CUNA Mutual Group RISK Alert: Corporate Check Fraud

Credit union cashier's checks and/or corporate checks that closely resemble credit union authentic checks have been fraudulently presented for payment at financial institutions.

JMFA Thumbdownload 3These credit unions report their corporate check accounts are being fraudulently used:

• Baton Rouge City-Parish EFCU, LA
• American Southwest Credit Union, AZ
• St. Paul Federal Credit Union, MN
• York County Federal Credit Union, ME

Review the check fraud details on the full RISK Alert. For additional questions or insights on these specific check fraud situations, please use the credit union contact information listed in the details.

Risk Mitigation:

Some ways to avoid being the victim of corporate check fraud are:

• Train front-line staff on how to identify counterfeit checks
• Implement standard policies and procedures for check verification
• Utilize appropriate check holds

Additional Resources

You can utilize CUNA Mutual Group’s Protection Resource Center or check out MD|DC CUA’s eTrain webinars for on-line training covering Operations Security and Risk.

Click to read the Full RISK Alert.