By: Brian Wolfburg, President/CEO
Recently, you may have seen or heard news reports about a former VyStar Credit Union employee currently under investigation for allegedly defrauding the credit union. I want to assure you that VyStar is taking this matter very seriously.
Upon discovery of the incident by our staff, we immediately began a comprehensive internal review and reported it to the appropriate law enforcement authorities. We engaged all the necessary internal resources to actively cooperate with authorities during the investigation, and we will continue to work with the authorities as they complete their efforts.
We want to stress that no member information or accounts have been compromised, and no member will bear any losses or incur any costs as a result of this matter. While we understand that theft of any dollar amount is very serious, this was an isolated, internal administrative incident, and it will have no bearing on our safety, soundness or financial performance, as we are insured against this type of fraud. We fully acknowledge the seriousness of this matter, and we would like to reassure our members and communities that we have zero tolerance for such activity. VyStar was founded on a commitment to serve our community, and integrity is one of our greatest assets. This type of behavior is completely unacceptable and not consistent with our company’s culture and values, which guide all of us as we work with each other and our members.
We are shocked and disappointed that this occurred, and we are ashamed we did not discover it sooner. Unfortunately, fraud has become all too commonplace in our society today. It’s a lucrative option that drives some people to find ways to work around the processes and systems that serve to prevent it. We strive every day to set and follow strong internal procedures to prevent many problems that could occur during a business day.
We also recognize that we can always improve. We are carefully reviewing our operations and taking steps to further enhance our operations, systems and reporting protocols to help ensure that something like this does not happen again.
Because this matter is currently under investigation by authorities, we cannot provide any more information at this time. We do, however, want to assure our members and communities that our company is strong and growing, and it is built on trust, credibility and talented, caring employees. Our positive momentum is strong, and we will stay on course for the future.