NCUA Issues Risk Alert Regarding COVID-19 Fraud Schemes
On August 6, 2020, the National Credit Union Administration (NCUA) issued Risk Alert 20-RISK-02 in which it expounded on different fraud schemes federally-insured credit unions may encounter during the COVID-19 pandemic. The risk alert advises about the “increased risks associated with routine operations, outlines red flags associated with common fraud schemes in major CARES Act programs, provides references and avenues to report fraud or misconduct to the most appropriate authorities, and also provides member education resources.” This NAFCU Compliance Blog post has more information about the risk alert and fraud schemes.
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