As the SEC reports a rise in investment scams that target the elderly, the Pacific Service Credit Union is doing its part to protect them from financial abuse.
The $1 billion Walnut Creek, Calif.-based CU recently donated $5,000 to the Elder Financial Protection Network, a San Francisco organization that works to prevent financial abuse of elders and dependent adults through partnerships that build public awareness, drive community outreach and provide professional training.
The EFPN hosts annual "Call to Action" conferences featuring representatives from California financial institutions, law enforcement, and social service agencies. The programs raise awareness in the effort to protect elders from financial abuse and exploitation. Pacific Service CU has worked with the EFPN since 2002. In November, it received a Congressional Certificate of Special Recognition from Rep. George Miller (D-Calif.) for the years it has raised awareness and worked to prevent financial abuse of elderly and dependent adults in the communities it serves.
According to the EFPN, financial abuse involving elderly citizens is on the rise. It is also an under-reported crime with an estimated 80% of abuse going unprosecuted.