TAMPA, Fla. — The staggering increase in investment scams targeted at the elderly has prompted MEMBERS Trust Company to ramp up its efforts to help credit unions spot red flags.
According to a July 2006 survey from the North American Securities Administrators Association, while individuals aged 60 or older make up 15% of the United States' population, they account for 30% of fraud cases.
MEMBERS Trust said it encourages its trust officers to discuss the benefits of a living trust, said Tom Walker, president/CEO of the trust firm. The document is created so that the living owner has the ability to name a person as trustee.
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