22 THE NAFCU JOURNAL May–June 2023 Credit union staff’s ability to recognize a potential financial abuse situation in person is also bolstered by technology that identifies unusual activity in transactions, said Akin. “During the pandemic, more people of all ages began banking online because they could not come into branches,” he explained. In addition to monitoring transactions for the need to file a Suspicious Activity Report on transfers that exceed certain dollar amounts, technology can be used to identify transaction trends that are abnormal for the member. “Even if the member does not come into a branch, credit unions can contact the member with concerns.” “In addition to training employees and members to recognize and respond to financial exploitation, credit unions could “ In addition to training employees and members to recognize and respond to financial exploitation, credit unions could consider offering age-friendly services that can enhance protections against financial exploitation. ” DEBORAH ROYSTER, ASSISTANT DIRECTOR, CONSUMER FINANCIAL PROTECTION, OFFICE FOR OLDER AMERICANS
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