Introduction

Research, practice, policy and legislation within the domain of elder abuse have increased significantly in the last decade. The Toronto Declaration adopted Action on Elder Abuse's (1995) definition, stating that:Elder abuse is a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person. (World Health Organization and INPEA, 2002: 2)Elder abuse has generally been viewed using particular typologies, most commonly emotional/psychological abuse, financial/material abuse, sexual abuse, physical abuse and neglect. In more recent years, there has been a framing of elder abuse within human rights approaches (Lowenstein and Doran, Reference Lowenstein, Doran and Phelan2020; Phelan and Rickard-Clarke, Reference Phelan, Rickard-Clarke and Phelan2020; Teaster et al., Reference Teaster, Lindberg, Zhao and Phelan2020), with concurrent legislative and policy development which centralises the principles of autonomy and self-determination balanced with supporting and protecting older people to live safe lives.

There is a plethora of research on the prevalence of elder abuse (O'Keeffe et al., Reference O'Keeffe, Hills, Doyle, McCreadie, Scholes, Constantine and Erens2007; Laumann et al., Reference Laumann, Leitsch and Waite2008; Acierno et al., Reference Acierno, Hernandez, Amstadter, Resnick, Steve, Muzzy and Kilpatrick2010; Naughton et al., Reference Naughton, Drennan, Treacy, Lafferty, Lyons and Phelan2010; Lifespan of Greater Rochester Inc. et al., 2011; National Institute of Care of the Elderly, 2015; Sandmoe et al., Reference Sandmoe, Wentzel-Larsen and Hjemdal2017). A study by Yon et al. (Reference Yon, Mikton, Gassoumis and Wilber2017) identified a pooled prevalence of 15.7 per cent (52 studies) in community-dwelling older people. In Ireland, where old age is considered 65 years and older, a national prevalence study (Naughton et al., Reference Naughton, Drennan, Treacy, Lafferty, Lyons and Phelan2010) found that financial abuse was the most frequent perpetration of abuse. Equally, the Irish state's national health service, the Health Service Executive's (HSE) annual safeguarding reports, demonstrate financial abuse as a common finding in its case investigations (National Safeguarding Office, 2017, 2018, 2019, 2020). However, although the financial abuse of older people is an increasing research focus, there is a dearth of studies that have examined this area in the context of financial institutions’ experiences.

Financial abuse

Over 40 definitions of financial abuse have been identified (Fealy et al., Reference Fealy, Donnelly, Bergin, Treacy and Phelan2012), which contribute to blurred understandings of the phenomena; this makes prevalence and research comparisons challenging as well as limiting the transferability of policy and practice response directions (Gilhooly et al., Reference Gilhooly, Cairns, Davies, Harries, Gilhooly and Notley2013; Jackson, Reference Jackson2015). The majority of definitions describe financial abuse as involving monetary abuse, property abuse or legal abuse (Vancity, 2014). In Ireland, financial abuse has been defined by the HSE:Financial or material abuse includes theft, fraud, exploitation, pressure in connection with wills, property, inheritance or financial transactions, or the misuse or misappropriation of property, possessions or benefits. (HSE, 2014: 9)In 2011, a Metlife Study identified that financial abuse of older people in the United States of America (USA) was estimated to cost at least US $2.9 billion, however, this is likely to be an underestimation (Deane, Reference Deane2018). Figures in the USA may be as high as US $36.5 billion (Truelink, 2015; Consumer Financial Protection Bureau, 2019), when financial abuse, criminal fraud and care-giver financial abuse are combined. In Ireland, while there is evidence of financial abuse of older people through HSE safeguarding reports (National Safeguarding Office, 2017, 2018, 2019) and comments in a recent Issues Paper (Law Reform Commission, 2019), its scope and volume has not been quantified and, similar to other countries, a true estimate is elusive (Phelan et al., Reference Phelan, Fealy, Downes and Donnelly2014; Wood and Lichtenberg, Reference Wood and Lichtenberg2017; Deane, Reference Deane2018). Modes of financial abuse perpetration are multiple (Conrad et al., Reference Conrad, Iris, Ridings, Fairman, Rosen and Wilber2011; Dalley et al., Reference Dalley, Gilhooly, Gilhooly, Levi and Harries2017) and may occur without the knowledge of the older person, yet have devastating impacts such as loss of confidence to live independently, distress, or mental health problems such as anxiety and depression (Davidson et al., Reference Davidson, Rossall and Hart2015). Similarly, the loss of fiscal resources can constitute a threat to the economic security of the older person (Greene, Reference Greenein press), while any return to financial stability may be limited as older people do not have the same capacity to re-enter the workforce (Hafemeister, Reference Hafemeister, Bonnie and Wallace2003).

An increasing population of older people, ageism, growing numbers of people living with dementia and the fact older people tend to have assets compared to younger generations render them an easy target for exploitation (Canadian Foundation for Advancement of Investor Rights and Canadian Centre for Elder Law, 2017; Phelan, Reference Phelan and Phelan2020). Financial abuse may manifest as theft and scams, signs of financial victimisation, financial entitlement, coercion and money management difficulties (Cohen et al., Reference Cohen, Levin, Gagin and Friedman2007). Dalley et al. (Reference Dalley, Gilhooly, Gilhooly, Levi and Harries2017) suggest this can present as situations where the abuser has charge of the older person's finances or he or she uses manipulation to exploit the person financially or engages in deception. Perpetrator motivations can be malicious (not spending assets for the wellbeing of the person or using assets for own use), or be due to misplaced moral justification, opportunism, neglect or incompetence (Gilhooly et al., Reference Gilhooly, Dalley, Gilhooly, Sullivan, Harries, Levi, Kinnear and Davies2016).

