Sat, Mar 30, 2013
Older Americans hold a high concentration of wealth as compared to the general population. In the instances where elderly individuals experience declining cognitive or physical abilities, they may find themselves more reliant on specific individuals for their physical well-being, financial management, and social interaction. While anyone can be a victim of a financial crime such as identity theft, embezzlement, and fraudulent schemes, certain elderly individuals may be particularly vulnerable.
Elder financial or material exploitation is defined as the illegal or improper use of an elder's funds, property, or assets. Examples include, but are not limited to, cashing an elderly person's checks without authorization or permission; forging an older person's signature; and the improper use of conservatorship, guardianship, or power of attorney.
In order to assist credit unions help their elderly members, the Elder Financial Exploitation topic was recently added to the Security channel of InfoSight. Visit this topic to learn the signs of elder financial abuse—and what your credit union can do to protect the elderly and the vulnerable.
This topic includes links to valuable resources, including:
- BITS Fraud Protection Toolkit – Protecting the Elderly and Vulnerable from Financial Fraud and Exploitation
- CFPB Brochure – Office of Older Americans
- CFPB Financial Protection for Older Adults
- State Directory of Helplines, Hotlines, and Elder Abuse Prevention Resources