Dhruv Panchal
Fraud Investigator
Mumbai,Maharashtra
Summary
Finance Professional with 10 years of work experience in Fraud Investigation, Financial Analysis, MIS & Auditing in Banking & Insurance industry. Support and facilitate Management with high quality, timely and insightful financial analysis to support decision making Scrutiny & due-diligence to provide proactive alerts to mitigate key business risks Challenge the status quo and look for opportunity to add value Continuous improvement mind-set to improve effectiveness & efficiency Consistently rated as Top Achiever since last 3 years.
Relentless professional known for working hard to determine risk levels. A well-spoken Fraud Analyst promoting exemplary talents in reviewing accounts and identifying issues. Motivated Fraud Analyst touting of expertise investigating suspicious activity for Banking.
Knowledgeable resource committed to finding answers and working with clients and interdepartmental personnel. Promoting exemplary skills in project management, analytics and fraud pattern detection
Overview
9
9
years of professional experience
Work History
Senior Associate- Fraud Investigator
Morgan Stanley Advantage Services Private Limited
08.2021 - Current
- Lead new build out for setting up fraud alert investigation CoE team and creating strong SME for handling fraud defenses.
- Management and oversight over the day-to-day monitoring and investigating of real time fraud alerts for WM and E*Trade business.
- Partner with cross-functional teams including Fraud Tech for ongoing assessment and enhancement on the effectiveness of the fraud alerts.
- Formulating the governance structure for policy adherence.
- Drive Governance meetings and reporting to Senior Management.
- Reviewed reports and individual transactions which appeared suspicious to uncover possible fraudulent activity.
- Analyzed large amounts of data to find patterns of fraud and anomalies.
- Evaluated customer data to identify and prevent fraudulent activities.
- Developed and implemented procedures to detect and prevent fraud.
- Implemented internal controls to maintain integrity and accuracy of financial records.
- Performed risk assessments to determine level of fraud risk and prioritize investigations.
- Evaluated success of fraud detection systems to identify areas for improvement.
- Tracked fraud cases and monitored trends to develop strategies for prevention.
- Produced detailed reports of fraud investigations and presented findings to senior management.
- Coached and trained staff on fraud prevention techniques to increase awareness and reduce risk.
- Reviewed transactions to identify any suspicious activity.
Deputy Manager -Internal Audit
AXIS Bank
11.2020 - 07.2021
- Prepare Monthly Developments in Bank data, Maintaining Fraud Tracker, MIS's
- Data analysis on fraud reported to RBI.
- Monitoring of suspected transaction alerts (real-time and offline) received through Fraud Management System.
- Reporting of Fraud Incidents to RBI in XBRL system (RBI fraud reporting tool).
- Preparation of quarterly Fraud Monitoring returns and ensuring timely reporting to RBI.
- Referring cases to AML team for STR (Suspicious Transactions Report) filing.
- Performing pattern analysis to identify suspicious / abnormal transactions and red flags.
- Preparing Quarterly Board notes on Reported Frauds.
- Analyzed large amounts of data to find patterns of fraud and anomalies.
- Followup with respective stake holders for process improvement.
- Conducted prompt and thorough investigations on referred files.
- Contacted customers directly to notify of fraudulent activity and minimize impacts.
- Summarized all key information regarding investigation into detailed report for delivery to client.
- Investigated cases of insurance and Electronic channel which involved amount of INR 1 Lakh and above per case.
- Gathered evidence, which included recorded and written statements, financial documentation for examination.
Deputy Manager
KOTAK MAHINDRA BANK LTD
06.2020 - 11.2020
- Fraud Investigation Investigation of credit card frauds pertaining to skimming, lost and stolen , Never applied card , Identity theft.
- Interacting with customers to investigate the fraud transaction.
- Allocating the cases to field officers for collection of documents from the customer.
- Following up with insurance company for fraud transactions.
- Monitoring of suspected transaction alerts (real-time and offline) received through Fraud Management System.
- Review of transactions and bank statements of an individual / company for detection of any fraudulent activity.