Prevalence studies on financial abuse are mixed. In Israel, a study of older people admitted to two hospitals indicated a prevalence rate of 8.9 per cent in patients over 70 years (Cohen et al., Reference Cohen, Levin, Gagin and Friedman2007), while Peterson (Reference Peterson, Burnes, Caccamise, Mason, Henderson, Wells, Berman, Cook, Shukoff, Brownell, Powell, Salamone, Pillemer and Lachs2014) identified a one-year prevalence rate of 2.7 per cent and a lifetime prevalence of 4.7 per cent. In the United Kingdom (UK), it was estimated that over five million older people have experienced scams alone (Age UK, Reference Age2017). Although Yon et al. (Reference Yon, Mikton, Gassoumis and Wilber2019) suggest a global prevalence of 3.8 per cent, financial abuse remains under-researched, under-recognised and under-prosecuted (Jackson, Reference Jackson2015; Feng and Lee, Reference Feng and Lee2018; Lloyd-Sherlock et al., Reference Lloyd-Sherlock, Penhale and Ayiga2018; Phelan, Reference Phelan and Phelan2020; Gorney et al., Reference Gorney, Cassidy-Eagle and Smith2020). It is estimated that only one in six cases are referred to formal services (Gilhooly et al., Reference Gilhooly, Cairns, Davies, Harries, Gilhooly and Notley2013; Canadian Foundation for Advancement of Investor Rights and Canadian Centre for Elder Law, 2017), pointing to the need to have professionals in multiple settings alert to identifying and reporting such abuse. There may be a lack of knowledge of being abused, e.g. when an older person has entrusted their finances to another person (i.e. Power of Attorney, through joint accounts) or if a cognitive challenge has impacted comprehension of such acts. In addition, the older person may be under undue influence to part with finances or be reluctant to report a close relative (Phelan, Reference Phelan and Phelan2020). Other non-reporting factors include embarrassment as well as fear of retribution by the perpetrator. Where the victim is dependent on the abuser, a concern regarding the potential loss of support with day-to-day activities or social connection may be perceived (MetLife Mature Market Institute, 2011; Davidson et al., Reference Davidson, Rossall and Hart2015).

Risk factors for financial abuse include ageing and cognitive decline (Pinsker et al., Reference Pinsker, McFarland and Pachana2010; Lichtenberg et al., Reference Lichtenberg, Ficker, Rahman-Filipiak, Tatro, Farrell, Speir, Mall, Simasko, Collens and Jackman2016; Storey, Reference Storey2020), requiring assistance with activities of daily living (ADLs) (Acierno et al., Reference Acierno, Hernandez, Amstadter, Resnick, Steve, Muzzy and Kilpatrick2010; Peterson et al., Reference Peterson, Burnes, Caccamise, Mason, Henderson, Wells, Berman, Cook, Shukoff, Brownell, Powell, Salamone, Pillemer and Lachs2014) or instrumental ADLs (Beach et al., Reference Beach, Schulz, Castle and Rosen2010), gender (O'Keeffe et al., Reference O'Keeffe, Hills, Doyle, McCreadie, Scholes, Constantine and Erens2007; Soares et al., Reference Soares, Barros, Torres-Gonzales, Ioannidi-Kapolou, Lamura, Lindert, de Dios Luna, Macassa, Melchiorre and Stank2010), emotional vulnerability or loneliness (Fenge and Lee, Reference Feng and Lee2018), living alone and socio-economic group (Naughton et al., Reference Naughton, Drennan, Treacy, Lafferty, Lyons and Phelan2010), ethnicity (Peterson et al., Reference Peterson, Burnes, Caccamise, Mason, Henderson, Wells, Berman, Cook, Shukoff, Brownell, Powell, Salamone, Pillemer and Lachs2014) and negative social interactions (Liu et al., Reference Liu, Wood, Xi, Berger and Wilber2017). A smaller social network and higher perceived social support are proposed as providing protective factors (Beach et al., Reference Beach, Schulz and Sneed2016), as well as the quality of the relationship with the older person (Wilber and Reynold, Reference Wilber and Reynold1996; Kemp and Mosqueda, Reference Kemp and Mosqueda2005).

Within traditional approaches to safeguarding older people, response services to financial abuse have been structured around health and social care services, particularly within the public service domain. Financial abuse case management can be complex and may involve navigating issues related to decision-making capacity, poor inter-agency collaboration and a lack of evidential proof (Dally et al., Reference Dalley, Gilhooly, Gilhooly, Levi and Harries2017). Prosecutions for financial abuse are not common and this may be due to issues such as family ties, misplaced beliefs of entitlement, embarrassment, a perception that this would indicate a lack of ability to cope, trust in the authenticity of the person (particularly in scams), a blurring of legitimate transactions and a bargaining for some advantage, such as family visits or access to grandchildren (Conrad et al., Reference Conrad, Iris and Ridings2009; Phelan, Reference Phelan and Phelan2020). Unlike other forms of abuse, financial abuse can occur remote from the older person and involve non-health and social care services, such as financial institutions, and may be perpetrated without the victim's knowledge.

