Police are investigating a $3.4 million fraud scheme that victimized members of Alabama's largest credit union, which led to the arrest of 18 persons.
In September 2023, the $7.6 billion Redstone Federal Credit Union in Huntsville began experiencing an influx of transfer fraud. After members' account information was obtained, funds from those accounts were fraudulently transferred into other accounts, according to investigators at the Morgan County Sheriff's Office of Investigation in Decatur.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.