Assistant Vice President, Merchant Fraud & Independent Reviewer

JOB PURPOSE

The Merchant Fraud & Independent Reviewer is responsible for the following tasks:

1. Monitoring, analyzing, and investigating suspicious activities in-regards to Merchant On-boarding and transactions. This role focuses on identifying, mitigating, and preventing fraudulent transactions while ensuring compliance with internal and regulatory guidelines.
2. As an Independent Reviewer, to ensure objective, fair, and regulatory-compliant assessment of fraud loss allocation decisions for victims of unauthorised e-banking transactions/cards dispute, in accordance with BNM’s specifications.

KEY RESPONSIBILITIES

1. Merchant Fraud:

• Conduct daily fraud transaction monitoring across all merchant activities to detect suspicious patterns, anomalies, and threshold breaches.
• Perform timely reviews, escalations, and interventions on flagged cases to mitigate financial and reputational risks.
• Ensure monitoring activities comply with regulatory requirements and internal risk management standards.
• Perform fraud checks on newly onboarded merchants and manage second-layer KYC verification.
• Handle dispute and chargeback cases raised by issuers, schemes or 2merchants
• Investigate internal and external fraud cases involving merchants.
• Maintain and manage the internal negative watchlist for high-risk merchants.
• Support the preparation of dashboards and periodic fraud monitoring reports.
• Stay updated on industry trends, emerging fraud schemes, and best practices
• Develop and implement fraud prevention strategies, policies, and initiatives

2. Independent Reviewer

• Conduct independent reviews of cases where fraud losses arising from unauthorised e-banking transactions/cards dispute proposed to be allocated to customers
• Assess the effectiveness of fraud detection and prevention controls in each case
• Ensure decisions are based on objective, evidence-based assessments
• Verify that the allocation of fraud losses fairly considers both the FI’s and customer’s obligations as per regulatory requirements
• Ensure all decisions comply with BNM’s guidelines and internal policies
• Participate in periodic reviews of unauthorised transaction cases as required by control functions
• Liaise with fraud investigators, customer service, compliance, and risk teams to gather necessary information for reviews
• Provide feedback and recommendations to improve fraud controls and customer fairness

3. Fraud Prevention & Risk Mitigation

• • Provide recommendations to strengthen internal controls and fraud detection measures
  • Work closely with the fraud monitoring team to enhance fraud detection rules and system alerts
  • Recommend process improvements to reduce fraud vulnerabilities

4. Reporting & Compliance

• • Prepare detailed fraud investigation reports with findings, evidence, and recommendations
  • Ensure compliance with local regulations, industry’s best practices, and internal fraud risk policies
  • Maintain fraud case records and update the internal fraud database (e.g., blacklists, watchlists)

5. Collaboration & Training

• • Work with various departments (e.g., Compliance, Legal, Operations, IT Security) to resolve fraud cases
  • Conduct fraud awareness training for bank staff to enhance fraud detection capabilities
  • Participate in fraud risk assessments and audits