Legal issues and news

LOS ALTOS, Calif.-Credit unions are being urged to pay more attention to fraud detection than fraud prevention this year.

LOS ALTOS, Calif.-At a time when criminals are ramping up their efforts, banks and credit unions are racing to add mobile services, which is only opening the door wider to thieves seeking members' financial data.

MADISON, Wis.-CUNA Mutual Group said it has taken on a policy of "aggressively" pursuing civil litigation against credit union employees who steal from its insured CUs.

MARLBOROUGH, Mass.-When it comes to fraudulent account-opening via indirect auto lending, one person says that there's no need for greater concern than there would be with any other new account.

BROOKFIELD, Wis.-The value of close teamwork between the credit union and vendor is reflected in fraud savings.

MISSOULA, Mont.-Surprise audits and dual controls are powerful weapons for credit unions seeking to prevent employee fraud, according to Roberta Smith.

EVERETT, Wash.-Internal fraud is typically the result of three elements-incentives/pressures, rationalization and opportunities. But the only part of this "Fraud Triangle" credit unions can control is the latter.

RANCHO CUCAMONGA, Calif.-Credit unions need to pay greater attention to PIN fraud, because it's rising fast.

ST. PETERSBURG, Fla.-The speed at which fraudsters attack and alter their tactics is changing the game in card fraud prevention, making real-time monitoring much more essential.

DES MOINES, Iowa-Criminals are nothing if not innovative and imaginative. For that reason, Credit Union Journal queried card processors to identify the latest card fraud trends.

SAN JOSE, Calif.-Credit unions can help limit employee fraud through a number of policies and procedures, but Michelle Greear said prevention needs to start even before someone is allowed to join the "family."

IMGCAP(1)]

The pieces of a more equitable fate for troubled financial giants are beginning to come into view as evidenced by this week´s private-sector rescue of CIT. The lender´s salvation may serve as a prop for future government bailout strategies. But its ordeal is also further proof that the government needs more power to seize and resolve large companies.