Fraud is a growing and evolving threat to financial institutions. As technology advances, fraudsters become increasingly sophisticated, making it imperative to develop robust strategies to protect customers and mitigate risk.
Varo is seeking a visionary and highly skilled Head of Fraud to lead Varo’s effort in combating fraud at Varo and be seen as a pace setter in the industry. The ideal candidate will possess a deep understanding of fraud trends and methodologies,coupled with strong analytical skills and a proven track record of success collaborating with executive leadership and cross-functional teams. This role will require a strategic growth mindset, a passion for innovation, disciplined execution and the ability to hire, inspire, and lead high quality, senior-level, technical, and operational talent to stay ahead of emerging threats.
As the Head of Fraud, you will be responsible for developing and implementing a comprehensive fraud program that will continue to evolve and keep pace with emerging trends and threats. You will lead a senior level cross-functional team to identify and mitigate fraud risks, optimize operational efficiency, and deliver exceptional customer experiences. This will be a highly visible leadership role with direct interaction with executive leadership and the board.
Develop and Execute Fraud Strategy
- Define and implement a robust fraud strategy and roadmap that aligns with Varo's overall business objectives
- Provide strategic direction around the development and maintenance of Varo’s fraud platform, including rules, models, and detection systems (both internally developed and third party)
- Continuously monitor and evaluate fraud trends, industry best practices, third party solutions and regulatory changes.
- Act as a thought leader across the company on fraud awareness, threat detection and response to keep our customers safe
Leverage Data and Analytics
- Develop and utilize advanced analytics techniques to identify and respond in real-time to fraud patterns, emerging threat vectors and trends
- Collaborate with data scientists to develop cutting edge machine learning/AI models to mitigate fraud and enable improved good customer experiences
- Create robust dashboards and KPIs to track fraud performance and measure the effectiveness of fraud prevention strategies
Oversee Fraud Operations
- Provide leadership and direction to the fraud operations team, ensuring efficient and effective execution of fraud prevention and detection activities
Enhance Customer Experience
- Balance fraud prevention measures with exceptional customer experiences.
- Develop and execute comprehensive fraud prevention that balances the need for security with a seamless and positive customer onboarding experience.
- Minimize false positives and negative impacts on legitimate customers.
- Utilize Varo’s fraud platform and advanced capabilities to enable customers to safely and quickly transact across products and money movement systems
Drive Operational Efficiency
- Champion automation and efficiency initiatives to reduce manual reviews and customer complaints
- Optimize fraud detection processes and systems to improve operational efficiency and cost-effectiveness
Lead a Cross-Functional Team
- Build and manage a high-performing team of product managers, fraud analysts and fraud operations
- Operate rapidly in a fully cross-functional, iterative and agile fashion when responding to fraud incidents and emerging threats
- Foster collaboration and effective communication across departments (e.g. engineering, ML/AI, infosec, operations, BSA/AML, compliance, etc) to ensure alignment, planning and effective execution of fraud initiatives. Build new capabilities leveraging cutting edge tech and machine learning/AI models and leverage industry leading solutions
- Manage third party and/or captive relationships tasked with sourcing fraud teams
Ensure Compliance
- Stay up-to-date with fraud regulations and industry standards.
- Conduct regular audits and risk assessments to maintain compliance.
- Document and maintain comprehensive fraud strategy, rule, and model documentation
You bring the following required skills and experiences
- Proven experience in leading fraud strategy and operations within a fintech or financial services organization.
- Deep understanding of fraud prevention techniques, tools, technologies, industry best practices, and regulatory requirements.
- Strong analytical skills and ability to leverage data to drive decision-making.
- Experience in building and managing high-performing cross-functional teams.
- Excellent communication and interpersonal skills.
- Advanced degree or commensurate experience in a relevant field (e.g., MBA, MS in Data Science)
