Senior Fraud Compliance Manager

We’re waving goodbye to the complicated and confusing ways of traditional banking.

After starting as a prepaid card, our product offering has grown a lot in the last 10 years in the UK. As well as personal and business bank accounts, we offer joint accounts, accounts for 16-17 year olds, a free kids account and credit cards in the UK, with more exciting things to come beyond. Our UK customers can also save, invest and combine their pensions with us. 

With our hot coral cards and get-paid-early feature, combined with financial education on social media and our award winning customer service, we have a long history of creating magical moments for our customers!

We’re not about selling products - we want to solve problems and change lives through Monzo ❤️

London/UK Remote | 💰£85,000 - £105,000 (depending on experience) + Incentive Awards tied to your performance + Benefits  ✨

The Senior Fraud Compliance Manager is a critical 2nd Line of Defence position responsible for independently challenging and advising the business on its 1st Line fraud risk management activities. This role ensures Monzo maintains robust controls, operates within regulatory and legislative requirements, and effectively manages its fraud exposure. The successful candidate will leverage their deep understanding of fraud risk, regulation, and data analysis to drive best practices and provide assurance to senior management and the Board.

🔑You’ll play a key role by...

Independent Assurance and Challenge (2nd Line of Defence):

• Act as a subject matter expert and independent challenger to the 1st Line of Defence (e.g., Fraud Operations, Product Teams) on the design, implementation, and effectiveness of their fraud controls, policies, and procedures.

• Provide robust and practical advice on fraud risk management to ensure adherence to internal standards and external regulatory requirements.

• Develop and execute an annual assurance plan, conducting targeted reviews and deep-dives into key fraud risk areas and control effectiveness.

• Monitor and report on the effectiveness of 1st Line remediation efforts following internal and external audit findings or regulatory issues.

Regulatory and Legislative Compliance:

• Maintain an excellent and up-to-date understanding of relevant fraud legislation, regulatory requirements, and industry standards, providing expert advice on their impact. Including:

• Payment Services Directive 2 (PSD2), particularly requirements around Strong Customer Authentication (SCA) and transaction monitoring.

• Payment Systems Regulator (PSR) Authorised Push Payment Reimbursement regime.

• Financial Conduct Authority (FCA) rules and guidance on financial crime, fraud reporting, and consumer protection.

• The Payment Card Industry Data Security Standard (PCI DSS) compliance, in so far as it relates to card fraud prevention.

• AML/CTF legislation, where it intersects with fraud typologies (e.g., money mule activity facilitated by fraud).

• Relevant elements of data protection legislation (e.g., GDPR) concerning the use and sharing of customer data for fraud prevention.

Performance Analysis and Reporting:

• Analyse complex fraud performance data, including loss rates, control effectiveness metrics, and emerging fraud trends, to identify systemic weaknesses.

• Evaluate the performance and tuning of fraud detection rules, models, and systems, providing independent validation and recommendations for optimisation.

• Produce high-quality, impactful reports for senior stakeholders (e.g., Risk Committees, Executive Management) outlining the current fraud risk profile, control gaps, and progress against strategic assurance objectives. 

Skills and Experience Required:

• Demonstrable experience in assessing fraud risks and recommending mitigating strategies.

• Excellent working knowledge of global/regional fraud legislation and regulatory expectations (as exemplified above).

• Strong analytical skills with demonstrable experience in analysing large datasets, interpreting fraud trends, and evaluating rule and model performance.

• Exceptional communication and stakeholder management skills, with the ability to articulate complex risks to technical and non-technical audiences.

Highly Advantageous Experience:

• Experience in card fraud, especially within the acquiring (merchant services) side of the business.
• Previous experience in fraud investigation, providing a practical understanding of how fraud attempts are executed and mitigated.
• Previous experience of using Looker, BigQuery, and SQL would also be an advantage.

Qualifications:

• Relevant professional certifications (e.g., ACAMS, ICA, CFE, Cifas Academy) are a plus.

Our interview process involves three main stages: 

1. Recruiter Call (30mins)
2. Initial Call (30 mins)
3. Final stage x2 role specific interview and a behavioural interview

Our average process takes around 3-4 weeks but we will always work around your availability. 

💰£85,000 to £105,000 (depending on experience) + Incentive Awards tied to your performance + benefits

📍This role can be based in our London office, but we're open to distributed working within the UK (with ad hoc meetings in London)

⏰We offer flexible working hours and trust you to work enough hours to do your job well, and at times that suit you and your team. 

📚£1,000 learning budget each year to use on books, training courses and conferences.

➕ Plus lots more! Read our full list of benefits.

#LI-TK1  #LI-Remote

Diversity and inclusion are a priority for us and we’re making sure we have lots of support for all of our people to grow at Monzo. At Monzo, we’re embracing diversity by fostering an inclusive environment for all people to do the best work of their lives with us. This is integral to our mission of making money work for everyone. You can read more in our blog, 2024 Diversity and Inclusion Report and 2024 Gender Pay Gap Report.

We’re an equal opportunity employer. All applicants will be considered for employment without attention to age, ethnicity, religion, sex, sexual orientation, gender identity, family or parental status, national origin, or veteran, neurodiversity or disability status.

If you have a preferred name, please use it to apply. We don't need full or birth names at application stage 😊