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In the last 10 years, 192 credit unions have failed. Fraud contributed to more than 40%, or 78 of those federally insured cooperatives, closing their doors forever. Moreover, from 2009 to 2013, 46% of claim dollars paid under CUNA Mutual Group’s fidelity bond coverage involved employee dishonesty.

Although many fraud cases don’t lead to a credit union’s failure, they certainly cause financial losses, higher insurance costs, and damage the cooperative’s reputation, could mean even greater financial losses.

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Peter Westerman


Credit Union Times

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