Median loss is $140,000 and scam lasts 18 months before detection, CUNA Mutual consultant tells session.
Desperate times call for desperate measures, the saying goes.
The unsettling headlines pile up. In Grand Rapids, Mich., a former assistant branch manager at Case Credit Union pleaded guilty to embezzling $236,000 over a span of nearly two years.
Fraud is easy to hate but hard to detect. While the vast majority of credit unions are run honestly, it is difficult sniff out malfeasance and fraud at those that aren't.