TAMPA, Fla. -- With the number of older people living longer andaccounting for a growing amount of wealth, investment fraud towardsenior citizens is on an alarming rise.

A July 2006 survey from the North American SecuritiesAdministrators Association found that while individuals aged 60 orolder make up 15% of the United States' population, they accountfor 30% of fraud victims. The survey of state securities regulatorsalso indicated that an estimated 44% of all investor complaints aremade by seniors. Unregistered securities, variable annuities, andequity-indexed annuities are the most pervasive financial productsinvolved in senior investment fraud, regulators found.

For its part, MEMBERS Trust Co. said it has taken a proactiveand ongoing approach to helping credit unions spot suspiciousactivity. The nationally chartered trust firm has providedadditional training for its trust officers that include emphasis ona living trust, said Tom Walker, president/CEO of MEMBERS Trust.The document is created so that the living owner has the ability toname a person as trustee. The grantor can serve as the trustee andcontrol the assets even though they belong to the trust.

"Through things like staff seminars, we're looking to continueto train trust officers to spot potential elder abuse," Walkersaid. "Unless a [financial] institution becomes more sensitized,nothing will happen [to protect senior citizens].

MEMBERS Trust also provides its credit union clients withdetailed agency contact information to report abuse. At its annualusers' conference in February, the company put together apresentation for trust officers to bring them up to speed onidentifying red flags, said Tim Kenczewicz, president of MEMBERSTrust, Western Division. A training program is prepping for rollout that will include brochures, posters and Power Pointpresentations.

"Some credit unions already have some sort of program in placeon reporting. If a plan or program doesn't exist, the trust officerwill encourage them to establish one," Kenczewicz, said. "We don'tnecessarily want trust officers reporting the [abuse]."

There's a wealth of resources to tap for information on elderabuse, Kenczewicz said. The company is in the midst of sortingthrough them to find the "best of the breed," he added. The packageis expected to be complete over the summer.

Kenczewicz applauded California for its reporting requirements.The state's Financial Abuse Reporting Act, which went into effecton Jan. 1, 2007, requires credit union and bank employees, likehealth care professionals, social workers, and clergy, to reportsuspected financial elder abuse to law enforcement and adultprotective authorities.

Indeed, for some victims who know they have been scammed,reporting on their own can be embarrassing, according to a May 2006NASD Investor Education Foundation Investor Fraud study. Of the 165investment and lottery fraud senior citizen victims interviewed,each had lost at least $1,000 and some lost more than $1million.

"The numbers are really staggering, the dollar amounts arestaggering," Kenczewicz said. "Most of the time, the situationinvolves a caregiver or a relative. They're put in a position wherethey are handling [the senior's] finances. Sometimes, that's theirjustification--they think they're taking care of them."

The buffer that MEMBERS Trust aims to create between its oldermembers and their assets will be a living and breathing role.

"In addition to serving as a barrier between the thief and theclient, we're waving that banner. Through a course of keyquestioning, credit unions can help identify cases that may looksuspicious," said Neil Archibald, corporate counsel and chiefcompliance officer at MEMBERS Trust.

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