WASHINGTON-CUNA and other financial institution trade associations helped BITS unveil its latest `toolkit' aimed at preventing financial abuse of the elderly. BITS is a nonprofit industry consortium that focuses on ensuring security, privacy and integrity of financial transactions of which CUNA is a member. CUNA Senior Assistant General Counsel Jeff Bloch represented the trade group at the BITS press conference launching the BITS Fraud Protection Toolkit: Protecting The Elderly And Vulnerable From Financial Fraud And Exploitation. Bloch explained that as the population increases in age, so does the potential for financial abuse of the elderly and vulnerable. "The information released in this toolkit today will, with hope, shed light on this problem and reduce its incidence and – ultimately – prevent this abuse from continuing," Bloch said. Credit unions are already actively working on efforts to address the problem in conjunction with state agencies and others. "CUNA is certain that credit unions will appreciate this information aimed at helping their members, particularly that it has been compiled in one source as CUs often don't have the resources to compile this info on their own," Bloch said. He added that CUNA would be promoting the information through its Web site (www.cuna.org) and publications. The toolkit highlights studies like that of The National Research Council, which estimates between one and two million elderly Americans have likely been taken advantage of financially. It explains the various avenues the abuse can take from illegal use of funds or property to forgery. The growth of this type of fraud and ways to prevent it is also outlined. Financial institutions are encouraged to be proactive in curbing the abuse.