Counterfeit Checks Impact Members with HELOC Accounts

Counterfeit checks drawn on members’ home equity line-of-credit (HELOC) accounts have been recently reported by credit unions across the country. The amounts have been in the tens of thousands and up to $350,000 in some instances. Similarly, large dollar losses have been linked to counterfeit checks posted to member checking accounts funded by unauthorized advances from HELOC accounts or overdraft protection connected to HELOC accounts.

Click here to see the full CUNA Mutual Group Risk Alert and mitigations.