Chief Fraud Officer at TheHiveCareers in British Virgin Islands

Job Description: Chief Fraud Officer (CFO – Fraud)

Industry: Banking, Financial Services, Insurance, Investment

Job Type: Full-Time

Reporting To: Chief Risk Officer (CRO) / Chief Compliance Officer (CCO) / Chief Executive Officer (CEO)

Job Summary

The Chief Fraud Officer (CFO – Fraud) is responsible for leading the organization's fraud risk management strategy, including prevention, detection, investigation, and response to fraud-related activities. This role ensures robust controls are in place to safeguard the organization, its customers, and its assets from internal and external fraud threats.

The Chief Fraud Officer plays a critical role in minimizing financial losses, strengthening fraud controls, and enhancing trust across all business operations.

Key Responsibilities

1. Fraud Risk Strategy & Framework

Develop and implement enterprise-wide fraud risk management strategies

Establish fraud prevention, detection, and response frameworks

Align fraud management with overall risk and compliance strategies

Continuously assess emerging fraud risks and threats

2. Fraud Detection & Monitoring

Oversee fraud detection systems and real-time monitoring tools

Implement advanced analytics and AI-based fraud detection models

Identify suspicious patterns and anomalies

Enhance fraud detection capabilities across channels (digital, transactions, payments)

3. Fraud Prevention & Controls

Design and implement controls to prevent fraud across operations

Strengthen internal controls and fraud risk mitigation processes

Collaborate with IT and operations to secure systems and processes

Reduce vulnerabilities in customer-facing and internal systems

4. Investigations & Incident Management

Lead investigations into fraud incidents and suspected activities

Coordinate with internal teams, law enforcement, and regulators

Ensure proper documentation and reporting of fraud cases

Manage incident response and recovery processes

5. Regulatory Compliance & Reporting

Ensure compliance with fraud-related regulatory requirements

Oversee reporting of fraud incidents to regulators and authorities

Maintain audit-ready documentation and reporting frameworks

Support regulatory inspections and audits

6. Data Analytics & Technology

Leverage data analytics and technology to enhance fraud detection

Implement fraud management systems and tools

Utilize machine learning and predictive analytics

Continuously improve fraud detection efficiency

7. Awareness & Training

Develop fraud awareness programs for employees and customers

Promote a culture of vigilance and fraud prevention

Train teams on fraud detection and reporting procedures

Enhance organizational awareness of fraud risks

8. Stakeholder Engagement

Collaborate with risk, compliance, audit, IT, and operations teams

Engage with regulators, law enforcement, and industry bodies

Provide fraud insights and reporting to executive leadership and Board

Support cross-functional fraud risk initiatives

9. Leadership & Team Management

Lead and develop fraud risk and investigation teams

Establish performance standards and KPIs

Foster a culture of accountability and integrity

Support talent development and succession planning

Key Requirements

Education

Bachelor's or Master's degree in Finance, Accounting, Criminal Justice, Business Administration, or related field

Professional certifications such as CFE (Certified Fraud Examiner), CAMS, or similar are highly preferred

Experience

12–18+ years of experience in fraud risk management, financial crime, compliance, or risk roles

Proven experience in senior fraud leadership roles (e.g., Chief Fraud Officer, Head of Fraud, Financial Crime Leader)

Strong experience in banking, financial services, insurance, or investment sectors

Skills & Competencies

Deep knowledge of fraud risk management frameworks and techniques

Expertise in fraud detection, investigation, and prevention

Strong analytical and data-driven decision-making skills

Leadership and team management

Excellent communication and stakeholder engagement

High integrity and attention to detail

Crisis management and problem-solving skills

Key Performance Indicators (KPIs)

Reduction in fraud losses and incidents

Effectiveness of fraud detection systems

Speed and quality of fraud investigations

Compliance with regulatory requirements

Fraud prevention and control effectiveness

Audit and regulatory inspection outcomes

Preferred Attributes

Experience in digital fraud, cybersecurity, and payments fraud

Exposure to AI/ML-based fraud detection systems

Strong collaboration with regulators and law enforcement

Ability to manage complex fraud risks in a dynamic environment

Compensation & Benefits

Competitive executive salary

Performance-based incentives

Executive benefits and allowances