Learn How to Detect and Deter Potential Insider Fraud at Your Credit Union
ALEXANDRIA, Va. (July 24, 2014) – To help credit union managers and volunteers to detect and deter fraud, the National Credit Union Administration today released the first three episodes of a new seven-part online series on fraud prevention. The first three videos are posted on NCUA’s YouTube channel and can be viewed here.
“The potential for employee fraud should always be a concern for credit union officials and volunteers,” NCUA Board Chairman Debbie Matz said. “Unfortunately, employee fraud led to $311.4 million in losses for the Share Insurance Fund between 2010 and 2013 at liquidated credit unions. To protect the Share Insurance Fund from future losses, NCUA has developed this new video series to educate credit union managers and volunteers about detecting and reducing the potential for fraud and dishonesty among employees. I encourage all credit unions to utilize this new resource.”
In the video series, staff from the Office of Small Credit Union Initiatives, in partnership with CUNA Mutual Group, discusses how credit unions can bolster their internal controls to deter insider fraud and employee dishonesty. Credit union managers and volunteers will also learn how to identify potential clues that are warning signs for fraud.
The first three episodes of the Deterring, Preventing and Detecting Employee Dishonesty series provide an overview of the series and outline the importance of maintaining a policy on employee fraud and conducting surprise cash counts. In the coming weeks, NCUA will release the remaining four episodes addressing separation of duties, employee and family member accounts, file maintenance transactions and vault cash.
NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation. To learn more about the office’s activities, go to http://go.usa.gov/5yxF.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.