FedNow Senior Data Scientist Payments Fraud
Company
Federal Reserve Bank of Boston
The Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow service. This service will help enable financial institutions 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 a new mission-critical Federal Reserve initiative that will be transformative to the payments landscape in the United States.
A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank's vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank
Position
This position requires a solution-oriented candidate with a combination of deep payments fraud detection experience, expert knowledge of statistics and algorithm development, and an analytical mindset. The candidate must have the ability to work with diverse stakeholder groups to solve business problems and provide data solutions that are organized and simple to understand.
- Identify and probe changes. Test changes and monitor false positives.
- Model historical data and build predictive models to detect anomalies.
- Solves data analytics problems and communicates results and methodologies
- Communicates and works with business subject matter experts and organizational leadership
- Provides business metrics for projects to show improvements, and monitors improvements both initially and over multiple iterations
Data Modeling
- Models and frames meaningful business scenarios and the impact on critical business processes and/or decisions
- Identifies available and relevant data, including internal and external data sources, leveraging new data collection processes such as smart devices and geo-location information
- Designs experiments, tests hypotheses, and builds models
- Conducts highly complex data analysis and designs algorithms
- Determines the validity of information produced, how long the information is meaningful, and identifies related information which may be meaningful
- Applies advanced statistical and predictive modeling techniques to build, maintain, and improve multiple decision support systems
Skills and Qualifications
- Payments fraud detection experience is required
- 6+ years of experience using SQL, R, Python, MatLab, or similar data-mining and analytics applications.
- Experience in a Financial Service industry in Fraud/Risk mitigation role.
- Financial industry, payment, fintech knowledge. Knowledge of ACH/EFT. Knowledge of real time payment networks (RTP, FedNow).
- Experience modeling fraud detection in payments systems.
- Experience in machine learning techniques, such as Linear and Logistic Regression, Bayesian models, Decision Trees, Random Forests, Neural Networks, Clustering, Time Series Analysis, Forecasting, Survival / Duration Analysis, or similar.
- Experience with implementing data science solutions using modern solutions.
- Experience with model documentation and delivering effective verbal and written communication
- Demonstrated experience in delivering business-critical systems to the market.
- Ability to influence and work in a collaborative team environment.
- Bachelor's degree in related field (ie: Data Science, CIS, Statistics, Mathematics, Physics, Economics, Engineering, or quantitative field) required. Master's degree preferred.
- 6+ experience as a data analyst or equivalent position working with payments data is a primary responsibility.
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.
For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.
The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.
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.
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