Risk Investigator, T&S Ops

About the Role

PhonePe is 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.

Key Responsibilities

• 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.
• 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.

Requirements & Tech Stack

• 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).
• 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.
• A plus: Regulatory, compliance and general awareness of RBI, NPCI and other relevant financial authorities guidelines.