs and OKRs for Fraud Operations including the decision rules for the Fraud Operations team
• Identify risk factors and trends of potentially fraudulent activity, including the development of trend reports and key indicators to serve as early warning risk indicators for potentially fraudulent activity
• Forecast staffing needs to align with the fraud roadmap set by the VP of Fraud Risk Management
• Actively seek Fraud and Risk trends through both team feedback and data analysis, and identify, propose, and justify rule adjustments
• Define and establish policies and procedures for fraud review, as well as partner with Customer Care to establish similar policies and procedures around fraud interactions
• As Fraud SME and advisor to Customer Care, build and maintain programs which incorporate best practices and adhere to applicable regulations: Red Flags, Identity Theft Protection Program, etc.
• Partner with Customer Excellence (Care and Advocacy), AML/BSA and Compliance, Membership and Onboarding, Data Science, and Product teams on continuous improvement
• Support core, banking, lending, and investment platforms on trends, investigations, escalations, and policies and procedures
• Report on fraud team performance to executive leadership on a regular cadence
• Maintain a daily understanding of queue sizes, loss trends, and other dashboards to adjust the team focus and/or rules accordingly
• Handle and provide guidance on escalations; engage Legal, Compliance, AML and other teams as needed
• Drive long-term, strategic initiatives and projects in support of minimizing fraud losses while providing positive user experience
• Support the development and implementation of comprehensive fraud detection strategies and business rules that balance fraud loss, cost of execution, and customer experience
• Lead root cause analysis to identify opportunities to predict, prevent, and mitigate risk within process and performance
• Utilize analytics to optimize existing fraud strategies, in order to reduce false positive rates and increase fraud detection rates
• Generate fraud metrics to show the performance of fraud systems for use in management reporting
• Motivate, coach, and reward teammates in areas such as: Quality, Customer Satisfaction, Resolution, Adherence, Attendance and other Key Performance Indicators
• Execute performance management process for team by preparing and delivering monthly and annual performance reviews
• Address performance concerns in a timely manner by following the disciplinary process which will include writing and delivering corrective actions and recommending employee separations
• Conduct regular 1:1s with employees to set and reinforce expectations, coach, develop, motivate and maintain relationships of trust and cooperation
• Support the hiring and training process by conducting interviews and making recommendations for hire
• Evaluation and recommendation of investigative tools used in the course of fraud review, including staying abreast of offerings and competitive landscape in the area

About You

• 10+ years working in fraud roles, with 5+ years in people management directly managing Fraud Operations teams
• Experience in regulated financial services, with review of such activities as payments (ACH Debit etc), P2P money movement, disputes, chargebacks, AML, and compliance frameworks such as KYC/CIP
• In-depth knowledge of the financial services/banking regulatory environment: FACT Act, Bank Secrecy Act, Reg E, FINRA/SEC, etc.
• Experience with credit bureau reporting and dispute facilities and processes, including e-OSCAR, ACDVs, and the Metro 2 reporting format
• Familiarity with fraud rules, their use to support a fulsome transaction/user monitoring program, and experience actively managing a ruleset with this objective
• Ability to multitask and prioritize for both you and your team, while maintaining flexibility to resolve urgent or business critical issues
• Must be able to deal with ambiguity, effectively cope with change, and shift gears comfortably
• You have strong supervisory skills and a passion for preventing fraud and mitigating risks
• Curiosity and a keen drive to investigate and challenge MoneyLion’s defenses, always preparing for a new attack vector or fraud scheme and never being satisfied with the status quo
• Mentor to your team, working to develop them while holding them accountable, providing current, direct, complete and actionable positive and constructive feedback to your team and peers
• Sets clear objectives and measures work, monitors process, progress and results
• Data driven with the ability to derive your own answers from large data sets, as well as the ability to work strategically and steer the business vision with Product Operations and Data Science teams
• Relationship builder that actively develops cross-org partnerships, fosters trust, and aligns stakeholders

Visa sponsorship is not available for this position.

What We Value

We value growth-minded and collaborative people with high learning agility who embody our core values of teamwork, customer-first and innovation. Every member of the MoneyLion Pride is passionate about fintech and ready to give 100% in helping us achieve our mission.. 

Working At MoneyLion

At MoneyLion, we want you to be well and thrive. Our generous benefits package includes:

• Competitive salary packages and bonuses
• Comprehensive medical, dental, vision and life insurance benefits
• Equity based compensation
• Wellness perks
• Paid parental leave
• Unlimited Paid Time Off
• Learning and Development resources

MoneyLion is committed to equal employment opportunities for all employees. Inside our company, every decision we make regarding our employees is based on merit, competence, and performance, completely free of discrimination. We are committed to building a team that represents a variety of backgrounds, perspectives, and skills. Within that team, no one will feel more “other” than anyone else. We realize the full promise of diversity and want you to bring your whole self to work every single day