Combating Elder Financial Abuse–A Multi-Disciplinary Approach to a Growing Problem

Malks, Betty F.; b., Buckmaster, J. C. ,; Cunningham, Laura

doi:10.1300/j084v15n03_04

Cited by 15 publications

(6 citation statements)

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“…Also consistent with previous research, all groups described older people as being more vulnerable to financial abuse than other members of the community, despite expressing different views as to why they are more vulnerable (Bond, Cuddy, Dixon, Duncan, & Smith, 1999;Choi & Mayer, 2000;Dessin, 2000;Hafemeister, 2003;Malks et al, 2003;Tueth, 2000;Wilber & Reynolds, 1996). Finally, all groups thought closer monitoring of financial EPA appointments and their activities would help protect elders from abuse.…”

Section: Discussionsupporting

confidence: 81%

“…This broader definition is adopted within the current study. Financial elder abuse is possibly the fastest growing and most common form of elder abuse internationally (Bomba, 2006;Procopis, 2007), accounting for between 26% and 38% of all reported cases of abuse (Choi & Mayer, 2000;Malks, Buckmaster, & Cunningham, 2003;McCawley, Tilse, Wilson, Rosenman, & Setterlund, 2006;Procopis, 2007;Tatara et al, 1998). Victims tend to report experiencing more than one form of abuse at the same time, in particular psychological and financial abuse (Boldy, Webb, Horner, Davey, & Kingsley, 2002;Procopis, 2007).…”

Section: Individual and Community Attitudesmentioning

confidence: 99%

“…Examples include raising awareness of the risk of abuse in the elderly community, encouraging social connectedness of elders, training professionals to detect and manage suspected abuse, closer monitoring of individuals' bank transaction patterns, introducing legal penalties to deter potential abusers, introducing mandatory reporting of suspected abuse, and encouraging formal mechanisms for elders to protect their finances through the use of financial trusts, bonds, or the appointment of Enduring Powers of Attorney (EPA; Anetzberger, 2001;Dessin, 2000;Langan & Means, 1996;Malks et al, 2003;Murray & Jacoby, 2002;Reed, 2005; Downloaded by [University of Nebraska, Lincoln] at 11:27 11 April 2015 Setterlund, Tilse, & Wilson, 2002;Swan, 2007;. While many have been trialed around the world, few have been formally evaluated in terms of their time and cost effectiveness in reducing the local incidence of abuse, and there is a dearth of research comparing the effectiveness of one strategy against another (Lowndes et al, 2009).…”

Section: Individual and Community Attitudesmentioning

confidence: 99%

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Individual and Community Attitudes Toward Financial Elder Abuse

Mihaljcic

Lowndes²

2013

Journal of Elder Abuse & Neglect

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This study investigated attitudes toward financial elder abuse by sections of the Australian community using three focus groups, including Aged Care Workers, Older Adults, and Younger Adults. Participants were provided discussion cues prior to their focus group (i.e., What is financially abusive behavior? Why does it occur? How can it be prevented?). Two researchers authenticated the transcripts and identified micro- and macro-level themes within and across the groups. The study revealed a range of similar, different, and individual attitudes expressed across the groups, which could be used to develop a survey for a broader investigation of the role of individual attitudes and social/cultural norms in financial elder abuse.

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Section: Discussionsupporting

confidence: 81%

Section: Individual and Community Attitudesmentioning

confidence: 99%

Section: Individual and Community Attitudesmentioning

confidence: 99%

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Individual and Community Attitudes Toward Financial Elder Abuse

Mihaljcic

Lowndes²

2013

Journal of Elder Abuse & Neglect

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“…Growing concern about elder abuse involving finance is evident in several countries and grew into a significant discourse in the UK from around 2015, although concerns have been raised for many years (van Bavel et al, 2010;Malks et al, 2008). The Securities and Exchange Commission in the US has issued several initiatives (Fleming, 2015) and the Department of Justice commissioned the Elder Abuse Guide for Law Enforcement (EAGLE) [3].…”

Section: Forgery Techniques Inmentioning

confidence: 99%

Collective action and UK wine investment fraud

Einarsen

Jack

2019

QRFM

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Purpose The purpose of this paper is to examine the measures taken by legitimate wine investment companies and enforcement agencies to counter alternative investment scams. Design/methodology/approach The authors interviewed wine industry and law enforcement specialists to understand the nature of wine investment fraud and the characteristics of the victims. They also drew on secondary data in the form of government agency research and media sources. Findings The majority of wine investment frauds are boiler room operations, using social engineering techniques to draw victims into the fraud. The authors conclude that countering wine investment fraud requires public education by government, the wine industry and the police. Research limitations/implications This is a small-scale study that uses interviews with experts in the industry and in law enforcement and secondary data as evidence. Despite the limitations in the number of interviews, the authors are able to comment on the social impacts of alternative investment scams and suggest a theoretical basis for future work in the field. Practical implications The authors make a case for regulators and investors to be part of collective action through education and public awareness campaigns to combat alternative investment fraud. Originality/value The authors outline how collective action theory might be extended to investigate fraud prevention measures in other financial and commodity markets.

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“…Access to affordable financial and legal advice is also likely to be important. The need for education and training of both care workers and the staff of financial institutions about best practice in the management of older people's finances, and about their monitoring role, is increasingly recognised (Price and Fox 1997; Choi, Kulick and Mayer 1999; Malks, Buckmaster and Cunningham 2003). It would be counterproductive, however, if new protective measures discouraged family members from assisting older people with their financial affairs, or if ageist attitudes were promoted rather than challenged by such interventions.…”

Section: Conclusion and Recommendationsmentioning

confidence: 99%

Understanding financial elder abuse in families: the potential of routine activities theory

et al. 2007

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The aim of this paper is to stimulate theoretical thought about financial elder abuse within families, by exploring the potential of ' routine activities theory' for raising our understanding of, and response to, its occurrences. Research into financial elder abuse, defined as the illegal or improper use of a person's finances or property by another person, has tended to emphasise the abusive event and the associated risk factors. 'Routine activities theory ', in contrast, directs attention more to developing prevention strategies that focus on everyday activities and hence seek to reduce the opportunities for illegal activity. The authors' research programme on the broad topic of money management and older people in Australia has conceptualised financial elder abuse as one possible outcome of the family management of older people's assets. This paper reports an application of routine activities theory to in-depth data of the asset-management practices and experiences of 81 family members who were assisting 86 older people. The paper concludes that the theory contributes to our understanding of how and why financial abuse occurs in families. It makes clear the distorting influence of a sense of entitlement and the preventive importance of both capable guardians, to oversee family-asset management and be alert to mismanagement, and the need for improved financial awareness, skills and probity in the community in connection with this common task of assisting older people to manage their financial assets.KEY WORDS -financial elder abuse, family care, asset management, routine activities theory.

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Combating Elder Financial Abuse–A Multi-Disciplinary Approach to a Growing Problem

Cited by 15 publications

References 1 publication

Individual and Community Attitudes Toward Financial Elder Abuse

Individual and Community Attitudes Toward Financial Elder Abuse

Collective action and UK wine investment fraud

Understanding financial elder abuse in families: the potential of routine activities theory

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