HARRISBURG, Penn./HAMILTON, N.J.– The CrossState Credit Union Association has introduced the “Trusted Contact Person” form with companion resources to help credit unions protect older adults from financial abuse.
According to AARP, elder financial exploitation has more than doubled since 2020, costing victims an estimated $28.3 billion per year.
“Credit unions take pride in protecting their older members from financial harm and are often the first line of defense against economic exploitation,” the CCUA. “Credit unions take precautionary steps to protect elderly and vulnerable members from financial exploitation and fraud by training staff to recognize various financial scams, the red flags of potential financial abuse, and what to do when fraud is suspected.”
‘Sound Policies’
To provide additional support to credit union staff, the CrossState association said it developed a Trusted Contact Person Form and a complete resource toolkit to help credit unions implement sound policies and procedures to keep their senior members safe from fraud, scams, and theft.
"We're thrilled to be able to provide these resources to our credit union members to give their staff additional tools to do what they do best, protect their members' best financial interests," stated Patrick Conway, CEO.
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