Originally posted on CUInsight.com.
Guest post written by Jay Slagel, President and CEO, Allied Solutions.
Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; rateGenius.
It is not surprising that fraud in the workplace increases during an economic crisis or recession and small businesses (including large and small credit unions) may be vulnerable. Internal fraud typically occurs when someone has an incentive, such as a financial or economic hardship, plus the opportunity. National statistics show that it typically takes two years from the time fraud begins to the time of discovery. As a result, while some entities have already discovered fraud born of the recession, many more are likely to uncover problems in the coming years.
Management staff may be wearing multiple hats to keep up with more work, giving them less time to monitor employees, keep an eye on expenses and oversee their internal operation. During these periods, there might be the potential for a credit union to drop the ball in areas of oversight. Below are several ways to help fight fraud:
Establish fraud controls. Conduct a quick assessment of your fraud controls and determine who is responsible for fraud detection and reported misconduct. Credit unions should clearly establish this oversight which could be assigned to a senior manager, an internal auditor or the supervisory committee. Basically, this individual or group would perform periodic reviews of employee accounts and other areas where fraud might occur so as to detect and act early if a problem surfaces.
Originally posted on CUInsight.com
I like to say that one of a visionary leader’s most important functions is seeing over the horizon and recognizing opportunities and threats before anyone else does, and then shaping the strategy and tactics of the organization accordingly.
So for our year-end blog post I asked our Preferred Partners to tell us what they see coming over the horizon, from their perspective, that credit union executives need to be focused on and/or prepared for as we head into 2013. Looking back a year, I see some common themes—revenue issues, economic uncertainty, regulatory uncertainty, and political uncertainty. From that perspective, not much has changed as we look forward to 2013. Here is what a few of them said:
Category: Growth & Retention
, Management & Operations
, NAFCU Services
, Other Fun Stuff
, credit union
, financial planning
Guest post written by Eric Markiewicz, Director of Global Services Marketing and Offer Management, NCR Corporation
As the most frequently used touch point for credit union members, the ATM plays a key role in an evolving multichannel environment. ATM functionality has grown beyond simple cash withdrawal and continues to increase. Deposit capture and ad placements at ATMs, for example, add new sources of revenue streams, cross-selling opportunities and other personalized member communications.
In this converged channel environment, failure to achieve the highest levels of reliability, availability and security of the ATM can adversely impact the credit union’s brand. At the same time, credit unions recognize that it is neither feasible nor practical to keep ATM management expertise in-house. More and more credit unions are turning to outsourcing strategies, including specialized managed service providers to provide an innovative service delivery model that provides high availability in a secure fashion. Read more
With the recent headlines about yet another data breach affecting credit unions and their members, I wanted to point you to a resource that might help you respond effectively. Because this isn’t the first data breach and it certainly won’t be the last.
We’ve posted a recording and accompanying slides from a Data Breach Preparedness presentation from the 2012 NAFCU Technology and Security Conference for your information, as you look to how to address this most recent incident. The presentation was made by Christine El Eris, Director, Product Management for Affinion Group (one of our Preferred Partners, for ID Theft solutions), and focuses on best practices for responding to members, partners and stakeholders during and after a breach. Not surprisingly, Christine stresses the importance of putting steps in place in advance and provides tools and guidelines for breach preparation and response. Read more