Fraud Resource Center

On June 15, we recognized World Elder Abuse Awareness Day. The purpose of the day is to promote a better understanding of the abuse and neglect of older persons. Credit unions see financial abuse and exploitation regularly, and you can access tools to assist your teams in recognizing, reporting, and stopping the losses. Below are a few steps to consider:

• Scam Checklist. Asking questions of older members who are involved in large-dollar transactions can be awkward, but it might also save them losses, financial hardship, and help protect their pride and assets. This checklist provides some good information on areas to ask about, as well as other ways members can protect themselves from scammers.
• Train Staff. Montana has unique laws that can assist in delaying transactions and reaching out to other family members when you suspect a member over 60 is being taken advantage of. Use our Compliance Training Tools page (Elder Financial Exploitation section) to access pre-recorded webinars and links to resources.
• Report Fraud. In addition to guidance from FinCEN that encourages reporting, the National Elder Fraud Hotline offers free help to people age 60 and older who may have been victims of financial fraud. They can reach the hotline by calling 833-FRAUD-11 (833-372-8311) between 8 a.m. to 9 p.m. MT seven days a week. Credit union employees who suspect a member is being taken advantage of can call it too.

Let us know what you are seeing with fraud in your credit union so we can keep other credit unions in Montana informed and encourage members to report fraud to reportfraud.ftc.gov.