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Comp Blog

NCUA videos on preventing employee fraud

By: Danielle Wright

CommentFriday - August 1, 2014

The NCUA Office of Small Credit Union Initiatives (OSCUI) has posted the first three in a series of what will be six short videos on fraud prevention at credit unions. “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.”

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. This video series is part of OSCUI’s strengthening focus on preventing fraud at small CU’s.

The first video was an introduction to the series:

  • Since 2010, CU’s have suffered $311 million in losses from fraud.
  • Fraudsters are often driven by financial stresses, seek rationalization for the fraud, and then take advantage of fraud opportunities that are presented to them.
  • The video series includes tips on preventative measures and internal controls, such as surprise cash counts.

The second two videos contained tips on preventing fraud:

Video 2: Fraud Policy

  • Develop a fraud policy (separate from an employee policy) that covers both employees and volunteers.
  • Have all employees review and sign on an annual basis
  • Send a strong message of zero tolerance for fraud
  • Include in the policy deterrence/detection of fraud, whistleblowing procedures, investigation procedures, etc.

Video 3: Surprise Cash counts

  • Ensure that supervisory committee conducts surprise cash counts on at least an annual basis. However, it should really be done at least quarterly basis, and as a surprise to everyone in the CU, including the CEO.
  • Make cash counts in the teller drawer, ATM, and vault, while the responsible employee is present.
  • Break down bundles and count individual bills, in case someone has mixed the bundles to disguise a theft.


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