ALEXANDRIA, VA (September 15, 2014) -- Because millions of American seniors are targeted each year by scam artists or fall victim to other forms of financial abuse, the National Credit Union Administration has created two new videos aimed at helping consumers and credit union staff recognize and prevent fraud.
The agency’s latest videos were released today and posted on NCUA’s YouTube channel. The first, Scams Targeting Seniors, is a dramatization of how an unwary consumer could become the victim of a typical scam. The video offers advice to credit union members who suspect they may have been targeted. The second, Reporting Elder Financial Abuse or Exploitation, explains to credit union managers and staff how to spot, prevent and report cases of financial abuse.
“An educated consumer is the first line of defense against fraud or exploitation,” NCUA Board Chairman 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. If fraud or abuse happens, we also want people to know where they can get help.”
NCUA also offers valuable information on its consumer financial literacy microsite, Pocket Cents, that can help seniors better understand how fraud or abuse can occur and how to protect themselves. NCUA 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.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov andPocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.