Enhanced Fraud Detection+ Effective Fraud Deterrent

= Governance Best Practice

1. What is Protect My Credit Union.com?

PMYCU.Com provides credit unions with a critical and cost effective internal control tool that leverages the knowledge and insights of its employees, protecting the credit union from internal fraud and major policy and procedure violations.

2. How will PMYCU.com protect our credit union?

A foundational belief of our company is expressed by the following formula:

Enhanced Fraud Detection

+ Effective Fraud Deterrent

= Governance Best Practice

As noted in the formula, our reporting process provides both an effective detective internal control element as well as a strong deterrent control which results from focusing the credit union's staff on being alert to fraud and other ethical issues that should be reported.  A Simple, Effective and Efficient Governance best practice. 

3. Is the reporting process anonymous?

An employee may choose to provide their contact information-however this is not required.  If an employee  chooses not to include contact information, then the process is completely anonymous. Whether or not contact information is reported, all incident reports will be reviewed by a designated credit union representative.    If you choose to include your contact information, then management may contact you for further information.

4. What about reporting internal control recommendations?

Management's goal in implementing this reporting process is to strengthen the internal control structure of the organization.  Consistent with this objective, Management welcomes your advice/recommendations for strengthening internal controls whether submitted thru PMYCU.com, or submitted directly to management. 

5. What kind of information should be/shouldn't be reported?

The purpose of this tool is to identify internal fraudulent, illegal or unethical activity,  or other significant policy violations.  The purpose is NOT to report other matters that are routine in nature, and that don't involve fraud, illegal or unethical activity.

6. What if Management wants to communicate with the reporting employee on an anonymous basis?

A dialogue/communication feature exists whereby management can post messages to the reporting employee which can be responded to anonymously.  The reporting employee simply needs to log in to the original report they filed by accessing the website and using their report ID that was assigned upon submission of their original report.

7. Is employee fraud a common occurrence in credit unions?

Yes.  Every year, credit unions loses tens of millions of dollars due to employee fraud, dishonesty and intentional policy violations.  Michael Sacher, the company's founder has investigated numerous such frauds over the past 30 years, and strongly believes that many frauds could have been prevented or detected at a very early stage if an efficient and anonymous reporting process had been in place.