Fraud may be committed by a credit union member or a third party against a credit union. The credit union’s internal audit program and Anti-Money Laundering/Countering the Financing of Terrorism program are both designed to detect suspicious activity. Examples of external fraud include:
-
Falsified loan or collateral documents
-
Falsified membership documents
-
Offering kickbacks to credit union employees
-
Overstatement of third-party contracts
-
Fake deposits or payments
-
Cyber-enabled crimes
Cyber-enabled crime is discussed in the Information Technology section of the Examiner’s Guide. Additional information can also be found on the NCUA.gov website for Cybersecurity Resources.
Last updated on May 01, 2023
