CU Direct launched a product taking aim at the growing problem of identity theft and fraud among elderly credit union members, according to the Scottsdale, Ariz.-based Vero, which is a division of the CUSO.
The product, called ElderIDPro, provides data breach recovery services for credit union members who are 60 and older. The Franklin, Tenn.-based NXG Strategies is the service provider.
"This service provides an ultimate safety net to elder members while helping credit unions better address the legal stress of adhering to state elder abuse laws," Vero Senior Vice President of Identity Theft Solutions Jim McCabe said.
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Vero CEO Joe Annoreno said in a press release that the product connects elder members who suspect identity theft or fraud with professional advocates who will determine the extent of the abuse and mitigate the dangers.
"We give elders a true safe haven of support when it appears ID theft or fraud is threatening their security and they don't know who to trust," he said.
About 41 out of every 1,000 seniors report major financial exploitation, which is higher than self-reported rates of emotional, physical, and sexual abuse or neglect, according to the National Center on Elder Abuse. Approximately 90% of the abusers are family members, according to research cited by the NCEA.
There were also 2.6 million elderly victims of identity theft in 2014, according to the most recent data from the Bureau of Justice Statistics.
Many states require reporting of elder abuse, and recently FINRA proposed new rules that would permit 15-day holds (and longer, in some cases) on accounts held by members who are either 65 and over or are over 18 and whom the institution "reasonably believes" have mental or physical impairments that render them unable to protect their own interests. The proposed rules would also require firms to make reasonable efforts to obtain the name of and contact information for "trusted persons" on those member accounts. Many credit unions offer investment products through third-party brokerage agreements with FINRA-member firms.
CU Direct represents approximately 1,100 credit unions.
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