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The Cornerstone Credit Union League and its REAL Solutions program have joined forces in developing a new initiative to promote awareness of elder financial abuse and exploitation (EFAE) in the financial services industry. The National Center for Elder Abuse defines elder financial exploitation as “the illegal or improper use of an elder’s funds, property, or assets.”
Older consumers can be attractive targets for scams and financial exploitation because they often have higher household wealth in the form of retirement savings, accumulated home equity, or other assets. Some of those consumers are credit union members with some diminished capacity for protecting themselves. Credit union personnel are often the first to see the signs—the first to take action on suspected cases of fraud.
Identifying suspected cases of financial exploitation requires some training, so REAL Solutions will offer training periodically and a toolkit to help credit union employees understand how to identify financial exploitation and what to do about it—what they must do by law.
We also want consumers to know that credit unions are paying attention, so we’re offering a poster you can download and print out, for training use and for hanging in your lobbies.