Financial abuse of older people by third parties in banking institutions: a qualitative exploration

Abstract

Financial abuse is a significant form of elder maltreatment and is frequently ranked in the top two most common forms of abuse perpetration. Despite this, it is under-identified, under-reported and under-prosecuted. Financial institutions, such as banks, are important environments for identifying and responding to the financial abuse of older people. Traditionally, banks have not always been part of inter-sectorial responses to financial abuse, yet are important stakeholders. The aim of this study is to explore perceptions and experiences of financial abuse in five national banks. Data were collected from 20 bank managers and five members of the National Safeguarding Committee in the Republic of Ireland. Using thematic analysis, four themes were identified: defining a vulnerable adult; cases of financial abuse of vulnerable adults; case responses to financial abuse of vulnerable adults; and contextual issues. The data demonstrate the multiplicity of manifestations and the complexity of case investigation and management. Findings point to the need to enhance banks’ responses, through additional education and training, and promote integrated inter-sectorial collaboration. In addition, a change in societal beliefs is needed regarding financial entitlement, responding to ageism, public awareness of the consequences of financial decisions and types of financial abuse, as well as ensuring such crimes are addressed within the legal system.

Shortchanged: Uncovering and Analyzing Intimate Partner Financial Abuse in Consumer Complaints

“…There remains a paucity of research on how survivors of technology abuse, particularly in financial contexts, may reach out in ways beyond expected customer service channels [113], or direct referrals to specialized technology services [41,56,104]. This is in spite of the increasing recognition that financial institutions and similar organizations can serve as powerful social and political influencers due to their close connections with customers [9,19,61,79,89]. Thus, obtaining deeper insights into technology-enabled financial abuse could offer significant ways forward for intervention and technical implementation for financial institutions and designers [19,60,89].…”

Accessible Cinema for Older Adults

“…They may also believe that operating a computer is too complicated or feel afraid that they might damage the device. Smartphones and computers, which offer access to online banking systems, might also be targets of cyber-attacks and various online scams (Phelan, O'Donnell & McCarthy, 2021). Due to lower exposure to technology, older adults might be particularly vulnerable to cybercrime, especially financial fraud (Karagiannopoulos, Kirby, Oftadeh-Moghadam & Sugiura, 2021), and develop a fear of using technological devices (Phelan et al, 2021).…”

“…Smartphones and computers, which offer access to online banking systems, might also be targets of cyber-attacks and various online scams (Phelan, O'Donnell & McCarthy, 2021). Due to lower exposure to technology, older adults might be particularly vulnerable to cybercrime, especially financial fraud (Karagiannopoulos, Kirby, Oftadeh-Moghadam & Sugiura, 2021), and develop a fear of using technological devices (Phelan et al, 2021). Some older adults might feel reluctant to use the Internet due to age-related impairments, mainly hearing and vision loss (Chiu & Liu, 2017).…”

Perception of Financial Well-Being of the Elderly and the Role of Propensity to Indebtedness and Financial Preparation for Retirement

“…The elderly, who used to be passive in the economy, have become the target audience of credit policies, often carried out irresponsibly (Teaster et al, 2020). Corroborating this perspective, Phelan et al (2021) argues that studies dealing with financial abuse and the elderly public are still scarce. The offer of new financial products and services has been increasing since the 2000s, however, the appropriate level of propensity to indebtedness is no longer an issue only for the regulatory financial agencies, but also for the borrower (Collins & Urban, 2020; Organization for Economic Cooperation and Development [OECD], 2016).…”

“…However, studies indicate that individuals are reaching the retirement stage with little or no money, due to the accumulation of debts related to the financial exploitation of family members (Phelan et al, 2021) or inadequate investments made during adulthood (Alexandrova & Markov, 2020;Lusardi & Mitchell, 2007;Sheppard & Stanford, 2019). In this context, a large part of the income that will be available in retirement is related to social security, especially in developing countries, where the family budget depends, for several families, on the benefit received by this elderly person (Lusardi & Mitchell, 2007;Melo et al, 2017).…”