- Performing pattern analysis to identify suspicious / abnormal transactions and red flags.Reviewed reports and individual transactions which appeared suspicious to uncover possible fraudulent activity.
- Collaborated with team members to discuss fraud trends and brainstorm methods to combat this type of crime.
- Summarized all key information regarding investigation into detailed report for delivery to client.
Assistant Manager - Fraud Analyst
RBL Bank Ltd
09.2018 - 06.2020
- Investigation of card frauds (Both debit card & credit card) majorly pertaining to skimming.
- Monitoring of suspected transaction alerts (real-time and offline) received through Fraud Management System.
- Review of transactions and bank statements of an individual / company for detection of any fraudulent activity.
- Performing pattern analysis to identify suspicious / abnormal transactions and red flags.
- Escalating the transaction to fraud investigator for further analysis.
- Reporting of Fraud Incidents to RBI in XBRL system (RBI fraud reporting tool).
- Referring cases to AML team for STR (Suspicious Transactions Report) filing.
- Preparation of quarterly Fraud Monitoring returns and ensuring timely reporting to RBI.
- Handling process of Fraud closure, provision, Recovery follow up with concern team and Fraud loss.
- Analyzed large amounts of data to find patterns of fraud and anomalies.
- Reviewed reports and individual transactions which appeared suspicious to uncover possible fraudulent activity.
- Collaborated with team members to discuss fraud trends and brainstorm methods to combat this type of crime.
- Summarized all key information regarding investigation into detailed report for delivery.
Health Insurance Executive
Aditya Birla Capital
12.2017 - 05.2018
- Financial Analysis & MIS Reporting: Prepare monthly MIS along with variance analysis of all Health Insurance products for senior management
- Analyze product performance and share executive summary & key insights with banking channels on weekly, monthly and annual basis.
- Identify & highlight key risks & opportunities to senior management.
- Incentive based target setting & its communication to sales managers across all verticals.
- Scrutiny of Health Insurance forms for issuance of policy and reporting non-compliances at operational level.
Life Insurance Officer
HDFC Bank Ltd
08.2014 - 12.2017
- Financial Analysis/ MIS: Monitor daily business performance and publish the performance report to branches Prepare MIS reports for Sr. Management on monthly, quarterly & annual basis Publish Senior Managers scorecard on monthly basis.
- Prepare MIS for Life Insurance Persistency CSRM / KCM Standing Instruction of Life Insurance policies.
- SA Scrutiny: Scrutiny of Savings forms in Omni flow Image & Tab Scrutiny based on revised circulars issued by RBI, and KYC due diligence. Conducting suspicious transaction report and negative suspicious transaction report in order to comply with AML guidelines.
- Maintaining KYC norms & adherence of Compliance for the Account opening forms of Saving Accounts while processing image Scrutiny of AOF is either Processed, Rejected, Rescan, Hold
- Identifying control and process weaknesses, documentation of main control points and providing evidential support for report recommendations. Co-ordination with branches for document clearance.
Education
MBA - Finance
MET (Mumbai University)
B.Com - Banking And Finance - Accounting & Finance
Bhavan's College
Skills
Internal audit proceduresAudit supportFraud detectionProcedure reviewDispute Resolution
Analytical Critical thinking
Detail-orientedInterpersonal CommunicationReport filingTransaction Review
Trend Analysis
Extra Curriculars
- Cricket
- Football
- Listening to Music
Timeline
Senior Associate- Fraud Investigator
Morgan Stanley Advantage Services Private Limited
08.2021 - Current
Deputy Manager -Internal Audit
AXIS Bank
11.2020 - 07.2021
Deputy Manager
KOTAK MAHINDRA BANK LTD
06.2020 - 11.2020
Assistant Manager - Fraud Analyst
RBL Bank Ltd
09.2018 - 06.2020
Health Insurance Executive
Aditya Birla Capital
12.2017 - 05.2018
Life Insurance Officer
HDFC Bank Ltd
08.2014 - 12.2017
MBA - Finance
MET (Mumbai University)
B.Com - Banking And Finance - Accounting & Finance
Bhavan's College