Page 97 - MCCU

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
approved based on the Credit Union’s yearly
salary authorization scheduled. The objectives
also sought to verify that the relevant statutory
deductions were properly computed and paid to
legitimate organizations in a timely manner.
There were areas of concern as revealed by the
audit findings. Recommendations were made to
management to have these areas corrected.
Management has implemented some
recommendations that were noted, a follow up
audit will also be completed to satisfy the
committee that all the issues identified have been
appropriately addressed.
ATM Fraud Investigation (Skimming) –
Special Audit
An ATM fraud examination was conducted which
included reviews of thirty two (32) accounts that
were deemed to have been compromised with the
utilization of skimming devices. Subsequent to the
reviews completed by the Audit Team, the
Company’s cameras were scanned based on the
days that were identified by the audit as possible
days of compromise and a suspect identified.
A number of recommendations were made to
management including flagging cards that were
compromised. Swift action was taken by
“Where Service Exceeds Expectation”
management to address the situation and to
prevent additional loss to our members and by
extension the Credit Union. Accounts that were
affected were speedily resolved with the relevant
members. Additional measures are being pursued
to upgrade our facilities and improve surveillance
and security whilst an alert system is being
initiated for suspicious transactions both internally
and externally.
Acknowledgement
The Supervisory Committee along with the Audit
Team wishes to express our sincere gratitude to
the Board of Directors, the Credit Committee,
Management and Staff for their support and co-
operation. Your continued dedication and
camaraderie has helped to make this another
successful year. To you, our fellow members, we
would like to express our profound gratitude to
you for having allowed us the opportunity to be
stewards of our investments. We are committed
to ensuring that the goals you have set for us will
be achieved.
Claudette Gayle–Foster
Claudette Gayle–Foster
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Chairman
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Chairman
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