Financial institutions

Financial services have been identified as a significant safeguarding environment for older people's finances (Fealy et al., Reference Fealy, Donnelly, Bergin, Treacy and Phelan2012; Canadian Foundation for Advancement of Investor Rights and the Canadian Centre for Elder Law, 2017). Despite concerns around client confidentiality (Harries et al., Reference Harries, Davies, Gilhooly, Gilhooly and Kinnear2014), banking staff can play an important role in detecting and responding to financial abuse of older people (Chandaria, Reference Chandaria2011). This can be represented within a duty of care to a vulnerable client (Central Bank of Ireland, 2012; Gilbert et al., Reference Gilbert, Stanley, Penhale and Gilhooly2013; Banking and Payments Federation Ireland (BPFI), 2019). However, although financial institutions, such as banks, are key players in both preventing and intervening in financial abuse, their proactivity in this area has been cautious, while research exploring experiences, actions and potential for inter-sectoral collaboration is scant in the extant literature. Therefore, this study aims to understand the perceptions and experiences of bank managers and key informants in the financial abuse of older people within banks.

Research question

The research question is:

• • What are the experiences of bank managers and key informants (National Safeguarding Committee (NSC)) of financial abuse of vulnerable adults in banking institutions?

The secondary research questions are:

• • How are vulnerable adults (as customers) defined in banking systems?

• • What types of financial abuse of vulnerable adults have been experienced?

• • What responses have been taken in responding to financial abuse of vulnerable adults?

While the broader study focused on adults at risk (18 years and older), this paper presents findings related to older people (i.e. aged 65 years and older).

Methods

Design

A mixed-methods approach was used in data collection. Qualitative data were collected from 25 participants related to financial abuse of older people in banking institutions. The second method of data collection was an online survey with 898 front-line banking staff. This paper reports on the qualitative data, collected through 25 face-to-face, semi-structured interviews. Study approval was received from the Human Research Ethics Committee – Life Sciences, University College Dublin.

Setting

The setting for data collection was the Republic of Ireland. Five banks agreed to participate in the study. To provide an insider perspective of financial abuse of older people rellated to banking intuitions, the sample comprised 20 bank managers. A further five participants were recruited from the NSC, which was a multi-disciplinary, multi-sector group, established to promote a collaborative approach to safeguarding vulnerable adults (NSC, 2016). The five participants provided an outsider perspective of financial abuse within banking systems.

Participants

A purposive sample of 20 bank managers were recruited: 15 were male and five were female. Information was circulated to the banks through the BPFI, an umbrella organisation for financial institutions. For bank managers, the inclusion criteria were:

• • To have experience of five or more years in the bank system.

• • To be currently in a bank management-level position.

Thirty-eight expressions of interest were received and a final number of 20 were interviewed, stratified for geographic region (urban/rural) and individual bank participation proportionate to bank customer volume. Fourteen described their location as urban, while six described their location as rural. One participant was based in an urban area but had a specific vulnerable customer remit which spanned both urban and rural locations. Urban banks tended to have large customer bases while rural banks had proportionately smaller customer bases but spanned a wider geographical coverage.

For the NSC, the Chair agreed to forward a letter to invite five members of the larger committee (N = 32). The inclusion criterion was to have interaction with older people who have experienced actual/suspected financial abuse relating to third parties’ perpetration which involved an aspect of banking service provision. Three participants were male while two were female; all offered their perspectives based on the sector they represented.

Data collection

Qualitative data were collected over four months from August 2017 to November 2017. Semi-structured interviews were conducted with topic guides. Topic guides differed for the bank managers and the NSC members, and provided a flexible method to guide the interview, enabling the use of open-ended questions and follow-up probing to develop the perspectives of participants (DeJonckheere and Vaughn, Reference DeJonckheere and Vaughn2019). Interviews were recorded and lasted between 45 and 90 minutes.

Data analysis

Transcribed interviews were imported into NVivo 10 (QSR International, Melbourne). Thematic analysis was undertaken by two researchers using Braun and Clarke's (Reference Braun and Clarke2006) method. The six-phase process involved the steps identified in Table 1. Ongoing discussions between the researchers served to ensure consistency of findings with the finalisation of data representing mutually exclusive themes.

Table 1. Thematic analysis process (Braun and Clarke, Reference Braun and Clarke2006)

Findings

Four discrete themes emerged from the interviews. These were defining a vulnerable adult, cases of financial abuse of vulnerable adults, case responses to financial abuse of vulnerable adults and contextual issues.

Defining a vulnerable adult

Being able to suspect financial abuse of a vulnerable adult pivots on having an understanding of what constitutes the risk that renders older people vulnerable. Vulnerability was seen as a complex, multi-faceted phenomenon. It could be understood as an older person who has decision-making capacity but might need support (because of physical disability) or it could be related to decision-making capacity on financial matters:A ‘vulnerable adult’ would be somebody who has the capacity to make a decision, but may need assistance in doing so. But then you also have, you would have adults that would be operating accounts that have got to a stage in their life where they don't have the capacity to make decisions and they need more assistance in relation to acting on a day-to-day basis or their financial circumstances. (Bank manager (BM) 1)Alternatively, vulnerability could be temporary, e.g. following a bereavement, where decision-making ability might be impacted by grief and the shock of loss:[What] shuts down is their ears or their memory and what have you so we concentrate more on the initial meeting around making them feel welcome. (BM 20)Yet, there was a recognition that vulnerable customers were a heterogeneous group and it would be erroneous to use stereotypical assumptions of age. One of the NSC members observed that vulnerability was:…a very subjective term, one person's vulnerability is another person's bad day or another person just a condition that they have to deal with. It's not a concrete definition and it possibly might contribute to stereotyping of people once they become a certain age or once they reach a certain age or if they lose certain faculties that they have. (NSC 5)While participants offered various interpretations of vulnerability, as a concept it has been considered vague and broad (Schroeder and Gefenas, Reference Schroeder and Gefenas2009). Simply equating vulnerability to old age is problematic as this points to an ageist perspective based on assumptions of homogeneous ageing processes and focuses on the older person failing to have or attain autonomous agency (Bozzaro et al., Reference Bozzaro, Boldt and Schweda2018). Despite this, research has demonstrated that physiological changes of old age can impact vulnerability. For instance, advanced years have been shown to affect the interior insula of the ageing brain, making the recognition of deception more challenging (Castle et al., Reference Castle, Eisenberger, Seeman, Moons, Boggero, Grinblatt and Taylor2012).

