Alerts follow NCUA Chairman’s Matz 2013 letter encouraging credit unions to review fraud, financial abuse polices.
SAN JOSE, Calif. — New debit card blocks merchants known to prey on seniors and blocks categories of suspicious transactions.
The NCUA and other federal agencies said Sept. 24 that reporting suspected elder financial abuse does not generally violate privacy law.
NCUA joins fellow agencies in issuing guidance under Gramm-Leach-Bliley that allows financial institutions to report suspected fraud against elderly.
One of the fastest growing types of fraud is elder financial abuse, which the Consumer Financial Protection Bureau tabs as a $2.9 billion annual problem.