Elder Fraud and Financial Exploitation: Application of Routine Activity Theory

DeLiema, Marguerite

doi:10.1093/geront/gnw258

Cited by 96 publications

(98 citation statements)

References 32 publications

(37 reference statements)

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“…Elder financial exploitation (FE), also called financial elder abuse, refers to “the illegal or improper use of an elder’s funds, property, or assets,” particularly in ways that are not in the older adult’s best interest ( Hall, Karch, & Crosby, 2016 ). FE takes many forms, but perpetrators are seen in a position of trust and thus include family members, relatives, and caregivers who take older adults’ money without their consent ( DeLiema, 2017 ). Theories of FE provide guidelines for investigating key risk and protective factors ( Kemp & Mosqueda, 2005 ; Pinsker, McFarland, & Pachana, 2010 ; Rabiner, O’Keeffe, & Brown, 2004a ; Wilber & Reynold, 1996 ), with related literature highlighting the important roles of interpersonal interactions ( Baltes & Baltes, 1990 ; Carstensen, Fung, & Charles, 2003 ).…”

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confidence: 99%

The Role of Social Support in Elder Financial Exploitation Using a Community Sample

Liu

Wood

et al. 2017

Innovation in Aging

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Background and ObjectiveSocial support is known to be an important protective factor against elder financial exploitation (FE), yet few empirical studies have examined the relationship between FE and distinct components of social support. Perceived social support, social network size, and interactions with close network members (positive and negative) were measured separately and tested as potential predictors of FE.Research Design and MethodsThree hundred and ninety-five community-dwelling adults aged 60 and older were recruited to complete a 90-minute survey and interview. We used OLS regression to examine the role of social support in FE. Other risk factors associated with FE including dependency, poor physical health, depression, cognition, and demographic characteristics were included as potential predictors.ResultsNegative interactions with close network members predicted FE, and remained predictive when all other variables and social support factors were included in the model. Other social support factors were not unique predictors of FE.Discussion and ImplicationsNegative social interactions with close network members are important to assess and consider in FE prevention and intervention programs; relationships between social interactions and other risk factors warrant further attention.

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confidence: 99%

The Role of Social Support in Elder Financial Exploitation Using a Community Sample

Liu

Wood

et al. 2017

Innovation in Aging

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“…The notion that people's life circumstances and behaviors can impact scam susceptibility is consistent with routine activity theory (Cohen and Felson, 1979). Applied to the context of financial fraud (DeLiema, 2017;Holtfreter, Reisig, and Pratt, 2008), routine activity theory proposes that day-to-day behaviors/routines affect the likelihood that motivated offenders will intersect in space and time with suitable targets in the absence of capable guardianship (or measures of protection). For example, consumers who engage in risky behaviors such as responding to telemarketers, opening spam mail, and making frequent online purchases, are more likely to be exposed to scams (AARP, 1996;Reisig and Holtfreter, 2013;Van Wyk and Benson, 1997).…”

Section: Discussionmentioning

confidence: 79%

Exploring the Risks and Consequences of Elder Fraud Victimization: Evidence from the Health and Retirement Study

et al. 2017

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This is the first study to use longitudinal data to explore both the antecedents and consequences of fraud victimization in the older population. Because older persons are close to or past the peak of their wealth accumulation, they are often the targets of fraud. This paper reports on analysis of the Leave Behind Questionnaires (LBQs) fielded on Health and Retirement Study (HRS) respondents over three survey waves in 2008, 2010, and 2012. We evaluate the demographic determinants and risk factors of reporting financial fraud victimization in the survey, and explore whether there are demographic subgroups of older victims. In addition, we examine the financial, physical and psychological consequences of fraud. Overall results suggest that there is no single reliable predictor of fraud victimization across all three LBQ samples. When LBQ responses were pooled across survey years, we found that younger, male, bettereducated, and depressed persons reported being defrauded significantly more often. Victimization was associated with lower non-housing wealth in the combined sample controlling for other factors, but had no measurable impact on cognitive, psychological, or physical health outcomes. Future research should examine predictors and outcomes based on the type of financial fraud experienced and the amount of money lost. Disciplines Disciplines Economics Comments Comments

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“…Alternatively, our findings suggest that having a trustworthy confidant mitigates perceived vulnerability and protects financial well-being overall. DeLiema (2018) investigated routine activity theory as a context for fraud susceptibility and found that isolation and a lack of trustworthy friends or family best distinguished those who had been defrauded from those who had not. Routine activity theory requires the convergence of three factors: an offender, a target, and the absence of others to protect the target.…”

Section: Discussionmentioning

confidence: 99%

Examining Health and Wealth Correlates of Perceived Financial Vulnerability: A Normative Study

Lichtenberg

Paulson

Han

2020

Innovation in Aging

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Background and Objectives Age-associated financial vulnerability was introduced because it was increasingly recognized that cognitively-intact older adults experienced changes that rendered them financially vulnerable. In this study we attempt to apply the construct of Age Associated Financial Vulnerability to a measure of Perceived Financial Vulnerability and whether this perceived vulnerability is predicted by risk factors from the four categorical domains used to define Age Associated Financial Vulnerability’s impact Research Design and Methods This study was part of the Health and Retirement survey in 2018. The survey contained 7 experimental module items of Perceived Financial Vulnerability (PFV). Thirteen hundred fourteen participants 1,314 completed the Perceived Financial Vulnerability measure (PFV). The sample was drawn from waves 13 and 14 of the HRS (2016 and 2018, respectively). The measurement of Perceived Financial Vulnerability was developed on the basis of seven questions assessing financial awareness and psychological vulnerability items regarding personal finance that were included in the 2018 HRS data collection. Predictors included measures of cognition, function/health, depression and wealth. Predictor measures from 2016 were regressed on 2018 Perceived Financial Vulnerability scores Results Six items of Perceived Financial Vulnerability had psychometric properties acceptable for a new measure. Responses revealed variability in Perceived Financial Vulnerability. Overall, 18% of variance was accounted for and measures from cognition, depression, assets and functional abilities were all unique and significant predictors Discussion and Implications This study represents both a conceptual and empirical contribution to our understanding of older adult’s perceptions of financial vulnerability. The high levels of Perceived Financial Vulnerability found in this normative sample underscore the importance of context in understanding people’s economic behaviors. For instance, over one half of the sample indicated that they wished they had someone to talk to about their finances. This desire to talk with others is normative and yet often under-appreciated Translational Significance The linkages between personal finances and health are becoming better understood as integral to well-being in older age. Perceived Financial Vulnerability, to date, understudied, is a useful brief assessment and can become a target for intervention. This study provides a set of questions to measure this aspect of personal finance

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Elder Fraud and Financial Exploitation: Application of Routine Activity Theory

Cited by 96 publications

References 32 publications

The Role of Social Support in Elder Financial Exploitation Using a Community Sample

The Role of Social Support in Elder Financial Exploitation Using a Community Sample

Exploring the Risks and Consequences of Elder Fraud Victimization: Evidence from the Health and Retirement Study

Examining Health and Wealth Correlates of Perceived Financial Vulnerability: A Normative Study

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