Ethical arguments point to understandings of vulnerability which have been enmeshed in being unable to protect one's own interests while balancing protection and autonomy are key considerations (Bracken-Roche et al., Reference Bracken-Roche, Bell, Macdonald and Racine2017). Although the term ‘vulnerable’ has been contested in recent years, and the concept of ‘at risk’ considered more representative and non-stereotypical (Canadian Foundation for Advancement of Investor Rights and Canadian Centre for Elder Law, 2017; Dalley et al., Reference Dalley, Gilhooly, Gilhooly, Levi and Harries2017; Mazars et al., Reference Mazars, Phelan, O'Donnell and Stokes2020), the term vulnerable continues to be used in various Irish policies (Central Bank of Ireland, 2012; HSE, 2014; NSC, 2016). In this study, older person risk of financial abuse was conceptualised in a number of ways, which could be temporal (bereavement), encompass cognitive challenges (related to the ability to understand actions) and/or physical challenges (needing another person to complete banking transactions).

While the use of the word ‘vulnerable’ in elder abuse has received some opposition, its application is used in the Banking Consumer Code of Ireland:‘A vulnerable consumer’ means a natural person who: a) has the capacity to make his or her own decisions but who, because of individual circumstances, may require assistance to do so (for example, hearing impaired or visually impaired persons); and/or b) has limited capacity to make his or her own decisions and who requires assistance to do so (for example, persons with intellectual disabilities or mental health difficulties). (Central Bank of Ireland, 2012: 77):Consumer vulnerability has been recognised as an interplay of person, individual traits and the context within which the older person lives (Baker et al., Reference Baker, Gentry and Rittenburg2005; Balázs et al., Reference Balázs, Bene and Hideguti2017). Reflecting this definition, participants proposed that both intrinsic and extrinsic factors could render a person at risk of financial abuse. This concurs with other research which links financial vulnerability to the victim's cognitive/emotional status, medical and functional factors, psychosocial factors and environmental/societal factors (Lacks and Han, Reference Lacks and Han2015).

There has been a growing recognition of banks’ responsibility to vulnerable customers. Irish banks have expanded their duty of care, particularly in recent years, with the introduction of decision-making capacity legislation (Government of Ireland, 2015) and the establishment of a Vulnerable Customer Forum by the BPFI, with individual banks creating supports such as specialist vulnerable customer units or customer care experts/phonelines to combat risks such as financial abuse.

Cases of people with financial abuse of vulnerable adults

All participants spoke of actual or suspected cases of financial abuse of older people. The manifestations were diverse but constituted sub-themes of abuse by strangers, abuse by family/friends or carers and cases where capacity was a concern. These accounts included opportunistic instances of financial abuse, card fraud, decision-making capacity concerns and cases where there was suspected undue pressure placed on the older person.

Abuse by strangers

In the context of abuse by strangers, it was noted that the mode of scams had evolved with the advent of increasingly complex technology:Historically, if we go back before it became kind of technology fraud, it was people doing jobs on people's houses and then telling them that it was costing them €5,000 … for cleaning the windows and things like that. (BM 17)A common narrative related to scam lotteries. Accounts of older people who were lured into believing in the scam's authenticity were described. Once lured in, there could be a long engagement where money was extracted through multiple, incremental ‘costs’ over significant periods of time. These costs could, on the surface, appear plausible, but were focused on putting a continuous drain on the older person's finances. Consequently, such costs may be individually small amounts but over the period would amount to significant outputs. The excerpt below reflects on an older man who recounted a history of multiple payments for imaginary costs such as certificates, taxes or registrations:The scary thing about this case is from 2012 to recently … he was sending money via [money transfer company] for different reasons, anti-money laundering certificates, to register the cheque, to register you know, the taxes. He was sending all different money. In 2014, he then said, ‘I am not paying money via [money transfer company] anymore because there are charges associated with that as well’. So he said, ‘I am going to do it via the bank’ so he asked for bank account details, which they gave him, it was Spanish bank account details. He then started using us from 2016 to 2017 when it was referred to me. (BM 9)Likewise, financial abuse through opportunism could occur via the phone where callers affiliated themselves with real companies, such as impersonating a bank representative or being staff in a very well-known technology company to ‘fix’ a local computer problem:…the ones [cases] that are coming to us that are the customers that I have seen they have often pretended that they are from the bank. So, they say they are from [bank] or the other common one is Microsoft. (BM 9)Cases could also involve undue pressure, for example, when rogue traders attempted to charge for bogus work. Moreover, any work undertaken could be of dubious quality:…we sat down with them, we sat him [older person] down, we left your man [rogue trader] sit down waiting in the banking hall, and he [older man] was saying, ‘I wouldn't be happy with the work they [rogue traders] did now and I really feel under pressure here now, I'm struggling here.’ (BM 6)In another case, one bank manager recounted that the older person was placed under undue pressure to have his account used as a money-laundering mechanism (mule account) for drug dealing – a form of financial abuse not previously noted in the literature:So I brought the customer into an office and sat down and he kind of started telling me a story that he, that his ‘granddaughter’ was going to [country] and he needed to give her the money, but he didn't think she should go and with that … it was only very early into the conversation, when a young girl in her early twenties came in and started screaming and shouting looking for her ‘granddad’. As it turned out it wasn't her granddad, it was a mule account. She came in screaming, shouting, looking for the money… (BM 3)

