Fraud Officer

Role Description

The Fraud Officer is a full-time, on-site role based in Baghdad. This position is responsible for monitoring electronic payment transactions, detecting suspicious activities, and investigating potential fraud across BeePay’s services, including prepaid cards, digital wallets, POS terminals, payment gateways, and other payment channels.

The role involves reviewing fraud alerts, analyzing transaction patterns, conducting investigations, and recommending appropriate preventive measures to minimize fraud risks and potential financial losses. The Fraud Officer works closely with the AML team to identify activities that may involve both fraud and money laundering risks and escalates significant cases to the Head of AML.

The position also includes coordinating with relevant internal teams, handling fraud-related complaints, preparing investigation reports, maintaining accurate records, and supporting the improvement of fraud detection rules and preventive controls to strengthen BeePay’s fraud prevention framework.

Qualifications

• Candidates should possess strong Fraud Monitoring and Detection skills to identify suspicious transactions, unusual customer behavior, and potential fraudulent activities.

• Candidates should possess strong Analytical and Investigation skills to review transaction data, identify fraud patterns, collect supporting evidence, and determine the root causes of suspicious activities.

• Candidates should possess effective Communication skills for preparing investigation reports, documenting findings, and coordinating with internal teams and relevant stakeholders.

• Candidates should possess good knowledge of Electronic Payment Systems, including prepaid cards, digital wallets, POS terminals, payment gateways, and online payment transactions.

• Candidates should possess good Risk Assessment skills to evaluate potential fraud cases, identify high-risk activities, and recommend appropriate preventive measures.

• Candidates should possess good Problem-Solving skills to investigate fraud incidents, identify suspicious transaction patterns, and support timely case resolution.

• Familiarity with fraud detection systems, transaction monitoring tools, and fraud prevention procedures is preferred.

• Understanding of AML/CFT procedures and the relationship between fraud and money laundering risks is an advantage.

• Bachelor's degree in Finance, Accounting, Business Administration, Banking, Information Technology, or a related field.

• Minimum 2 years of relevant experience in fraud monitoring, fraud investigations, banking, financial institutions, or electronic payment companies.

• Previous experience in investigating suspicious transactions, reviewing fraud alerts, and handling fraud-related cases is preferred.

• Proficiency in Microsoft Excel and familiarity with fraud monitoring systems and data analysis tools.

• Ability to work under pressure, manage multiple investigation cases, meet deadlines, and maintain a high level of integrity, confidentiality, accuracy, and attention to detail.

Main Responsibilities and Duties

• Monitor daily transactions across prepaid cards, digital wallets, POS terminals, payment gateways, and other electronic payment services to identify potential fraudulent activities.

• Review and investigate fraud alerts generated by transaction monitoring systems and identify suspicious transaction patterns.

• Conduct fraud investigations, collect supporting evidence, and document investigation findings.

• Identify unusual customer behavior, suspicious transactions, and potential fraud risks.

• Escalate suspected and confirmed fraud cases to the Head of AML and recommend appropriate preventive actions in accordance with approved procedures.

• Coordinate with AML team members to identify activities that may involve both fraud and money laundering risks.

• Work closely with Compliance, Risk Management, Operations, and Customer Service teams to investigate and resolve fraud-related cases.

• Review fraud complaints and cases received from customers and internal teams and ensure timely investigation and follow-up.

• Support appropriate preventive measures, including transaction restrictions and card or wallet blocking, in accordance with approved procedures and authorization requirements.

• Prepare accurate fraud investigation reports and submit findings to the Head of AML for review and further action.

• Maintain accurate records of fraud alerts, investigations, findings, and actions taken.

• Support the development and improvement of fraud detection rules, monitoring scenarios, and preventive controls.

• Monitor emerging fraud trends and identify new fraud methods related to electronic payment services.

• Support fraud risk assessments and recommend improvements to existing fraud prevention controls.

• Ensure compliance with the company's fraud prevention policies, AML/CFT procedures, and applicable regulatory requirements.

Key Performance Indicators (KPIs)

• Timely review and investigation of fraud alerts and suspicious transactions.

• Accuracy and quality of fraud investigations, findings, and reports.

• Timely identification and escalation of suspected and confirmed fraud cases.

• Effectiveness in detecting fraudulent activities and supporting the prevention of financial losses.

• Timely investigation and resolution of fraud-related complaints and reported cases.

• Accuracy and completeness of fraud investigation records and supporting documentation.

• Effective coordination with AML, Compliance, Risk Management, Operations, and Customer Service teams.

• Effectiveness in identifying emerging fraud patterns and recommending improvements to fraud detection rules and preventive controls.

• Timely follow-up and closure of outstanding fraud investigation cases.

• Compliance with approved fraud prevention policies, AML/CFT procedures, and applicable regulatory requirements.