Elder and Vulnerable Persons Fraud Prevention

Credit unions are in a unique position to detect and prevent financial abuse for their elder and vulnerable members.

InfoSight’s compliance topic Elder/Vulnerable Adult Protections provides guidance on the types of financial exploitation and scams that are currently active, the role of credit union staff, management and board of directors, provides guidelines for a credit union to consider if fraud is suspected, and also addresses loss prevention and security.

CU PolicyPro’s Model Policy 2245: Protecting the Elderly and Vulnerable from Fraud, can be used to adopt guidelines for the credit union to consider when implementing their program and related procedures to protect members.?

What policies and procedures does your credit union have in place to detect and prevent abuse and/or the financial exploitation of your elder and vulnerable members?

For additional assistance to ensure your credit union has the best resources in place, reach out to us at [email protected].