Director of Onboarding Fraud Prevention, Lending Products

About the Role: 

SoFi’s Fraud Prevention CoE team has responsibility for ensuring responsible growth in lending, banking, investing and other member related activities that are consistent with the company’s risk appetite. The team holistically manages enterprise fraud threats and ensures strong compliance with regulations, acts as a first line of defense in oversight of business operations, and works to ensure fraud prevention risk policies factors a member-first experience. 

Senior Director of Onboarding Fraud Prevention - Lending Products is responsible for driving Fraud Prevention policies, strategies and operational execution to balance between fraud loss prevention and Member experience. The leader will partner with Credit Risk, Products/Engineering, SoFi Lending Business Leaders, Loan Operations, Information Security, Legal and Compliance teams to drive first line of defense oversight of all application and onboarding fraud prevention strategies for SoFi’s Lending businesses, including Personal Lending, Student Lending, Real Estate Lending and Credit Card. The Senior Director of Onboarding Fraud Prevention - Lending Products will report directly to the VP of Fraud Risk Management and Disputes CoE. 

Key responsibilities include: 

• Application and onboarding Fraud Prevention policies and strategies development and implementation for all Lending businesses (Personal Loans, Student Loans, Mortgage, Home Equity, Credit Card) 
• Develop early warning monitoring programs to quickly identify emerging fraud trends and design risk mitigation strategies to prevent fraud losses 
• Evaluate and optimize onboarding controls to mitigate 3rd party, synthetic, and 1st party fraud
• Ongoing optimization to identify opportunities through analytics to balance Member experience with fraud prevention 
• Assess existing fraud controls, policies, and procedures, proposing enhancements as needed 
• Stay abreast of industry trends, emerging risks, and the advent of preventative tools ● Ensure appropriate Key Risk Indicators are developed and maintained; identify and clearly articulate gaps to executives, and track recommendations to completion 
• Manage a team of fraud strategy analysts and provide guidance to help them effectively execute against business objectives 
• Lead and drive all fraud prevention efforts for SoFi’s Lending businesses 

By joining SoFi, you’ll become part of a forward-thinking company that is transforming financial services for the better. We offer the excitement of a rapidly growing startup with the stability of an industry leading leadership team. 

Responsibilities 

• Teamwork is Job 1… daily critical collaboration is necessary with Business Leaders, Fraud Prevention Policy, Risk functions, and Engineering Product Design. This is the conduit to execution of our Fraud Prevention Strategies and a critical feedback loop to balance risk with member experience.
• Members are our Passion… ensure our SoFi members are protected from fraud at every touchpoint. Leverage analytics to understand Member complaints and partner with Fraud Operations to deliver best experience while balancing fraud threats.
• Innovate… we need you to bring your brightest ideas to build best-in-class fraud prevention ideas across SoFi’s Lending products.
• Data Driven… Lead the discussion on change management using data to drive the change. Collaborate with Fraud Operations, EPD, Member and Lending business leaders to help architect the future of fraud prevention with analytically based assessments and deployment capabilities to drive efficiency, effectiveness, and member experience.
• Challenge Status Quo… constantly evaluate the adequacy of our fraud prevention controls and identify opportunities to make change and optimize a balance of Member experience, fraud prevention, and costs; re-evaluate technological infrastructure to continuously optimize the balancing equation.
• Drive Performance Outcomes… Design strategies to reduce losses, reduce friction and improve funnel conversion.
• Risk Controllership… Understand and design appropriate Lending and Onboarding control points and reporting to ensure flawless executions by Fraud Operations. ● Be a Fraud Analytics SME… Serve as a subject matter expert for all Lending products, and Onboarding control point processes and data assets.

Qualifications 

• 15+ years of Fraud Management experience at top 10 US financial institutions or lending businesses.
• Very strong data & analytics background, with a proven track record of optimizing fraud strategies to reduce losses and minimize friction.
• Strongly Preferred: Have experience managing or working directly with Fraud Operations to improve prevention and detection workflows and procedures.

Benefits 

To view all of our comprehensive and competitive benefits, visit our Benefits at SoFi page!