Abuse by family, friend or carer

As health declines, negotiating activities such as shopping could manifest in sharing the Personal Identification Number (PIN) of a bank card so a family member, friend or carer could undertake the required purchases. Yet, this could provide the mode of abuse perpetration, while taking small amounts to mask the theft:Yeah and [carer] was creaming off very small amounts because she had the number. She'd take the card out of the kitchen and go and withdraw money and then put it back again and, you know, it was very small amounts that were taken out so it was very easy to do. (NSC 4)Thus, while such arrangements appeared practical, they also opened up opportunities to financial abuse, while also breaching the bank's terms and conditions. With the introduction and expansion of online and card banking, it was observed that chequebook fraud had reduced, although some incidences were still recounted:…sometimes you would have seen maybe sons taking cheques from parents’ accounts and you know using them but not I suppose cheques are less and less prevalent now as well so I wouldn't see as much. (BM 8)Both card fraud and cheque fraud represented a naïve trust in the perpetrator. In many cases, bank managers identified that further action related to criminal prosecution would not be pursued by older people who were financially abused by family members:Actually, we had an instance of it here in the [place] last year where … like brought in like the person … they were completely shocked. Yes couldn't believe it was their relative so then like we asked you know we said ‘Look we can bring this further’ and they didn't. You know I've never had a family one [customer case of financial abuse] that wanted to go further. (BM 8)Equally, there was some concern regarding older parents’ potential naïvety in opening a joint account. A joint account with the intention of convenience could result in financial abuse:And unfortunately, generally when it's [joint account] husband and wife typically, or a married couple or maybe a partner it tends to be okay but you will find sometimes people might bring a distant relative in or depending on if there's an ageing customer they have some family member, maybe a nephew or a cousin, or a grandchild, possibly. I'm not saying again we've seen any evidence of that but there's always … potential. (BM 6)In addition, having kinship ties or other people simply supporting the older person could result in the misplaced perception that there was an entitlement to assets or finances. This could manifest in actions where money was removed from an older person's account without legal authority. A member of the NSC recounted how one relative they had engaged with detailed an unproblematic approach to simply removing their mother's money from her bank account to pay an outstanding care home bill, even though consent was absent:‘Don't worry I'll just to go Mammy's account ten times and take out €900 each time’ … [daughter] and I said ‘No you won't’ and I said ‘it has to be done properly’. (NSC 5)Such a sense of entitlement could be supported by solicitors. In one description detailing an experience of relatives’ accessing money in an account without proper permissions, the rationale was they were going to inherit it, in any event:Now I spoke to the solicitor because she … but we know her very well, and she said to me ‘The bottom line of this is, if the two relatives spend all the money now, they're just spending their inheritance, because they're the only people that are going to get it.’ (BM 8)Other domains of undue influence concerned threats to withhold visits from grandchildren while another account was an older man who was threatened to be reported (without cause) to the police for sexual molestation by a younger girl, unless he surrendered money to her.

Cases involving issues related to capacity

In detailing cases of financial abuse, participants observed that the capacity of older people to engage in their financial affairs was a frequent concern. Capacity related to two areas: capacity to physically go to the bank to conduct financial affairs and capacity related to decision-making on financial matters. With regards to decision-making capacity, there could be two positions. On suspecting that there were challenges, bank managers may contact a family member. In the case below, the bank noticed that large amounts of funds were being forwarded to a cats and dogs’ shelter, without an understanding of depleting the customer's own scarce funds:In terms of dementia, you know, I suppose all we do in that case is we find out if there is a member of the family that we can ring to flag that there is something … we are concerned about. (BM 17)However, it was noticed that even if legal arrangements were in place, e.g. via Power of Attorney, this could be abused:I've had at least certainly two cases where Power of Attorney has been abused and we cancel the Power of Attorney to the high court where a person transferred a person's sold land on behalf of a vulnerable adult [older person] and lodged those proceeds to an account generating false invoices for a home care … [He/she] managed to move funds, significant funds. (NSC 1)The wide and varied cases that were reported identify the multiple and complex manifestations of financial abuse. This study has demonstrated that a suspicion of financial abuse perpetrated towards older people is not uncommon among bank managers’ experiences; all participants had multiple examples of case suspicions. Similar to the literature on financial abuse of older people (Gilhooly et al., Reference Gilhooly, Cairns, Davies, Harries, Gilhooly and Notley2013; Harries et al., Reference Harries, Davies, Gilhooly, Gilhooly and Kinnear2014; Dalley et al., Reference Dalley, Gilhooly, Gilhooly, Levi and Harries2017), the case accounts reflected many types of financial abuse, both related to family members and opportunism (rogue traders, lottery scams). A systematic review and meta-analysis (Burnes et al., Reference Burnes, Henderson, Sheppard, Zhao, Pillemer and Lachs2017) identified that a minimum of one in 18 older people living the community are subject to scams every year. A more recent study (Bailey et al., Reference Bailey, Taylor, Kingston and Watts2021) has observed the ubiquitous nature of scams such as fake lotteries, fake charities and romance scams, all of which were in the cases identified by the participants. It was also identified that scams perpetrated on older people can lead to embarrassment, shame and lowered self-esteem, often compounded by a lack of empathy from others; this can impact reporting (Bailey et al., Reference Bailey, Taylor, Kingston and Watts2021).

