Mr. Steven Verrett is a former employee of Navy Federal Credit Union.
Mr. Verrett was arrested in May of 2020 after Columbus, Georgia police launched an investigation into allegations of fraud perpetrated by Mr. Verrett. A call from a detective working a check fraud case led to the observation many checks (drafts) were being funneled through a credit union account, with the account holder living in Columbus, Georgia. However, the individual reached out to the police stating they had committed no crime.
This led to the later realization a credit union employee had been the one depositing checks. Mr. Verret allegedly used legitimate customers while at his desk to conceal the fraud. Methods included depositing counterfeit checks, opening fraudulent vehicle loans, and initiating wire transfers to himself and co-conspirators. According to police, the first five checks (drafts), totaling more than $800,000, were reported stolen from the mail. Navy Federal Credit Union investigators and authorities said detectives found at least eight credit union accounts involved in fraudulent activities.
Recognizing trends such as these plays a large role in analyzing losses. Multiple transactions and checks to a select few accounts should be cause for concern and investigated thoroughly. Early recognition of these trends can prevent fraud from escalating over time or expanding into a larger operation.
Hall, L., & Johnson, G. (2024, May 30). Ex-Columbus credit union employee charged in $800K+ fraud case. https://www.wtvm.com. https://www.wtvm.com/2024/05/29/ex-columbus-credit-union-employee-charged-800k-fraud-case/
Photo by Ryutaro Tsukata
