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Articles on fraud prevention have been on my mind for a while. Every time a mention of another credit union fraud is published or a national study on fraud is released, it raises the issue again. Over the past few years, the expansion of the philosophy of the need for risk assessments as an analytical tool continues to increase, especially for financial institutions. Annual risk assessments are now required for Bank Secrecy Act and Automated Clearing House procedures. The NCUA’s examination procedures require time for analyzing and assessing transaction risk, credit risk, interest rate risk, compliance risk and reputation risk. Then within smaller breakout areas, such as investments and lending, you have diversification, pricing, default, liquidity and Asset Liability Management matching risks, and risk-based lending and concentration risk to name a few. With all the risk analysis being performed, why not a strong analysis of fraud risk?

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