Using a program created by the Institute of Gerontology at Wayne State University, credit union’s data reveals a significant drop in fraud over a three-year period

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com

Wyandotte, Mich.— November 11, 2025— Michigan Legacy Credit Union (MLCU) has been honored by trade publication Credit Union Times with a Luminaries award for a program MLCU launched as pilot program in 2022 with the Institute of Gerontology at Wayne State University to identify potential fraud and exploitation of vulnerable and older adult members. Michigan Legacy was honored in the Community Impact category for credit unions under $1 billion. Deemed a low-income credit union, MLCU is hyper-focused on its members financial security, according to President and CEO Carma Peters.

“Michigan Legacy is committed to the cooperative principles of credit unions, notably education, training and information and concern for the community,” Peters said. ‘Through this program, we have been able to live out these key principles and make a meaningful impact among our membership. The award recognition is definitely a bonus!”

MLCU’s standards department requires all cases of potential fraud be documented and submitted to its internal audit department. From 2022 when the program was introduced to 2024, the number of reported incidents dropped by more than 50%. Since the program began, all 70+ staff members have been trained to identify and discuss cognitive risk factors before financial exploitation occurs. Training is mandatory for all credit union employees, regardless of their role or department, and is repeated each year with applicable updates provided by the Institute of Gerontology (IOG). The credit union also offers the IOG’s Financial Vulnerability Survey – a short questionnaire created by Peter Lichtenberg, Ph.D., to determine the risk of financial exploitation – to new and existing members aged 50+.

Financial exploitation experienced by older members can take several forms and includes member requests to withdraw large sums of money for false purposes, including to help a family member that has supposedly been in an accident, is being held in jail, or is in trouble overseas. Fraud involving the demand for gift cards also remains a popular exploitive device used against seniors. MLCU’s staff members trained from the IOG can identify a variety of fraud scenarios and communicate with members in a sensitive way that puts them at ease – and ultimately willing to admit that their financial request is driven by coercion.

“The training from the IOG has helped us better frame probing questions that get a response without making the member feel foolish,” Peter said. “Also, while older members are usually the target, people of any age can be financially exploited, so it’s important for credit union staffers to stay vigilant in protecting all members.”

The Financial Vulnerability Survey is accessible to all financial institution, as well as any caregiver or family member. Learn more at OlderAdultNestEgg.com.

All Credit Union Times’ Luminaries awards were announced in Florida on November 6, 2025. Award details can be viewed here.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

 

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