Participants’ experiences identified common contextual issues within suspected abuse cases, which included entitlement, decision-making capacity, an altruistic confidence in family or strangers, and similar to other studies, naïve trust, poor financial decision-making and a lack of financial awareness (Nguyen at al., 2021). Although, many families do not engage in financial abuse, risk rises with a dependency, and what may appear convenient, such as sharing a PIN, can lead to financial abuse.

Issues related to undue influence and coercion were also described in this study as methods of accessing the older person's finances. Finances may be removed through power differentials, the older person's desire to keep contact or through unfair pressure to make financial decisions (Quinn et al., Reference Quinn, Nerenbery, Navarri and Wilber2017), even when these actions went against the older person's better judgement (Nguyen et al., Reference Nguyen, Mosqueda, Windisch, Weissberger, Axelrod and Duke Han2021). Compounding this, a common perception by adult children is an entitlement to their parents’ assets, due to inheritance perceptions, kinship ties, or that the older person can simply afford to lose/give away the money or property (Tilse et al., Reference Tilse, Wilson, Setterlund and Rosenman2005a, Reference Tilse, Wilson, Setterlund and Rosenman2005b; Conrad et al., Reference Conrad, Iris, Ridings, Fairman, Rosen and Wilber2011; Phelan, Reference Phelan and Phelan2020).

While an Enduring Power of Attorney is a mechanism for a trusted person to manage financial affairs, it can lead to financial abuse when the attorney abuses the older person's trust and confidence (Purser, Reference Purser2021). There were accounts of older people who did not appear to have functional capacity to make financial transactions. Evidence demonstrates a link between diminished financial decision-making and abuse due to neurocognitive disorders as well as factors such as the incorporation of psychological and cognitive variables (Lichtenberg et al., Reference Lichtenberg, Gross and Ficker2020). Studies have also demonstrated that abstract thinking, such as managing finances, is commonly found to decline in early dementia leading to financial confusion (Martin et al., Reference Martin, Griffith, Belue, Harrell, Zamrini, Anderson, Bartolucci and Marson2008; Marson, Reference Marson2013; Gardiner et al., Reference Gardiner, Byrne, Mitchell and Pachana2015). Yet, dementia may not be diagnosed for some time as the person may delay in seeking help (Perry-Young et al., Reference Perry-Young, Owen, Kelly and Owens2018). There is also an association of diminished financial capacity with depression and mood disorders (Vaitsa and Tsolaki, Reference Vaitsa and Tsolaki2021), loneliness and poor physical health (Wong and Waite, Reference Wong and Waite2017). Thus, in the early stages of such health decline, particular challenges may already exist in managing finances and compensatory mechanisms may involve third-party assistance. This points to the fundamental importance of holistic health reviews, including the application of financial capacity assessments and screening older people for loneliness, depression and mood disorders.

Responses to financial abuse

Responses to financial abuse were tailored to the situation and based on recognising red flag cues and taking action to get more information and consider appropriate intervention. Responses included using intuition, identifying the reality of scams, seeking advice, stalling transactions and sharing knowledge of suspected financial abuse.

Most bank managers spoke of lottery scams, such as the ‘Spanish lottery’. They observed that older people could be confident in their legitimacy and adamant in sending off money convinced of a real prospect of the big win. However, efforts to orientate the older person to reality included a careful review of communication, where often bogus letterheads were used as well as suspect certificates (blurred text or careless photocopying). Additionally, strategies included a conversation based on logic:And I said, ‘Did you enter the Spanish lottery?’ you know, after a conversation with him and honestly the hair stood on my head and he said, ‘At the time [name] I did not.’ (BM 9)Often, the complexity of individual cases involved seeking advice. This was in two ways: bank managers could seek advice from regional or head offices and may specifically seek their banks’ legal input into dubious or suspect transactions. The second form of advice was related to advising the customer him- or herself to seek or to involve a trusted person:One customer was getting some building work done and he was taking out lots and lots of money, so I brought him in and I told him I wanted to talk to him and he was a little bit confused so I asked him to bring in his sister with him to make sure that the building work was going on and they were happy. (BM 11)However, it was noticeable that few bank managers were aware of the HSE's safeguarding service in terms of referring a customer where there was suspected abuse. In addition, contacting the police in relation to suspected financial abuse was not a common action. Another strategy was to stall the person, particularly if a significant action was being undertaken, e.g. opening a joint account. Stalling allowed more time to reflect and the bank manager followed up that evening with a phone call, when the older person was alone:We may not open it [joint account] immediately because what we'd say then is, ‘Well we have to get our documentation, we have to get all the procedures’, so a phone call, ‘Are you still happy to go ahead with opening this account?’ (BM 11)A final aspect of responses to financial abuse was sharing concerns. For example, an account could be electronically ‘flagged’ to alert staff in any branch about concerns. In addition, internal communication could be circulated to alert other bank branches to dubious activities. There was also an increasing focus on training staff to recognise and respond to suspicions of financial abuse:But in fairness, with ourselves, you know there is a good bit of information and training on the side of the whole vulnerable side of it, which is good. (BM 19)All the bank managers were experienced in their roles and detailed a careful assessment of the individual situation where financial abuse was suspected and taking action was tailored to the case.

In a UK study of banking staff, it was observed that staff's assessment of financial abuse was less clear if the older person was able to manage his or her money (Harries et al., Reference Harries, Davies, Gilhooly, Gilhooly and Kinnear2014). However, using a bystander model, Gilhooley et al. (Reference Gilhooly, Dalley, Gilhooly, Sullivan, Harries, Levi, Kinnear and Davies2016) suggest banking staff navigate five steps in intervening, namely (a) noticing relevant cues to financial abuse, (b) construing the situation as financial abuse, (c) deciding the situation is a personal responsibility, (d) knowing how to deal with the situation, and (e) deciding to intervene. These steps were evident in the bank managers’ narratives, yet the strongest consideration of the participants was the issue of decision-making capacity which has been identified by Harries et al. (Reference Harries, Davies, Gilhooly, Gilhooly and Kinnear2014) as heightening staff's decisions to intervene.

