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Internal fraud

Credit union insider fraud cases did not take a holiday in 2020, but they substantially declined, presumably because of the coronavirus economic and health crisis.

There were 10 internal fraud cases, and three former credit union employees who were convicted and sentenced for embezzlement/theft crimes, for a total of 13 fraud cases this year prosecuted in federal, state or local courts. That number is quite low compared to 2019, when there were an estimated 15 insider fraud cases and 17 former credit union employees who were convicted and sentenced for embezzlement/theft crimes, for a total of 32 criminal cases. External fraud cases that victimized credit unions were not counted in these totals.

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Peter Strozniak

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