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CU System
Minnesota network hosts fraud-fighting workshops
EAGAN, Minn. (10/28/08)--The Minnesota Credit Union Network (MnCUN) hosted a fraud workshop Thursday to emphasize the importance of educating members about fraud schemes and outline how credit unions can prevent fraud.
Jeff Schwalen (center), president of Hiway FCU, St. Paul, Minn., revealed during a fraud prevention workshop hosted by the Minnesota Credit Union Network Thursday that a member of his credit union was the target of a mass marketing scam. (Photo provided by the Minnesota Credit Union Network)
Thursday’s session was one of three MnCUN workshops held statewide. The workshop featured two special agents from the Minnesota Department of Public Safety’s Fraud Enforcement Unit. They shared information about lottery and sweepstakes scams, how to identify a mass-marketing scam, the negative impact these schemes have on financial institutions and how to report fraud. MnCUN has partnered with Minnesota’s Fraud Enforcement Partnership task force since 2007. The network also is working with its member credit unions to provide them with fraud prevention information. “These scams prey upon credit union members and consumers all across the state,” said Mark D. Cummins, MnCUN president/CEO. “MnCUN’s goal is to use our resources to educate credit unions and consumers about this fraud and help them protect themselves from becoming victims.” Each year, Minnesotans lose $8 million to $10 million to fraud schemes. Because of under-reporting, officials estimate that losses could be as high as $20 million to $25 million.
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