#3441: How Merck Employees FCU and Carefull Look to Eradicate Elder Fraud...

carefull_merckemployees_audio.mp3
File Size:	26690 kb
File Type:	mp3

Download File

---

A very sobering conversations with Carefull’s CEO Todd Rovak and Merck Employees Federal Credit Union President Paul Gentile, as they joined us on the show to share how their two organizations have stepped up their efforts to help eradicate elder fraud in today's financial services arena.

Paul and Todd talked about tactics used by fraudsters, such as social engineering, highlighting the challenges older adults face in recognizing scams.

They also discussed how credit unions can provide increased awareness and education regarding elder fraud, which are essential to prevent exploitation -- while community support plays a crucial role in protecting vulnerable populations from fraud.

Todd and Paul shared examples/experiences of elder fraud they've seen in their careers -- and how prevalent it is today, unfortunately.

In addition, they addressed how are Carefull and Merck Employees FCU are working together to mitigate elder fraud, and what’s next for their two organizations working together to stem this tide.

-----------

Q&A summary
What types of scams are particularly concerning for older adults?
The discussion highlights romance scams, charitable donation scams, and issues related to cognitive decline as major concerns for older adults.

What alarming statistic is mentioned about the reporting of elder fraud cases?
Only one in 44 instances of elder fraud is reported, indicating a significant underreporting of these cases.

What proactive measures can credit unions take to prevent elder fraud?
Credit unions can implement services like Carefull to monitor transactions and alert members if they notice unusual or potentially harmful financial activities.

What emotional aspect is highlighted regarding older adults and fraud?
Older adults often feel embarrassed about being scammed, which can prevent them from seeking help or reporting fraud.

How can older adults contribute to community safety according to the discussion?
Older adults can become advocates by sharing their experiences of spotting scams, thus helping to educate others in the community.

-----------

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.