Full-Time
Sr. Manager
Fraud Governance & Oversight
Posted on 9/30/2024
Varo
501-1,000 employees
Digital banking with fee-free services
Compensation Overview
$130k - $180kAnnually
Senior, Expert
Remote in USA
- 7+ years of experience in fraud risk management including both business and oversight roles; in payment, fintech, or other innovative financial institutions
- A strong understanding of second-line frameworks related to fraud governance
- Expertise in analyzing data to inform preventative measures
- A strong sense of accountability and the ability to work collaboratively across multiple departments
- Ability to influence others including executive management
- Ability to prioritize workflows, ensure deadlines are met, and facilitate open communication
- Provide oversight on the fraud prevention activities utilized by the business to manage fraud, both internal and external
- Stay abreast of industry trends, emerging risks, and the advent of preventative tools
- Develop and maintain fraud risk assessments, including periodic updates to identify potential gaps in controls and recommend enhancements
- Ensure appropriate Key Risk Indicators are developed and maintained; identify and clearly articulate gaps to executives, and track recommendations to completion
- Collaborate with Fraud Strategy, Fraud Operations, and Account Originations teams to incorporate emerging threats into our acquisition and account management strategies
- Report to executive management and the Board of Directors on the effectiveness of our fraud capabilities in the first line of defense
- Interact as necessary with our regulators
- Track and monitor fraud issue remediations using GRC tools and report status updates to management
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 operates as 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
Series E
Total Funding
$996.3M
Headquarters
San Francisco, California
Founded
2015
6 month growth
↓ -3%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.