Bank staff's actions to prevent and intervene in the financial abuse of older people requires knowledge and training in addressing the issue as well as inter-sector collaborations. Within the bank managers’ narratives, it was recognised that financial abuse training had been instigated in some banks, however, there was a need for continued training and education as well as further support for new front-line staff from senior colleagues. In the USA, financial institutions have recognised the importance of education and training, and developed bespoke programmes for staff since 1995, while in 2007, the Australian Ombudsman's provided 14 red flags to increase competency and assist banking staff's recognition of financial abuse (Peisah et al., Reference Peisah, Bhatia, Macnab and Brodaty2016). More recently, the American Association of Retired Pensioners (2021) and the American Bankers Association (2021) have hosted staff training programmes and the Australian Banking Association (2021) has made efforts to update training of banking staff to recognise financial abuse. Education and training for bank staff should incorporate global advancements in this area while presenting the context of local legislation and policy (Harries et al., Reference Harries, Davies, Gilhooly, Gilhooly and Kinnear2014). Given the circumstances of opportunistic scams, which can be perpetrated from other countries, there is also a need to develop more robust linkages with international banking colleagues.

Another useful training focus relates to staff understanding dementia and decision-making capacity (Safeguarding Ireland, 2020) as many bank managers detailed issues related to decision-making challenges related to their older customers. For example, Peisah et al. (Reference Peisah, Bhatia, Macnab and Brodaty2016) developed a training programme specifically tailored to the banking environment to (a) enhance awareness of issues related to dementia; (b) increase knowledge of financial capacity, decision-making and the nuances of financial abuse of people with capacity challenges; and (c) identify appropriate responses within banking systems. In addition, further expansion of bank staff's knowledge of capacity generally and the provisions within the Assisted Decision-Making Capacity Act 2015 will be of particular importance.

Public awareness campaigns by banks are also needed to educate older people on the implications of various financial actions such as joint accounts and giving PINs to another person. Raising knowledge and awareness of financial abuse and older people also transcended the banking environment as it was noted that societal views such as ageism, entitlement, families as altruistic agents and practices such as coercive control need to be addressed through inter-sector collaboration. Yet, the bank managers’ narratives pointed to a traditional, siloed approach to financial abuse within banks in Ireland. While many states in the USA have recognised the potential of dubious transactions to exploit older people financially and have introduced banking staff as mandatory reporters as well as establishing Financial Abuse Specialist Teams, Ireland has not developed a comprehensive, integrated, multi-sector approach nor does it have specific safeguarding legislation. While this was recognised by the NSC, bank managers rarely spoke of working with or reporting to other sectors when there were suspicions of financial abuse. This may be due to the current perceptions of limitations of client confidentiality, particularly within the General Data Protection Regulations, with a resulting protectionist (from referral) stance due to fear of legal repercussions. However, even though financial abuse may have blurred parameters, due to issues of consent, family allegiances or confidentiality, financial abuse often constitutes a criminal act as well as potentially having an impact on the health and welfare of the older person. The advantages and disadvantages of having mandatory reporting for elder abuse was discussed in a recent Issues Paper (Law Reform Commission, 2019), however, Safeguarding Ireland (2020), supports comprehensive, robust and overarching standards and guidance rather than mandatory reporting due to an erroneous presumption that mandatory reporting would address the more serious forms of abuse, yet could result in an overwhelming of the safeguarding services with unwarranted referrals.

Contextual issues

The context of financial abuse provided two sub-themes, a geographical perspective (rural versus urban banking) and the changing face of banking transactions.

Geographical perspective

Within the sampling phase, the researchers engaged in recruiting a mix of urban and rural bank managers. The relationship in more rural areas was considered more intimate:Yeah, sure it's [really knowing the client] different in [city 1] or [city 2] or whatever where the volume would be a lot bigger. (BM 12)Bank managers also observed that there was also a higher experience in rural areas of genderised roles with older women looking after the house and the older husband managing finances:I'd often have the husband and wife would come in here and possibly rural elderly couple and one does all the talking, the other doesn't say one word and that's the way it is, it's just the way the family is run. (BM 5)

Changing face of banking institutions

Like other countries, Irish banks are undergoing a technological revolution with a move to online banking. However, it was recognised that the need for face-to-face banking persists:The one thing, I would say when dealing with anybody who's not comfortable with internet or phone banking or whatever[; c]reate the service that they want, don't ask them to buy into the service that you're offering[;] if older people were to design their banking service, they would say something that is in the town, don't close down our banks. (NSC 5)Equally, there had been closures of smaller rural banks and there could be a reluctance by older customers to manage online banking. This provided the potential of giving others access to assist in negotiating account management and could lead to breaching bank regulation:…[we would find that older people in particular are concerned about vulnerabilities and] how to use online banking and their natural apprehension and fear in some cases towards it but then secondly to that is they tend to probably give their access details to various different people in their circle that they'd trust, which obviously is against bank regulation. (BM 15)This theme was the least represented area in the extant literature. Rural bank managers spoke of having a closer relationship with their older customers. The age profile of rural bank customers has been noted to be greater than urban areas while volumes are higher in urban areas (Benson et al., Reference Benson, Grundi and Windle2020). From this study, it can be concluded that smaller customer numbers enable staff to have a greater potential to build relationships allowing a higher capacity to notice signs of suspected financial abuse.

