Three Cases of Credit Union Fraud Result in Convictions
Three cases that reflect insider and vendor fraud highlight the need for strong internal controls and effective vendor oversight. In one case a used auto dealer engaged to sell a credit union’s repossessed cars sold the cars for one price, told the credit union the price was less and pocketed the difference. In another case, a credit union assistant branch manager discovered fraud on the part of one of her member services representatives and decided to cash in on the fraud, as well. [7/1/14]
