Detection and prevention of financial abuse against elders

Priscilla A. Harries, Miranda L. Davies, Kenneth J. Gilhooly, Mary L.M. Gilhooly and Deborah Cairns

Journal of Financial Crime, 2014, vol. 21, issue 1, 84-99

Abstract: Purpose - – This paper reports on banking and finance professionals' decision making in the context of elder financial abuse. The aim was to identify the case features that influence when abuse is identified and when action is taken. Design/methodology/approach - – Banking and finance professionals (n=70) were shown 35 financial abuse case scenarios and were asked to judge how certain they were that the older person was being abused and the likelihood of taking action. Findings - – Three case features significantly influenced certainty of financial abuse: the nature of the financial problem presented, the older person's level of mental capacity and who was in charge of the client's money. In cases where the older person was more confused and forgetful, there was increased suspicion that financial abuse was taking place. Finance professionals were less certain that financial abuse was occurring if the older person was in charge of his or her own finances. Originality/value - – The research findings have been used to develop freely available online training resources to promote professionals' decision making capacity (www.elderfinancialabuse.co.uk). The resources have been advocated for use by Building Societies Association as well as CIFAS, the UK's Fraud Prevention Service.

Keywords: Decision making; UK; Banking professionals; Factorial survey design; Online training; Web site training; Elder financial abuse (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-05-2013-0040

DOI: 10.1108/JFC-05-2013-0040

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