From Credit Union Times:
The financial services industry was the most frequent victim and experienced the greatest losses from major embezzlement schemes last year, and nearly one in four involved credit unions, according to the 2012 Marquet Report on Embezzlement that was released Tuesday. Read more
The report, which analyzed 528 major embezzlement cases in which at least $100,000 was misappropriated, found that 15% (about 80 cases) involved financial services firms but did not include insurance-related entities. Of that 15%, according to the report, 23% (about 18 cases) involved credit unions.
In 2011, only eight of the 58 financial services embezzlement cases involved credit unions.
I was surprised to read that the report alleges that credit unions have a relatively less-stringent control structure than commercial banks and other financial institutions.