From 2009 to 2013, 46% of claim dollars paid under CUNA Mutual Group's fidelity bond coverage involved employee dishonesty, which represented only 14% of total claims filed.
"For forging fraudulent deposits, a credit union might file a $1,000 claim or a $2,000 claim but when you're talking about employee dishonesty, that could go into the hundreds of thousands of dollars for one claim," Joette Colletts, senior manager for Credit Union Protection Risk Management at CUNA Mutual Group, said.
"We really concentrate a lot of our efforts in putting out materials and training credit unions to implement good procedures like cash handling procedures, which are so important, that they have accountability for any cash compartment that they might have."
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