Welcome to episode 42 of the CU 2.0 Podcast. Today is all about fraud for credit unions.
Elder fraud is big business. The FBI calculates last year’s losses at over $700 million and involving two million seniors.
That’s a lot of pain.
The scams are predictable. “Your grandson has been arrested. He’s in jail in Memphis. You need to bail him out. It’s dangerous. Send $5000 in gift cards.”
There are variations. But the usual drill is that a relative has fallen into trouble and the senior can be the hero.
But now credit unions are entering this scene.
Here to tell us what credit unions are doing is Walt Laskos, senior vice president, strategic communications at the Cooperative Credit Union Association, a multi-state league covering Massachusetts, New Hampshire, Rhode Island, and Delaware.
Leagues – usually – spend the bulk of their time lobbying.
But CCUA is putting a lot of energy into fighting elder fraud and helping credit unions to do likewise.
It’s also very, very good PR for credit unions, says Laskos. That’s not why CCUA does it but the side benefit is real.
Listen up as he talks about what CCUA is doing, with whom, and what the community reaction has been.
Hint: think very very positive