Risk alert: Uptick in catalytic converter thefts from credit union vehicles

CUNA Mutual Group issued a risk alert warning about the growing trend of catalytic converters being stolen from credit union vehicles.

The alert states that there has been a recent uptick in catalytic converter thefts from unattended credit union vehicles left on credit union premises after hours or on weekends. “While catalytic converters reduce emissions such as nitrogen oxides, carbon monoxide and hydrocarbon, the precious metals they contain have risen dramatically in value – leading to an increase in thefts overall,” according to the alert.

The risk alert outlines risk mitigation tips that credit unions can take to prevent catalytic converter thefts:

  • ensure unattended credit union vehicles, including repossessed vehicles, are parked in a secured area, garaged or parked close to the building entrance if left overnight or over the weekend;
  • safeguard parking areas by using proper exterior lighting and exterior cameras and be sure security cameras are installed, not visually blocked — and that they are operational;
  • consider the use of motion-sensitive lighting in parking lots, and credit unions that have security should use those services to patrol parking lots;
  • consider purchasing and installing a protective device with an authorized mechanic (some new vehicles have a security setting that triggers an alarm when it senses vibrations such as the sawing of a catalytic converter); and
  • notify local authorities if there is suspicious activity around vehicles near your branch locations.

CUNA Mutual Group’s risk alerts, in additional to additional risk-prevention resources, may be accessed on their Protection Resource Center. Log-in is required.

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