Credit unions committed to fighting fraud, protecting seniors
Credit unions step up to help protect older members from senior scams in a multitude of ways. The Senate Judiciary Committee conducted a hearing Tuesday focused on protecting older Americans from scams, and America’s Credit Unions sent a letter in advance to outline efforts and Congressional actions that can help credit unions continue to protect older members.
America’s Credit Unions President/CEO Jim Nussle emphasized that many credit unions have instituted financial education and literacy programs aimed at older Americans and their families to help educate them about methods of fraud and how to detect scams.” He noted that America’s Credit Unions has started its own fraud task force to gather insight from its member credit unions on how to best protect their members.
The letter also:
- Urged Senate support of the (TRAPS) Act (S.2019), introduced by Sens. Mike Crapo, R-Idaho, and Mark Warner, D-Va., which would establish a task force to examine current trends and developments in payment scams, and have an NCUA and credit union representative;
- Opposed expansion of liability for payments-related fraud, which would place a major strain on credit union resources and their ability to collaborate with payments platforms and expand consumer choice.
- Reiterated concerns with the yet-to-be-introduced Credit Card Competition Act, which would directly impact credit union investment in fraud management systems, while exposing consumers to payments networks that are not secure.
A recent America’s Credit Unions Blog post shares more information highlighting credit unions' efforts on the front lines of protecting senior members, and how to spot potential scams.
