Context

Financial exploitation is the most common form of elder abuse, but only a fraction of incidents are actually reported. Moreover, as the USA population ages, this problem is likely to grow. Financial exploitation has a high cost for society, resulting in losses for financial institutions, government agencies and taxpayers, but more importantly, it has detrimental effects on the victim, including loss of independence, depression and sometime suicide.

Previous studies demonstrate how networks or multi-disciplinary collaborations of private and public entities (e.g. law enforcement, adult protective services, banks) and individuals (e.g. forensic accountants and compliance officers from financial institutions) work together to address the problem of elder abuse through increased training, referrals and specialised assessments. Networks like these, however, only existed in a small number of communities, thus leaving a large gap in provision and protection of elders against financial abuse.

The study

Conducted by the Office for Older Americans, part of the Consumer Financial Protection Bureau, this research seeks to increase understanding of and expand elder financial protection networks by examining the remit of elder financial exploitation preventions and response networks and outlining how they can be established, how they work and how they can be improved.

Quantitative data gathered through an extensive review of publicly available list and documentation of existing networks were used to build a picture of the current state of multidisciplinary collaboration in elder abuse across the USA and classify the operating models and reach of the networks. Interviews were conducted with subject area researchers and experts to further highlight existing research and best practice.

Twenty-three networks, operating across fifteen states, participated in in-depth interviews of which:

• Nine of these resulting in ‘full case studies’, consisting of a review of materials and documents (e.g. bylaws, brochures, meeting agendas), site visits, observations of and participation in group meetings and one-hour long interviews with up to five professionals representing the members of the network
• Fourteen formed ‘abbreviated case studies’, consisting of a two-hour long interview with the network coordinator and a review of materials and documents (e.g. bylaws, brochures and meeting agendas).

Key findings

• Only 25% of the 3,143 counties in the USA have a network that deal with elder abuse, with only 12 states that have networks operating in most of their counties.
• Of the 891 networks dealing with financial exploitation issues, only 54 (6%) focus exclusively on financial exploitation.
• Most networks interviewed reported participating in a network improves the reporting of suspected financial exploitation cases.
• The two most common networks were:
• Triads – a collaboration between law enforcement, elder service professionals and older community members, with primary activity including education and training of law enforcement, seniors, caregivers and professionals.
  • Multi-disciplinary teams – including social services, legal, medical, psychological and law enforcement experts, with the main focus being on case review, but could also include education and training elements for members and the public.
• Educating professionals and older adults is the most common and important activities the networks undertake in fighting financial exploitation.
• Common features and needs of successful networks include:
• A coordinator who identifies, recruits and engages key stakeholders, facilitates the development of mission and goals, organises meeting/events, and secures resources including grants or other funding for network’s continuation. Some, but not all coordinators had paid positions; others undertook these duties as part of their wider role, and others volunteered.
  • Technical assistance support and longer-term staff.
• While most networks need some start-up and continuation funding, this does not need to be a significant injection of cash, for example five networks were created off of only $10,000 worth of seed funding (each).
• New networks are primarily started by effective existing networks who replicate to ensure state-wide coverage.

• Elder financial exploitation networks are seen as valuable assets in fighting elder abuse and should be expanded to regions where they do not exist. This could be through expansion of an existing network, creation of new networks or through use of regional networks which share resources.
• Elder financial exploitation networks should seek to include members from:
• Financial institutions to help detect when elder account holders are targeted or victimised.
  • Law enforcement to help with education and case reviews.
  • Other culturally appropriate stakeholders to serve the diverse linguistic and ethnic backgrounds of older adults living in their area.
• Networks should make the coordinator role a permanent staff position to help ensure the network’s long-term sustainability.

Points to consider

• At a time when the older adult population is rapidly increasing, this report offers timely insight into a potential mechanism to help protect the financial security of that population.
• While this report focuses on networks and systems within the USA, the learning is relevant for any organisation looking to work within a collaborative community to support older adults.

Full report

Fighting elder financial exploitation through community networks - full report