Preventing Elder Abuse

 

 

Reporting
Financial Abuse
of Older Adults
​Elder abuse includes the illegal or improper use of an older adult’s funds, property, or assets. Recent studies suggest that financial exploitation is the most common form of elder abuse and that only a small fraction of incidents are reported.  Older adults are often targets of financial exploitation by family members, caregivers, scam artists, financial advisers, home repair contractors, fiduciaries (such as agents under power of attorney and guardians), and others. 
 
NCUA, along with seven other financial regulatory agencies, issued guidance to financial institutions to clarify that the privacy provisions of federal law generally permit financial institutions to report suspected elder financial abuse to appropriate authorities.  For more information on reporting suspected elder financial abuse check with your state attorney general’s office or view the Letter to Credit Unions and the Interagency Guidance.
 
Additionally, NCUA supports the use of Money Smart for Older Adults an instructor-led training module that educates older adults and their caregivers on how to prevent elder financial exploitation. Credit unions and their members can find more information here.
 
For more information, view the Interagency Guidance or this post from the Consumer Financial Protection Bureau.


 


 
 

Pocket Cents for Seniors
 
Pocket Cents for Seniors
 
 

Scams Targeting Seniors 

 
Scams Targeting Seniors
 
 

Preventing Elder Abuse


Preventing Elder Abuse
 
 

 

Related Resources:

• World Elder Abuse Awareness Day - U.S. Department of Health & Human Services
• National Center on Elder Abuse - U.S. Department of Health & Human Services
• Administration on Aging - What is Elder Abuse? - U.S. Department of Health & Human Services

 

(Updated 10/21/13)