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Money Mule Fraud Strategy Senior Analyst

Newcastle upon Tyne, England, Leeds, England, Glasgow, Scotland, United Kingdom

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City/Region Newcastle upon Tyne, England, Leeds, England, Glasgow, Scotland, United Kingdom Job ID 085949 Category Risk Contract type Permanent Full Time Applications Close 22 Jul 2024 (11.55pm BST)

Business Unit: Chief Operating Office - Fraud 
Salary range: £38,400 - £50,000 per annum DOE + red-hot benefits  
Location: Remote - work from anywhere within the UK

Live to challenge the status quo. Live a life more Virgin.

Our Team 

It’s an exciting time for us as we grow our Economic Crime (PROTECT) team who have a critical role to play, keeping us and our customers safe.  They are our first line of defence function and responsible for day-to-day fraud and financial crime risk identification, ownership, management and control.   

We’re seeking an inspiring and engaging Money Mule Senior Strategy Analyst who is insatiably curious and isn’t afraid to challenge the status quo. You’ll be responsible for developing the ‘Money Mule’ prevention strategy focusing on the bank’s vulnerability in providing accounts to mules that help launder the proceeds of fraud and money laundering.   

This role will support delivery of the Bank’s strategy in delivering analysis that informs rule changes and development in our primary payment detection systems, while also developing acquisition strategy rules to prevent money mules from onboarding.   This will involve the analysis of data on detected mules and consuming intelligence from industry forums and intelligence providers. The role will also lead the network analytics that connects the dots across accounts and products to help identify linked mule accounts before they start transacting and causing losses to Virgin Money.   

What you’ll be doing

  • Develop rules within the in-house plastic, digital payment, and acquisition fraud detection systems to combat mule fraud, using techniques such as historical data analysis of patterns and behaviours; link analysis; and anomaly detection.  
  • Optimise and monitor performance of money mule detection and prevention systems and associated models, working between the operational teams and Fraud Strategy. 
  • Partner with the Fraud Analytics team whom are experts in the Bank’s primary detection systems.   
  • Feed data into relevant MI required by governance committees and stakeholders relevant to Money Mule activity. 
  • Support network analytics and link analysis before the money mules start to transact across our accounts.   
  • Work collaboratively with relevant stakeholders to prevent Virgin Money being used for mule accounts, stopping money going into the hands of fraudsters and money launderers.  
  • Ensure that operational and genuine customer impacts are balanced against fraud risk and losses.  
  • Support the development of the First Party Credit Abuse strategy. 
  • Continuously develop an excellent level analytics and money mule knowledge to support the key role requirements.  

We need you to have

  • Strong experience in a Fraud Strategy or Fraud Analytics function within UK Retail Banking.  
  • Practical experience of using SAS, SQL or equivalent analytical tools to develop data driven solutions 
  • Proven record of fraud systems strategy optimisation 
  • Experience of developing and implementing successful fraud prevention strategies and initiatives to prevent Money Mule activity within financial services. 
  • Knowledge and understanding of Money Mule risk and industry trends within financial services to identify risks that may impact our organisation. 
  • Strong analytical and problem-solving skills, with the ability to interpret complex data and identify actionable insights. 
  • Excellent communication and interpersonal skills, with the ability to effectively collaborate with cross-functional teams. 
  • Ability to articulate complex analytical concepts to non-technical stakeholders.  

It’s a bonus if you have but not essential

  • Experience of developing and implementing successful fraud prevention strategies and initiatives to prevent Money Mule activity within financial services. 
  • Awareness of external regulatory changes that have the ability to impact Money Mule risk.  

Red Hot Rewards

  • Generous holidays - 38.5 days annual leave (including bank holidays and prorated if part-time)​ plus the option to buy more
  • Up to five extra paid well-being days per year​ 
  • 20 weeks paid, gender-neutral family leave (52 weeks in total) for expectant parents and those looking to adopt 
  • Market-leading pension
  • Free private medical cover, income protection and life assurance
  • Flexible benefits include Cycle to Work, wellness and health assessments, and critical illness 
  • Ability to work anywhere in the UK​ (where the role allows) 

And there's no waiting around, you'll enjoy these benefits from day one.

Feeling insatiably curious about this role? Apply as soon as you can. If we’re lucky to receive a lot of interest, we may close the advert early and would hate you to miss out.

We're all about helping you Live a Life More Virgin, so happy to talk flexible working with you.

Say hello to Virgin Money
We’re making great strides towards achieving our ambition of becoming the UK’s best digital bank.  As a full-service digital bank with a heritage stretching back over 180 years, we`re a workforce to be reckoned with.  We're putting the full power of our experience behind disruptive ideas that reinvent the role a bank plays in people's lives. We strive to create positive experiences for our millions of customers and our purpose, ‘Making You Happier About Money’, underpins everything we do. We believe in doing banking differently, innovating and working together to make a real difference. Join us and Live a Life More Virgin that empowers you with choice and flexibility in how you work.

Be yourself at Virgin Money
Our purpose is to make people happier about money, this means seeing and feeling the world as our customers do by creating a workforce that reflects the rich diversity of our customers and communities.  We’re committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard.  

As a Disability Confident Leader, we're committed to removing any obstacles to inclusion.  If you need any reasonable adjustments or support making your application, contact our Talent Acquisition team

It’s important to note that there may be occasions where it’snot possible to interview all candidates declaring a disability who meet the essential criteria for the job. In certain recruitment situations such as receiving a high-volume of applications, we may need to limit the overall numbers of interviews offered to both disabledand non-disabled applicants. 

Now the legal bit
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it), but we'll need you to confirm you have the right to work in the UK.

If you're successful in securing a role with us, there are some checks you need to complete before starting. These include credit and criminal record checks and three years' worth of satisfactory references. If the role is part of the Senior Manager Regime and Certification Regime, it requires enhanced pre-employment checks – we'll ask for six years of regulatory references, and once in the role, you'll be subject to periodic employment checks. 

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