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New & emerging risks

We're happy to present P&C Minute. Every other month, the Corporate Property & Casualty Consultant team will briefly tell you about new and emerging risks, how to use your policy, and much more.

Risk management resources to help mitigate risks

September 2023

There has been a significant increase in fraudulent checks clearing member accounts. This is due in large part to the growing stolen mail problem that is impacting several states.1 Learn more about risk management resources to help mitigate these risks.

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In case you missed it

Here are a few resources to provide you with actionable insight and proven risk mitigation guidance to help you stay on top of emerging risks.

Risk management resources:

Additional resources to help you manage the complex array of ever-changing risks.

  • Liability for forged endorsements and alterations — This risk overview covers provisions of the model Uniform Commercial Code (UCC) that relate to the liability for forged endorsements and alterations. Read resource2
  • Liability for forged member share drafts — Forged drawer signature losses typically involve a member whose credit union checks (share drafts) have been stolen and forged. This resource highlights UCC scenarios and what your credit union can do. Read resource2
  • Discovery of loss risk overview — This overview shares certain conditions and responsibilities you’re required to follow — including taking all reasonable measures to minimize a loss after it is discovered. Read resource2
  • On-demand risk forum: Fraud & Transactions — Fraudsters know how to pressure people to make unwise decisions. Bad actors go to great lengths to manipulate execs, employees, and members to commit theft. Listen for deeper insights on real-time payments, check fraud/stolen mail, BEC, fraudulent instruction, and website spoofing. Presentation | Recording

RISK Alerts:

Recent alerts issued about risks impacting credit unions across the country.

  • Trend pushing for pay transparency continues — Pay transparency laws require employers to disclose compensation in an effort to improve pay equity. This Alert shares what you should disclose and risks to consider. Read alert2
  • Social Security Number verification service focuses on reducing fraud — The Social Security Administration has developed an online solution to identify social security numbers, date of birth, and names as a means to reduce synthetic identity fraud and identity theft. Read alert2
  • Managing new risks of AI technology and ChatGPT — With increased usage of AI comes growing concerns of how credit unions, employees, and potential attackers can utilize ChatGPT and similar chatbots within their day-to-day operations and potentially for nefarious activity. Read alert2
  • Dormant & inactive accounts can be ripe for manipulation — Dormant and inactive accounts are prime for manipulation by insiders without adequate controls in place. Read alert2
  • Supplying Naloxone in the workplace — Some credit unions are considering to provide Naloxone or Narcan; however, you should be aware of the need for proper education, training, and the potential liability concerns regarding distribution and use. Read alert2

Risk resources to help you plan

January 2023

When risk management is effective, typically nothing bad happens. But, it is very difficult to measure the value of nothing. In this month’s P&C Minute, learn how to keep ahead of the ever-changing risks, litigation trends, and compliance issues, all while looking for new and better ways to serve your members.

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Stolen mail leads to check fraud

November 2022

While cybercrime has garnered a lot of attention, a low-tech fraud trend has emerged in recent months — a surge in stolen mail that ultimately leads to check fraud losses for credit unions. In this month’s P&C Minute, learn how thieves alter or manufacture fraudulent checks and how your credit union may be able to pursue recourse to recover losses.

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Learn more about CUNA Mutual Group's panel counsel

September 2022

Successfully defending and litigating complex claims for our insureds requires significant experience and background in commercial general liability, employment practices, and lender liability among others. In this month’s P&C Minute, learn why CUNA Mutual Group’s panel counsel is hand selected and among the most experienced insurance defense counsel in the credit union industry.

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Insure to value

July 2022

Learn how supply chain disruption, including shortages and delays, are affecting CUNA Mutual Group Property & Business Liability policyholders. It is imperative to ensure each policyholder has adequate limits during this time to minimize the chance of uncovered losses.

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Emerging risks outlook

May 2022

When risk management is effective, typically nothing bad happens. But, if you’re blindsided by a problem, your credit union's reputation could take the hit.

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Ransomware in the cyber marketplace

March 2022

As ransomware attacks continue in both frequency and severity, credit unions are not defenseless. In this month’s P&C Minute, learn about the resources available and steps to mitigate the threat.

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