Maine Credit Union League rallies state officials to protect members from retirement-threatening fraud

Maine Credit Union League partnered with the state's Attorney General, State Police, and fraud experts to create a comprehensive fraud awareness video targeting older adults. The collaborative approach demonstrates how credit unions can leverage community partnerships to address threats that traditional education materials cannot reach.

In the state with America's oldest population, where nearly one in four residents is over 65, fraud isn't just a financial crime. It's an existential threat to retirement security. Maine credit unions discovered their pamphlets weren't enough to protect members who live "Social Security check to Social Security check."

Millions of dollars of financial fraud projected to double

The urgency became undeniable when Maine reported $24.9 million in fraud losses in 2023 alone, with projections suggesting 2024 losses could more than double. But when Jen Burke's steering committee at the Maine Credit Union League kept demanding action, she didn't create another brochure. She picked up the phone and called the state's Attorney General.

"Everyone was saying we have to do something about fraud. It's getting so bad," said Burke, vice president of outreach and strategic initiatives at the Maine Credit Union League. What happened next surprised even her: a chorus of enthusiastic responses from state officials eager to collaborate with credit unions on fraud prevention.

Beyond traditional fraud prevention

With Maine's vast rural areas, where isolation breeds vulnerability, traditional fraud prevention materials weren't reaching those who needed protection most.

The collaboration that emerged reflects a fundamental shift in how credit unions approach member protection. Rather than viewing fraud as an institutional risk management issue, Maine Credit Union League positioned the state's financial cooperatives as community guardians, seeking authoritative voices that could reach beyond their membership base.

The Maine Attorney General's office, State Police, Bureau of Financial Institutions, Legal Services for Maine Elders, and a national fraud expert all volunteered to participate in a collaborative fraud awareness video targeting older Mainers.

With Maine's Department of Health and Human Services estimating that 28% of Mainers will be 65 or older by 2030, the video represents more than fraud education. It is an example of how important it is for community leaders to lend their expertise to credit union-led fraud prevention.

Targeting emerging threats

The collaborative effort addresses fraud trends that are devastating older Americans nationwide. Federal Trade Commission data shows older American adults lost a record $700 million to scammers in 2024—a sixfold increase from 2020. Most alarming, combined losses for those who lost over $100,000 increased eightfold during the same period.

In Maine, specific trends emerging include cryptocurrency scams targeting residents unfamiliar with digital currency, romance scams exploiting rural isolation, and increasingly sophisticated impersonation schemes.

Burke notes that Attorney General Aaron Frey recently highlighted how crypto scams are surging, with people "going to random cryptocurrency ATMs and depositing money and they think they're investing it, and once they do it, it's just completely gone."

The video emphasizes the "pause and verify" defense strategy, addressing how scammers create artificial urgency to prevent victims from thinking clearly or seeking help. Burke notes the importance of breaking down shame barriers: "Very smart, intelligent people are falling victim to these scams. So, people need to be talking about it."

The credit union difference in action

The Maine initiative highlights how credit unions differentiate themselves through collaborative community leadership rather than competitive isolation. Unlike banks that typically manage fraud prevention internally, Maine credit unions actively sought partnerships with law enforcement, government agencies, and legal aid organizations.

The ongoing collaboration includes joint educational calls with other state credit union leagues and continued partnerships beyond the video production. This approach reflects the cooperative principle that when one credit union succeeds in protecting members, the entire movement benefits.

Member impact and replication

The success metric Burke's team established wasn't traditional media reach or viewer counts, but rather the willingness of community leaders to lend their authority to credit union-led fraud prevention. The video has been distributed through public access television stations, earned media coverage, and credit union networks across the state.

For other credit unions considering similar initiatives, Burke advocates for identifying local thought leaders who share concern about fraud's community impact. "There's no secret sauce here. We kind of threw spaghetti noodles on the wall trying to figure out what would stick," she said, offering to consult with any credit union or league interested in replicating the approach.

Credit unions have a unique position as a trusted community institution, enabling them to convene collaborative responses to threats that affect their members and broader communities. As fraud schemes continue evolving with artificial intelligence and sophisticated technology, this type of community-wide partnership may become essential for protecting vulnerable populations.

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