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Senior Fraud Investigator

Alerus Financial
Minnetonka, Minnesota
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Professional Services
Job Type
Full Time

Job Details

Position Summary:
The Senior Fraud Investigator is a valued part of a cohesive team focused on protecting the assets of the bank and its customers. This position is responsible for reviewing transactions for possible fraud and suspicious activity. Investigating cases of fraud by interviewing victims and suspects, obtaining, and reviewing evidence, and determining facts from the information. This position will prepare case summaries, disposition cases and complete SAR's as required. This position must have the ability to mentor junior level investigators and handle more complex cases escalated by junior staff.

Essential Responsibilities
Job Function 1: Identify and Investigate Transactions for Suspicious Activity - 30%
  • Detect and investigate suspicious activity from various fraud alerts, reports, systems. and processes. This may include but not limited to check fraud, deposit fraud, ACH, WIRE, new account fraud, online account takeover, debit card, P2P, etc.
  • Interview victims, witnesses and/or suspects in order to obtain details of incident.
  • Review recommendations for account blocking or other actions as necessary to neutralize loss exposure from the Fraud Investigator I and II.
  • Keep detailed documentation on of the investigations within the Verafin case.
  • Collaborate with other Alerus departments, other financial institutions, law enforcement authorities or customers when researching and resolving suspicious activity.
  • Identify suspicious activities that require a SAR filing and collaborate with the Fraud Manager for filing.
  • Investigate Identity Theft Red Flag reports and document findings.
  • Complete callbacks to customers and/or internal departments regarding ACH and Wire alerts.
  • Educate customers on fraud scams as needed.
  • Complete the required Forgery Affidavit on check fraud cases and upload to Centrix.
  • Determine check fraud liability on cases including any escalated cases from Fraud Investigator I and II. Consult with Fraud Manager on any unusual or more complex check fraud cases.
  • Monitor Online Account opening escalations along with reviewing opened accounts for possible fraud and potential account closures.
  • Develop and maintain collaborative working relationships with internal and external clients by applying excellent verbal, written and telephone communication skills.
  • Make recommendations for revisions that would improve Alerus' ability to deter fraud and suspicious activity.
  • File reports with Adult Protect Services when needed.
  • Identify Fraud Patterns and communicate to Fraud Manager.

Job Function 2: Team Support - 30%
  • Serve as subject matter expert on systems, processes, or regulations.
  • Help identify training needs and assist the Fraud Manager in developing training content and provide one-on-one or group training to the team or other areas of the company.
  • Ability to resolve problems with minimal guidance and make general operational escalation decisions in the absence of the Fraud Manager.
  • Consistently act as a resource to the team and assist on company projects.
  • Ensure processes are covered and service levels are met in Fraud Manager's absence.
  • Identify, design, and propose efficiencies to streamline processes.
  • Assist others on the team with troubleshooting when complex problems/issues arise.
  • Perform tasks relating to key initiatives within the Fraud department.
  • Assist and/or provide backup coverage on BSA processes as needed.
  • Provide primary and backup coverage on all fraud processes, as needed to keep department responsibilities within service level agreements.
  • Participate in team meetings.
  • Create, update, and maintain written procedures in R&R database.

Job Function 3: Senior Level Support - 30%
  • Recognize the importance of Verafin Updates, analyze the documentation, and propose process changes.
  • Assist with ensuring all Fraud tracking is complete and accurate.
  • Assist with Quality Reviews of junior investigators.
  • Review cases of junior investigators to determine if a case should be closed or SAR created.
  • Assist with Concourse postings as needed on Fraud situations.
  • Report necessary fraud information to 3rd Party vendors.
  • Assist with pulling surveillance video on fraud cases when requested.
  • Trouble shoot data processing issues with Verafin and escalate to Verafin Support.
  • May assist with Verafin model tuning/validation.
  • Manage and process 314(b) collaboration requests.

Job Function 4: Department, System, and Industry Knowledge - 10%
  • Attend all mandatory and field specific training as directed by the performance plan.
  • Expert in maintaining up-to-date knowledge of all systems.
  • Actively pursue continuing education, reading, and self-development to enhance skills.
  • Active member of user groups and network opportunities.
  • Maintain compliance, legal and policy knowledge of required regulations.

Position Requirements:
  • Bachelor's degree or equivalent combination of education and/or 5+ years related financial industry experience.
  • Previous banking or financial services experience required.
  • Minimum 5 years of experience in BSA &/or fraud analytics.
  • Experience using a BSA/AML and Fraud Detection System preferred, such as Verafin or an equivalent system.
  • Possesses investigative and research skills using various systems.
  • Excellent written and verbal skills.
  • Strong computer skills.
  • Time management and organizational skills.
  • Ability to multi-task.

Personal Characteristics:
  • Positive, client-centric attitude.
  • Self-motivated, confident, and eager to take on new challenges.
  • Attention to detail with a strong commitment to quality.
  • Professional appearance and attitude.
  • Commitment to continued learning.
  • Punctual.

Physical Demands - Must be met with or without a reasonable accommodation:
  • Extended periods of time sitting at a desk and using office equipment.
  • Ability to operate a personal computer/laptop for approximately 8 hours per day.
  • Extended time is spent reviewing physical and electronic documents.
  • The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
  • Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
  • Will spend most of time in an indoor environment.
  • Ability to work outside of normal business hours for testing and project work as needed.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans, and individuals with disabilities.


Alerus is a company that will challenge you to be at your best and where your efforts have real, tangible effects. Our culture is one of collaboration, innovation, forward-thinking, and giving back. And, as a growing company with a presence in markets from New Hampshire to Arizona, we offer a broad range of opportunities for you to travel the career path that matches your abilities, interests, and goals.

What is the current company culture like?

While our footprint spans North Dakota, Minnesota, Arizona, New Hampshire, and Michigan, we still operate like a small company. In other words, every single person on our team matters. Our employees create our culture.

What skills, education, and experiences does your ideal candidate(s) have? Each position has their own specific requirements and qualifications. In addition to those, Alerus seeks people who live out our fundamental beliefs every day: do the right thing, cherish people, empower with knowledge, respect everyone, serve with passion, and embrace change.

How would you describe the company leadership/team management? Alerus has a diverse executive and leadership team. Each leader comes with a wealth of experience and knowledge within their field to help their teams succeed. Alerus leaders, including our C*Suite executives, maintain regular communication with employees on company updates and goals.

Where do you see the company/organization in the upcoming years? Alerus has bank and office locations in North Dakota, Minnesota, Michigan, New Hampshire and Arizona. While we continue to serve our clients in these states we also look to grow our national footprint to best serve clients wherever they may live.

What do you feel candidates need to know about the company before applying? Alerus is more than just a bank and offers many products for our clients including personal & business banking, mortgages, wealth management and retirement savings. We continue to grow and expand but still maintain and operate with a small business feel. We would not have continued success without our employees and all the hard work they do to serve our clients with passion.

See the current Alerus job openings below!

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