NU 2025 Conference Test: Fraud Prevention: It Begins with the Supervisory Committee

Thursday, June 19, 2025

Fraud Prevention: It Begins with the Supervisory Committee
Mike Richards, CPA, CEO & Erin Brophy, Chief Operating Officer, Richards & Associates

As fraud schemes become more sophisticated, credit unions become more vulnerable to attacks. Hear actual credit union case studies, what went wrong, and what could have been done differently to prevent costly fraud. Take away practical strategies to help protect your credit union and your members.

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The Bank Secrecy Act was signed into law by President Richard Nixon on October 26, 1970.

Modern day organized crime involves exploiting phones, texts, social media, and crypto.

Only young people are vulnerable to scams in your membership.

The biggest barrier to protecting members from scammers is that the scams are rapidly evolving.

The board and supervisory committee should play an active role in fraud prevention.

Victims of scams often feel shame so should be treated with compassion.