Full-Time
Head of Fraud
Confirmed live in the last 24 hours
Varo
501-1,000 employees
Digital banking with fee-free services
Fintech
Financial Services
Compensation Overview
$250k - $300kAnnually
Senior, Expert
Remote in USA
Category
Risk Management
Finance & Banking
Required Skills
Agile
Data Science
Product Management
Data Analysis
Requirements
- 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)
Responsibilities
- 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
- 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
- Provide leadership and direction to the fraud operations team, ensuring efficient and effective execution of fraud prevention and detection activities
- 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
- 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
- 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
- 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
Varo Money provides digital banking services aimed at individuals looking for accessible and affordable banking options. The company offers a fee-free banking experience, which sets it apart from traditional banks that often impose various fees. Customers can benefit from services such as receiving their paychecks up to two days early through direct deposit, cash advances of up to $500 without interest, and a credit-building service that has helped users increase their credit scores by an average of 40 points in three months. Varo is an independent bank with its own banking charter, ensuring that all deposits are FDIC-insured up to $250,000. The goal of Varo is to create a more inclusive banking environment that prioritizes customer needs and financial well-being.
Company Stage
N/A
Total Funding
$1B
Headquarters
San Francisco, California
Founded
2015
Growth & Insights
Headcount
6 month growth
↓ -2%1 year growth
↓ -6%2 year growth
↓ -12%
Simplify's Take
What believers are saying
- Varo's inclusion in Inc.'s 2023 Best in Business list for the third consecutive year highlights its strong reputation and industry recognition.
- The introduction of the 'Varo to Anyone' P2P feature positions Varo as a competitive alternative to popular services like Venmo and Cash App.
- Varo's credit-building service, which has shown to increase credit scores by an average of 40 points in three months, offers significant long-term financial benefits for customers.
What critics are saying
- The competitive fintech landscape, with major players like Chime and traditional banks entering the digital space, could challenge Varo's market share.
- Rapid expansion and the introduction of new features may strain Varo's operational capabilities and customer service.
What makes Varo unique
- Varo's fee-free banking model sets it apart from traditional banks that often charge various fees, making it a more attractive option for cost-conscious consumers.
- The early payday feature, allowing customers to receive their paychecks up to two days early, provides a significant advantage for those living paycheck-to-paycheck.
- Varo's independent banking charter and FDIC insurance up to $250,000 ensure a high level of security and trust for its customers.
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