Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
BITS advises CUs on helping elderly avoid fraud
WASHINGTON (3/1/10)--BITS, a financial service industry consortium, has released a new paper, entitled “Protecting the Elderly and Vulnerable from Financial Fraud and Exploitation." The paper addresses many means of financial abuse that specifically target older Americans, including exploitation of their finances by relatives, businesses, real or false financial institution employees, or other financial service providers. The paper advises credit unions and other financial institutions on potential enhancements to their internal training programs. The paper lists several red flags that financial institution support staff can look for to spot potentially risky situations, including changes in a customer or members account documentation, deposit or withdrawal patterns, and overall demeanor. Loss prevention and legal departments can also play a role in fraud prevention, as can local law enforcement, and the document also provides tips on how financial institutions can best interact with state and federal authorities to combat fraud. The Credit Union National Association (CUNA) is a member of BITS. To view the full document on CUNA's BITS page, use the resource link.


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
16 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
18 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
20 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
20 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
21 hours ago