Your Security

What is Elder Financial Abuse?

Referred to as a fiduciary abuse, financial abuse, economic abuse, exploitation, and financial mistreatment, Elder Financial Abuse encompasses a broad range of conduct. It is basically using the elder’s money or assets contrary to the elder’s wishes, needs, or best interests - or for the abuser’s personal gain. In California, it is a crime under State Welfare and Institutions Code, Section 15610.30. Sadly, it's the one of the fastest growing crimes in America

How does financial abuse of the elderly typically occur?

Stolen ATM, Debit, and credit cards by care givers or family members
Deceiving an elderly person to sign loan papers or withdrawal slips
Elders who are deceived by relatives or care givers, including putting them on bank accounts or titles
Elders who are deceived by contractors, usually for home repairs they did not need
Abuse of Power of Attorney authorization
Telemarketing & sweepstakes scams
Investment fraud
Getting an elder to change a Will or Trust

Who is an elder?

According to the Welfare and Institutions Code, an Elder is a person over age 65 who resides in the State of California. (The definition of an elder can vary from state to state)

What is SFCU doing to fight Elder Financial Abuse?

In 2004, Stanford Federal Credit Union made the commitment to join the fight to help prevent elder financial abuse, by joining the Financial Institution Team (FIT). FIT is a collaborative effort of local financial institutions and the Santa Clara County’s Financial Abuse Specialist Team to help train staff in recognizing possible at-risk persons and situations.

Stanford Federal Credit Union is committed to maintaining and protecting the privacy and financial security of the accounts and loans of its elder and dependent adult members. Upon review of facts concerning a transaction involving an elder or dependent adult, SFCU may act as a permissive reporter who chooses to report suspected financial abuse to the appropriate authorities in the local community.

To learn more, please visit the Websites listed below,

For further questions, you may phone us at (650) 723-2509 or toll-free at (888) 723-7328 or email us at info@sfcu.org.