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Experts Share Bond Coverage Tips

Understanding bond coverage key to no surprises when it's time to file a claim.

By Tina Orem | Updated on July 07, 2015

The plethora of recent headlines about employee-related fraud and embezzlement at credit unions is highlighting the importance of bonding, and experts in the field have a few pieces of advice for making sure there are no surprises if it becomes necessary to file a claim.

According to data from the Financial Crimes Enforcement Network, the number of reported suspicious incidents involving employees at NCUA-regulated credit unions rose by more than 10%, from 1,577 in 2013 to 1,742 in 2014. From January to May of 2015, 834 suspicious incidents were reported, putting those institutions on pace to hit 2,000 by year end — a 15% increase from last year.

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Tina Orem

 

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