FedNow Data Specialist, Fraud Prevention at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

Company

Federal Reserve Bank of Boston

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), and Check Services. We are currently leading a strategic effort to transform FRFS to a national, enterprise-focused organization. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff.

We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow Service. This service enables financial institutions to provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds. This position is a unique opportunity to be part of this mission-critical Federal Reserve initiative that is transforming the payments landscape in the United States.

Candidates that live near one of our Reserve Bank locations will be provided some work from home flexibility. Rules for hybrid work arrangements differs from Bank to Bank and should be discussed during the interview process.

The FedNow product team is seeking a highly skilled Fraud Data Analyst to enhance our fraud prevention strategies through advanced analytics, fraud detection tools, and data-driven insights. The ideal candidate will have strong experience in fraud analytics, statistical analysis techniques, and fraud detection models, along with a passion for mitigating fraud across the financial sector.  

 

Key Responsibilities: 

• Analyze transactional and behavioral data to detect, monitor, and prevent fraud 

• Recommend, test, and implement new fraud rules to strengthen our organization’s fraud detection frameworks 

• Work with fraud analytics and modeling tools to develop, validate, promote, and monitor fraud models. 

• Use fraud detection tools to enable end-to-end workflows, including data ingestion, transformation, modeling, and performance monitoring.  

• Apply data generation and transformation techniques to ensure the integrity and quality of datasets used for fraud detection. 

• Perform statistical analysis and build predictive models to uncover hidden patterns and fraud risk indicators 

• Monitor fraud model performance and identify opportunities for optimization. 

• Create dashboards, reports, and materials to communicate fraud metrics and insights to internal stakeholders 

• Stay current on emerging fraud trends, technologies, and regulatory requirements to inform strategy. 

• Collaborate with specialists including data scientists, systems architects, information security architects, and product managers to develop and implement fraud prevention strategies  

Qualifications: 

• Bachelor’s degree in data science, statistics, computer science, business, or a related field (Master’s degree preferred) 

• 5+ years of experience in data analysis with at least 3 years in fraud analytics or prevention in the financial services industry 

• Hands on experience with fraud detection tools, including both industry-standard solutions and specialized niche tools.  

• Proficiency in querying and analyzing large datasets using SQL, Python, R, or similar tools  

• Expertise in data cleaning, transformation, and integration. Expertise in statistical and predictive analysis  

• Experienced in creating and validating fraud prevention rules to identify, prevent, and mitigate fraudulent activities. 

• Ability to communicate technical concepts effectively to technical and non-technical audiences 

• Strong problem-solving skills, attention to detail, and a data-driven mindset 

The Federal Reserve System is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time. 

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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