ALEXANDRIA, Va. (9/16/14)--Aiming to combat the trend of millions of American seniors who become victims of financial abuse, the National Credit Union Administration has released two videos to help consumers recognize this kind of fraud. The videos were released Monday on the agency's YouTube Channel.
The first, titled "Scams Targeting Seniors," is a dramatization of how a consumer can become the victim of a typical scam. The video offers advice to credit union members who suspect they may have been targeted.
The second, titled "Reporting Elder Financial Abuse or Exploitation," explains to credit union managers and staff how to spot, prevent and report cases of financial elder abuse.
"An educated consumer is the first line of defense against fraud or exploitation," NCUA Chair Debbie Matz said. "Research suggests financial abuse is the most common form of elder abuse, and perpetrators can be scam artists, dishonest financial advisors or even caregivers. Our new videos are the latest effort to help credit unions and members understand how this can happen and how to steer clear of trouble."
The agency recently announced an alliance with AARP for a two-year plan of financial education initiatives (News Now Sept. 12). It also sent a letter to credit unions in September 2013 urging them to review their policies and procedures and ensure staff were trained to recognize signs that financial abuse or exploitation may be occurring.
Use the resource links below to access the videos.