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Best Practices

Fraud prevention best practices - Sep 18, 2025

This guide outlines 10 key fraud prevention practices for financial institutions, including setting transaction limits, using multi-factor authentication, real-time fraud detection, dual control, system updates, employee training, rigorous ID verification, strong customer communication, regular audits, and collaboration with external fraud intelligence networks to detect and prevent threats.

Check Kiting

Check Kiting - Sep 18, 2025

This procedure outlines how to detect, investigate, and address check kiting—a fraud using multiple accounts to inflate balances. It includes red flags, investigation steps, documentation, and customer handling. Preventative measures and compliance with legal and regulatory policies are emphasized to minimize financial risk and support fraud prevention efforts.

CU On Guard

About CU On Guard, Sep 23, 2025

This website is designed to support credit unions in the ongoing fight against financial fraud by serving as a centralized platform for fraud reporting and information sharing. It enables credit union professionals to submit detailed reports of suspected or confirmed fraud incidents—ranging from account takeover attempts and check fraud to scams targeting members and internal threats. These reports are securely collected, analyzed, and used to generate timely alerts for all subscribed credit unions.

Subscribers receive real-time notifications about emerging fraud schemes, regional or national patterns, and specific tactics being used by fraudsters. This information allows credit unions to proactively strengthen their fraud prevention measures, protect members, and minimize financial losses. The platform fosters a collaborative environment where institutions can learn from each other’s experiences and stay ahead of evolving threats.

In addition to alerts, the website offers educational resources, best practices, and tools to help credit unions train staff, improve internal controls, and respond effectively to fraud incidents. By participating, credit unions contribute to a stronger, more informed network that prioritizes member safety and institutional security. This collective approach enhances the industry's resilience against increasingly sophisticated financial crimes.


 

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