NCUA releases 5 videos to combat insider fraud
ALEXANDRIA, Va. (11/4/14)--Information on how to detect and deter employee fraud is the subject of five new videos released Monday by the National Credit Union Administration. The videos complete an eight-part series titled, "Deterring, Preventing and Detecting Employee Dishonesty."
The videos are all available on NCUA's YouTube channel.
"Frauds, even those that are relatively small, can have far reaching repercussions affecting the reputation of the entire credit union system," NCUA Board Chair Debbie Matz said. "NCUA's newest videos provide practical tips for fighting fraud. I encourage all credit unions to take advantage of this training resource and to implement internal controls based on what they learn."
The new videos address separation of duties, employee and family member accounts, file maintenance transactions, and vault cash counts. Another video highlights the possible behavioral red flags and warning signs of potential fraud, summarizes the main points of the video series and provides information on additional resources.
The first three episodes, released in July, outlined the importance of maintaining a policy on employee fraud and conducting surprise cash counts.
The videos were developed in partnership with CUNA Mutual Group and feature staff from NCUA's Office of Small Credit Union Initiatives. The series "provides real-world scenarios that can help managers and employees identify the warning signs of potential fraud or employee dishonesty at a credit union," according to the NUCA.