As credit union members age, financial institutions are increasingly facing challenges related to elder financial abuse. According to the National Council on Aging, older adults in the United States lose an estimated $2.6 to $36.5 billion each year due to financial abuse – yet only one in 44 cases of financial abuse are reported. This crisis is compounded by a growing reliance on technology, which can leave older individuals especially vulnerable to online scams and fraud schemes. Many also depend on family members for assistance with daily tasks and financial matters, placing them at risk of exploitation from those closest to them. Add social isolation and loneliness to the mix, and seniors may engage with unfamiliar individuals who may not have their best interests at heart. Under laws such as the federal Elder Justice Act and various state-level financial exploitation statutes, credit unions have both a legal and ethical obligation to detect, report, and help prevent financial abuse of vulnerable adults.
Session will include:
- Detecting and Identifying Elder Financial Abuse
- Red Flags in Member Behavior or Transactional Activity
- Handling Powers of Attorney
- Recommended Internal Procedures and Policies
- Prudent Practices to Follow
As credit union members age, financial institutions are increasingly facing challenges related to elder financial abuse. According to the National Council on Aging, older adults in the United States lose an estimated $2.6 to $36.5 billion each year due to financial abuse – yet only one in 44 cases of financial abuse are reported. This crisis is compounded by a growing reliance on technology, which can leave older individuals especially vulnerable to online scams and fraud schemes. Many also depend on family members for assistance with daily tasks and financial matters, placing them at risk of exploitation from those closest to them. Add social isolation and loneliness to the mix, and seniors may engage with unfamiliar individuals who may not have their best interests at heart. Under laws such as the federal Elder Justice Act and various state-level financial exploitation statutes, credit unions have both a legal and ethical obligation to detect, report, and help prevent financial abuse of vulnerable adults.