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01/15/2025
Lax Business Account Policies by Navy Federal Credit Union Facilitate Check Fraud, Class Action Lawsuit Claims
ClassAction.org
Navy Federal Credit Union (NFCU) faces a proposed class action lawsuit that alleges lax policies with respect to the creation of business accounts have allowed criminals to perpetrate check fraud through the financial institution.
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According to the 31-page lawsuit, NFCU has shown an “intentional disregard” for compliance with “Know Your Customer” requirements and other federal regulations established to prevent money laundering and financial crime. The class action suit was filed by a Texas-based bank that says it became a victim of NFCU’s allegedly insufficient “Know Your Customer” procedures after a customer’s check was stolen in the mail and used by fraudsters to open a business account at the credit union.
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