NCUA Debuts Internal Fraud Video Series
The NCUA said it has created a seven-part online series to help credit union managers and volunteers detect and deter internal fraud and employee dishonesty.
The first three episodes of the Deterring, Preventing and Detecting Employee Dishonesty series were released Friday and are posted on the NCUA’s YouTube channel.
In the video series, staff from the NCUA’s Office of Small Credit Union Initiatives, in partnership with CUNA Mutual Group, discusses how cooperatives can bolster internal controls and learn how to identify potential clues that are warning signs for fraud, the agency said.
An overview of the series and an outline of the importance of maintaining a policy on employee fraud and conducting surprise cash counts is the focus of the first three episodes, according to the NCUA.
In the coming weeks, the regulator said it will release the remaining four episodes addressing separation of duties, employee and family member accounts, file maintenance transactions and vault cash.
“The potential for employee fraud should always be a concern for credit union officials and volunteers,” said NCUA Board Chairman Debbie Matz. “I encourage all credit unions to utilize this new resource.”
The video series is part of the NCUA’s efforts to minimize fraud through initiatives such as developing new exam procedures to improve the identification of fraud risk indicators, especially at small institutions, the agency said.