04/03/2018

Credit Union Group Fights Elder Financial Abuse

This group is training its staff and educating the public about the problem

The Cooperative Credit Union Association is hoping to keep seniors safe from financial fraud with its new Credit Union Senior Safeguard education initiative. Through the program, CCUA hopes to train both the frontline staffs at credit unions, as well as educate consumers about elder financial abuse.

A September 2017 CCUA survey illustrated the need for the initiative: Results showed that 67 percent of caretakers reported a senior being targeted with fraud, and more than a quarter of respondents had actually fallen prey to a financial scam.

“The numbers are alarming and speak loudly,” said CCUA President and CEO Paul Gentile in a press release. “We have to take action to educate ourselves and the staff who work in the branches of our member credit unions to recognize the signs of elder financial abuse and know what to do in response to it. We also recognized the need to educate consumers as well. Education leads to better prevention, and our Credit Union Senior Safeguard program is being designed to facilitate that effort.”

Please select this link to read the complete article from Associations Now.