Most credit unions work hard to prevent internal fraud, but sometimes that effort comes at the expense of responding effectively when it does happen – and that can have dire consequences, according to two experts.
It's highly unlikely we'll ever live in a world without internal fraud. According to data from the Financial Crimes Enforcement Network, the number of reported suspicious incidents involving employees at NCUA-regulated depository institutions rose from 1,577 in 2013 to 1,742 in 2014. In 2015, 834 suspicious incidents have been reported through May, putting those institutions on pace to hit 2,000 by year end.
But there are a few things credit unions can do to handle internal fraud more effectively when it does happen.
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