Head – Fraud Monitoring and Prevention Department

3 weeks ago

Trivandrum, India Muthoot Fincorp Ltd. Full time

ROLE SUMMARY (PURPOSE)

The Head of the Fraud Monitoring and Prevention Department (FMPD) will provide strategic leadership in managing fraud risks across MFL’s extensive business operations, including gold loans, MSME loans, unsecured loans, QR code lending, and savings products like NCDs. The role demands the design and implementation of comprehensive fraud prevention strategies to protect MFL’s assets, reputation, and stakeholders while ensuring compliance with regulatory frameworks. The incumbent will spearhead initiatives to proactively detect, investigate, and mitigate fraud risks in both physical and digital environments, while fostering a culture of fraud awareness across the organization.


KEY RESPONSIBILITIES


  1. Strategic Leadership in Fraud Risk Management:


Develop and implement a comprehensive fraud risk management strategy tailored to MFL’s diverse business lines and geographic footprint.

Lead the identification, assessment, and mitigation of fraud risks in all operational areas, including branch operations, digital platforms (e.g., MFLOne app), and partnerships.

Align fraud prevention strategies with MFL’s strategic objectives and regulatory requirements.


2.Fraud Detection and Monitoring


Oversee the deployment and continuous enhancement of fraud detection tools and systems, including AI-driven analytics for transaction monitoring and pattern recognition.

Monitor real-time fraud alerts and suspicious transactions across MFL’s products and channels, ensuring prompt investigation and resolution.

Establish early warning systems and dashboards to detect high-risk behaviors among customers, employees, and external parties.


3. Fraud Investigation and Resolution


Lead and manage all fraud investigations, ensuring thorough and unbiased analysis of incidents.

Oversee the collection and preservation of evidence for internal use and legal proceedings.

Collaborate with law enforcement agencies, regulatory bodies, and legal teams to resolve fraud cases effectively.

Provide post-incident reports and recommendations to senior management and the Board.



4. Policy Development and Compliance Oversight


Develop, update, and enforce anti-fraud policies, procedures, and internal controls to minimize vulnerabilities.

Ensure adherence to RBI guidelines, anti-money laundering (AML) laws, and other regulatory requirements.

Establish clear protocols for fraud reporting, both internally and externally, ensuring timely and accurate communication.


5. Technology and Automation for Fraud Prevention


Drive the adoption of cutting-edge technology to enhance fraud prevention capabilities, including machine learning, automation, and predictive analytics.

Work with the IT and Digital Transformation teams to integrate fraud monitoring tools into MFL’s core systems, such as branch software, MFLOne, and QR code lending platforms.

Stay updated on emerging fraud technologies and threats, implementing necessary upgrades to combat evolving risks.


6. Team Development and Training


Build and lead a high-performing Fraud Monitoring and Prevention team, defining roles and responsibilities clearly.

Conduct fraud awareness training programs for employees across all levels to instill a proactive fraud prevention culture.

Provide technical guidance and mentorship to team members to enhance their investigative and analytical skills.


7. Collaboration Across Business Functions


Partner with Risk, Compliance, Internal Audit, Operations, IT, and Business Heads to ensure fraud prevention is integrated across all business processes.

Collaborate with the HR team to implement background checks and onboarding procedures that minimize insider fraud risks.

Work closely with the Chief Compliance Officer (CCO) to ensure regulatory compliance in all fraud-related activities.


8. Fraud Reporting and Metrics


Develop and present detailed fraud reports to senior management and the Risk Management Committee, highlighting trends, key incidents, and preventive measures.

Maintain a central database of fraud incidents, investigations, and resolutions for audit and reference purposes.

Provide actionable insights and metrics to track the effectiveness of fraud prevention strategies.


9. Root Cause Analysis and Continuous Improvement


Conduct root cause analysis of fraud incidents to identify systemic weaknesses or process gaps.

Recommend and implement process improvements and technological enhancements to reduce fraud vulnerabilities.

Benchmark fraud prevention practices against industry standards to ensure MFL remains at the forefront of fraud risk management.


10. Stakeholder and Customer Protection


Establish processes to protect customer interests, including secure digital transactions and fraud education initiatives.

Address customer complaints and concerns related to fraud, ensuring timely resolution and customer satisfaction.

Strengthen relationships with external stakeholders, including regulators, law enforcement, and auditors, to enhance fraud prevention capabilities.


KEY INTERACTIONS

Internal Stakeholders

  1. Senior Leadership and Executive Team
  2. Internal Audit
  3. Legal Department
  4. Operations Teams
  5. Finance
  6. Compliance Team
  7. People & Culture
  8. Product and Business Units

External Stakeholders

  1. Regulatory Authorities
  2. External Auditors
  3. Consultants


KEY COMPETENCIES


  1. Strategic vision for fraud risk management in a complex, multi-product NBFC environment.
  2. Ability to adapt to rapidly changing fraud trends and technologies.
  3. Strong regulatory knowledge and ability to ensure compliance across all fraud-related activities.
  4. Proactive and decisive leadership in high-pressure situations.


KEY SKILLS & BEHAVIOURAL ATTRIBUTES


  1. Deep understanding of fraud schemes specific to NBFC products such as gold loans, MSME loans, QR code lending, and NCDs.
  2. Strong analytical and problem-solving skills, with proficiency in fraud detection and data analysis tools.
  3. Exceptional leadership and communication skills, with the ability to collaborate across departments and present to senior stakeholders.
  4. High ethical standards and integrity.


EDUCATION / EXPERIENCE


Education:

  1. Bachelor’s/Master’s degree in Finance, Risk Management, Forensic Accounting, or related fields.
  2. Professional certifications such as CFE (Certified Fraud Examiner), CISA (Certified Information Systems Auditor), or CRMA (Certified Risk Management Assurance) are highly desirable.


Experience:

  1. At least 10-15 years of experience in fraud prevention, risk management, or forensic investigation, with a strong preference for NBFCs, banks, or financial services.
  2. Proven track record of managing fraud risks in both traditional branch operations and digital environments.
  3. Expertise in fraud detection technologies, investigation methodologies, and regulatory compliance

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