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CompBlog Wrap-Up reminds CUs of tax fraud potential
WASHINGTON (3/12/14)--With the April 15 tax return due date approaching, credit unions must stay on their toes to protect themselves and their members from fraud schemes, the Credit Union National Association warned in this month's edition of the CompBlog Wrap-Up.
 
"As always, but particularly during tax season, credit unions must protect their members' personal information, and stay on top of suspicious activity," Kathy Thompson, CUNA senior vice president for compliance and legislative analysis, wrote.

One type of fraud credit unions have alerted CUNA to is non-member tax refund checks going into member accounts. Not only must credit unions note and potentially report such suspicious activity for Bank Secrecy Act purposes, they must also be on the lookout for members using personal accounts for business purposes, such as a tax return filing business, she added.

Thompson noted the U.S. Internal Revenue Service has reported a steady increase in instances of tax refund fraud between 2011 and 2013. From 2011 through November 2013, the agency has stopped 14.6 million suspicious returns involving more than $50 billion in fraudulent refunds, she wrote.
 
This month's CompBlog Wrap-Up also features:
  • Top concerns outlined by credit unions at last month's Governmental Affairs Conference;
  • Recent Foreign Account Tax Compliance Act amendments and clarifications;
  • Final Affordable Care Act employer regulations; and
  • News on student lending issues.
The Wrap-Up also updates credit unions on the latest regulatory changes and offers a question-and-answer section.

For the full CompBlog Wrap-Up, use the resource link.
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