For Older Americans Month, Learn to Prevent Elder Financial Abuse

May is Older Americans Month, a national initiative that acknowledges the contributions of older persons to our country. It’s also a great opportunity to reach out to your older credit union members, let them know how much you value them, and make sure they know how to protect themselves financially.

Each year, millions of American seniors are targets of scam artists or fall victim to other forms of financial abuse. To help educate seniors and credit union managers on how to spot and report abuse, the National Credit Union Administration (NCUA) has provided some valuable resources, including two YouTube videos, helpful guidance on spotting and reporting abuse and financial literacy resources.

  • The first video, Scams Targeting Seniors, is a dramatization of how an unwary consumer could fall victim to a typical scam that can help both seniors and credit union managers learn the warning signs of a scam.
  • The second video, Reporting Elder Financial Abuse, will help credit union staff and management learn how to identify and properly report financial abuse of their older members.
  • The NCUA letter and guidance regarding suspected elder abuse includes valuable techniques to spot the potential abuse of older members.
  • And pocket cents, a microsite of MyCreditUnion.gov, provides financial literacy resources that all members, including elders, will find valuable and has a page dedicated to preventing elder abuse.

Older credit union members are often among the most loyal and dedicated their credit unions. Take this month to celebrate and educate your older members. And prepare your team to support them in case they are targeted in a scam.

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in Events, NCUA.