Risk Investigator, T&S Ops

Job Description
We are seeking an analytical, detail-oriented Risk Investigator to join our Trust & Safety team in Bengaluru, India. In this role, you will actively investigate and mitigate both financial fraud and money laundering risks across our Consumer, Merchant, AML & Cybercell verticals. You will conduct end-to-end investigations on anomalous transaction flows, process and close cyber fraud cases received via the NCRP-CFCRMS portal, and ensure strict alignment with RBI, NPCI, FIU-IND and applicable financial regulatory mandates. Working alongside Risk Analytics, Chargeback, Onboarding, Finance and Compliance teams, you will serve as a frontline defender safeguarding our payment ecosystem against emerging fraud vectors
Detect and mitigate merchant-side and consumer fraud across retail QR codes, Payment Gateways (PG), Payment Aggregators (PA), and digital payment channels.
Monitor and act on alerts for high-risk transactions, sudden volume spikes, and typical settlement patterns.
Identify and block suspicious profiles involved in fake onboarding, transaction laundering, identity theft, or mule accounts.
Identify Merchant violations against RBI, NPCI, and internal policies, including business misclassification, KYC gaps, and card-to-cash conversions.
Execute operational risk decisions regarding fund-withholding, account suspension, or legal escalations to limit financial loss.
Investigate transactional alerts on consumer payment channels, covering P2P/P2M UPI transactions, digital wallet top-ups/transfers, bill payments, and mobile recharges. to mitigate financial loss.
Review and take action on Consumer alerts triggered by high-risk transactions, phishing, vishing, remote access app scams, and unusual spending behavior.
Identify, monitor, and restrict high-risk consumer profiles involved in fake accounts, identity theft, transaction laundering, or money mule networks.
Deliver data-driven insights to Risk Analytics and Engineering teams to build and refine automated consumer risk models and detection rules.
Take real-time operational decisions on consumer accounts, including freezing compromised wallets, blocking fraudulent IDs, and restricting user access.
Evaluate transactional logs and customer data to identify anomalies and patterns across merchant categories and consumer segments.
Map detective and preventative controls to mitigate structural risk and recommend process improvements to prevent future incidents.
Analyze structured transactional data to flag indicators of money laundering, smurfing, layering, and potential terrorist financing.
Conduct first-level AML alert reviews, compile documentary evidence, and draft Ground of Suspicion (GOS) notes for STRs & SARs filing to FIU-IND in accordance with RBI guidelines.
Develop & maintain detailed case files and investigation reports with clear conclusions, evidence, and organized documentation to support compliance audits & regulatory examinations
Investigate, action, and ensure timely closure of cyber fraud reports routed through the NCRP-CFCRMS
Review and resolve screening alerts generated against domestic and global watchlists (UNSC, MHA/UAPA, OFAC), Politically Exposed Persons (PEP) registries, and adverse media databases.

Qualifications
Proven experience in risk analysis, investigation, or compliance within financial services or trading operations.
Foundational understanding of the Indian digital payments ecosystem (UPI, IMPS/NEFT, PA/PG frameworks, digital wallets), regulatory, compliance and general awareness of RBI, NPCI and other relevant financial authorities guidelines is a plus.
Foundational knowledge of watchlist and sanctions screening concepts (UNSC, OFAC, PEP, Adverse Media) and exposure to screening databases or internal matching tools (e.g., World-Check, Dow Jones, LexisNexis) is an advantage
Strong analytical and problem-solving skills with the ability to interpret complex operational data
Excellent written and verbal communication skills with the ability to articulate findings clearly
Proficiency in data analysis tools and Microsoft Office applications
Knowledge of trading and settlement processes, systems, and operational workflows
Demonstrated ability to work independently and manage multiple investigations simultaneously
Strong attention to detail and commitment to accuracy in documentation and reporting
Ability to maintain objectivity and confidentiality in sensitive investigations
Willingness to work in rotational shifts and weekend rosters to support continuous 24/7 surveillance
Preferred: Experience with anti-fraud procedures and risk management methodologies
Preferred: Knowledge of trading platforms and settlement systems used in financial markets

Additional Information
PhonePe Full Time Employee Benefits (Not applicable for Intern or Contract Roles)
Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment Other Benefits - Higher Education Assistance, Car Lease, Salary Advance Policy
Our inclusive culture promotes individual expression, creativity, innovation, and achievement and in turn helps us better understand and serve our customers. We see ourselves as a place for intellectual curiosity, ideas and debates, where diverse perspectives lead to deeper understanding and better quality results. PhonePe is an equal opportunity employer and is committed to treating all its employees and job applicants equally; regardless of gender, sexual preference, religion, race, color or disability. If you have a disability or special need that requires assistance or reasonable accommodation, during the application and hiring process, including support for the interview or onboarding process,
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