Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Scammers get at seniors' money via their phones
NEW YORK (6/3/14)--While scams keep changing, the targets stay the same. Seniors continue to be the marks of a variety of low-risk crimes that prey on their sense of duty and exploit their fear of cognitive loss (The New York Times May 23).

One recent scam involved someone posing as a courthouse clerk calling to inform a potential target that she had failed to show up for jury duty. If she didn't immediately pay a fine, the caller warned, police would show up at her house to arrest her.
The Federal Trade Commission's Bureau of Consumer Protection logged 1.1 million consumer fraud complaints in 2013; 47% of the victims were age 50 or older, with a median payout of $400 per complaint.
Retirees make ripe targets because they have access to cash via retirement savings and equity in their homes.
Here is what to do to avoid being targeted:
  • Ditch the landline. One reason seniors are targeted is because they still use landlines--so they're easy to find through commercially sold phone lists--and they often answer their phones. The most common way scammers make contact is by phone, which accounts for 40% of all fraud contacts, up from 30% two years ago.
  • Sign up for the AARP's Fraud Watch Network alerts and check its online map. This will help you keep up to date on the scams happening where you live, as scammers frequently change the areas they're targeting.
  • Call the U.S. Senate Special Committee on Aging Fraud Hotline. If you suspect someone is a victim of fraud, call the hotline (855-303-9470) where fraud investigators can offer advice about how to proceed.
  • Hang up. Whether it's a purported relative imploring you to send money right away or a sweepstakes requiring you to pay taxes in advance--two common scams--say you'll call back. Then research the situation. If the caller is putting pressure on you to pay immediately, it's a scam.
For related information, read "Identify Signs of Elder Financial Abuse" in the Home & Family Finance Resource Center.

News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
13 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
9 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
9 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
11 hours ago