CUNA Mutual Emerging Risk Alert: Internal Fraud

CUNA Mutual Group (CMG) shares some thoughtful tips and a video on emerging risks to credit unions from internal fraud.

Employee or director dishonesty accounts for more than half (56%) of credit union losses in terms of dollars paid within the Bond policy. And, lack of internal controls and oversight are significant issues contributing to the losses.

Ensure your credit union is ready to rise above your risk.

Having the right controls in place, in addition to knowing how to detect internal fraud, is critical to your loss mitigation success. Review these resources to help your credit union prepare:

Knowing what to look for can help you minimize these long-tailed losses. Review these warning signs (User ID/ Password required) to help you identify employee wrongdoing. 

To discuss how to identify risk, mitigate losses, and receive insightful resources and tested practices, contact CMG’s Risk & Protection Response Center at 800.637.2676 or Nicola Foggie, NJCUL VP Compliance & Regulatory Affairs, at nfoggie@njcul.org.