NCUA Videos Targets Elder Fraud
The NCUA released two videos Tuesday to help senior citizens identify and prevent fraud.
Scams Targeting Seniors shows a credit union teller educating a consumer about a fraudulent letter they received about claiming prize money.
The other video, Reporting Elder Financial Abuse or Exploitation, advises credit unions on the best ways to detect, avoid and report financial abuse.
“An educated consumer is the first line of defense against fraud or exploitation,” NCUA Board Chairman Debbie Matz said. “Research suggests financial abuse is the most common form of elder abuse, and perpetrators can be scam artists, dishonest financial advisers or even caregivers. Our new videos are the latest effort to help credit unions and members understand how this can happen and how to steer clear of trouble.”
Matz said the agency wants credit union members to know where they are able to get help in the event of a fraud incident.
In September 2013, Matz sent a letter to credit unions encouraging them to review their policies dealing with fraud and financial abuse.
“I strongly encourage you to review your credit union’s policies and procedures to ensure they are consistent with state law and the interagency guidance regarding reporting requirements when a financial institution suspects elder abuse or financial exploitation,” Matz wrote at the time.