Approximately 10 per cent of the rural population lives over 10 miles from a bank in the UK (Bennet, Reference Bennet2020). COVID-19 has presented higher risk for financial abuse in terms of the public health advice to older people to shield, enabling relatives to temporarily manage finances (KPMG, 2021). In Ireland, 11 per cent of people had made alternative financial arrangements during the initial pandemic lockdown, yet, two-thirds had not regained this control when public health measurements eased (Safeguarding Ireland, 2020). The COVID-19 challenge in managing finances is also compounded by a digital divide in older and younger age groups (Seifert, Reference Seifert2020) as online banking may not be accessible or desired in the older age cohort.

Rural bank closures can be linked to economic-based corporate decisions (Benson et al., Reference Benson, Grundi and Windle2020). Within the last few years, many of the large banks have made decisions to amalgamate with a disproportionate impact on the farming community (Irish Farmers Association, 2021). Within the literature, there is a paucity of publications which examine the impact of rural bank closures. Much of the narrative appears to be from community groups (e.g. Scottish Rural Action, 2018) objecting to closures, with commentaries from political parties on the negative impact. For example, the Social Democratic and Labour Party in Northern Ireland ‘believes that the provision of accessible banking is an integral part of social inclusion, with [closures having] a particular impact on the elderly’ (Scope, 2016). Likewise, Politics Home (2018) argues that banks have an obligation to undertake an impact assessment, noting that older people are one of the most affected population groups in closures. While the rise in online banking has given customers access to many everyday banking actions remotely, this uptake has not been age neutral. As COVID-19 has increased communications using digital technology, there remains a digital divide in age groups with older people having less access and poorer digital literacy (Anderson and Perrin, Reference Anderson and Perrin2017; Central Statistics Office, 2020). There is also a concern that online banking may not be sensitive enough to identify impaired decision-making in relation to finances, with screening of capacity to engage in electronic financial instrument use recommended (Greene, Reference Greenein press).

Limitations

There are a number of limitations of the study. While the study focused on five of the major national banks in the Republic of Ireland, other financial institutions were not included (An Post, Credit Unions). Thus, transferability may be limited and staff from these institutions may have alternative experiences. Secondly, the participants were recruited at an individual bank level; interviews with regional legal and fraud sections of the banking institutions may have offered additional insights. Equally, the perspectives of older people, advocacy groups and regulatory authorities may provide alternative and/or additional perspectives. In addition, the wider study was on vulnerable adults. The data reported in this paper relate to the interview data discussing older customers. While the age of 65 years is commonly understood as entering the older person age group, and some participants qualified this by stating 65 years or by referring to retirement age, we acknowledge that some participants’ data may also relate to younger age cohorts.

Conclusion

Financial institutions, such as banks, are key environments for financial abuse of older people (Peisah et al., Reference Peisah, Bhatia, Macnab and Brodaty2016; Canadian Foundation for Advancement of Investor Rights and Canadian Centre for Elder Law, 2017; BPFI, 2019). Yet, there are few studies which have focused on this setting to understand case presentations and responses. This study demonstrates that while banking staff have knowledge of factors related to risk of financial abuse and have experienced suspicions of financial exploitation, there is little evidence of inter-sectorial collaboration with health and social care or formal involvement with police or legal systems. These challenges are evident in international evidence as financial abuse of older people remains under-prosecuted. Consequently, cases can be handled locally within the sector and may often encompass the intuition of bank managers in stalling transactions or trying to follow up to elicit the older person's transaction understandings. Although more recent years have highlighted a need of a duty of care to vulnerable adults, including older people, more work is required in education relating to the financial abuse of older people. In addition, with the rise of scams which can emanate from international sources, a focused protection within banking systems globally would enable prevention and early interventions.

As financial abuse is a multi-dimensional issue, it demands a multi-focused, collaborative response to achieve the safeguarding older people from economic crimes, such as those perpetrated within banking systems. As crimes, they need to be reported to access legal redress.

The health and social care system should increase screening for financial capacity and work with banks and other sectors to promote actions which reduce risk, both for older people with and without decision-making capacity, and sectors need to intervene early to limit loss.

Within an information technology age, older people need to be supported in digital literacy, if desired, but to also have access to financial institutions for transactions through alternative modes that they deem acceptable. Efforts should address issues of concern such as data protection, sharing information and ongoing inter-sector collaboration in suspected cases. Finally, a cultural shift is needed to address issues of family exploitation of an older person's assets, such as the use of undue pressure, coercion or the perception that there is an entitlement to such assets. Many of these findings have application internationally as the domain of financial institutions recognise obligations of financial safeguarding and the imperative of collaborative activities in both prevention and intervention.

Understanding Elder Financial Abuse

Research and policies regarding elder abuse have grown considerably over the past decade. Elder abuse is defined as any single or repeated action, or lack of proper action, that occurs within a relationship where trust is expected, causing harm or distress to an older person. Traditionally, this abuse has been categorized into types such as emotional, psychological, financial, sexual, physical, and neglect. More recently, there has been a focus on elder abuse through a human rights lens, leading to new laws and policies that prioritize an older person's independence and self-determination while also supporting their safety.

Numerous studies confirm the widespread occurrence of elder abuse. One review found that over 15% of older people living in their communities experienced some form of abuse. In Ireland, financial abuse has been identified as the most frequent type. Despite its prevalence and significant financial costs, there is a lack of research specifically on how financial institutions experience and respond to this issue. This makes it challenging to compare findings and develop effective policies and practices.

Financial abuse encompasses the misuse of an older person's money, property, or legal affairs. Examples include theft, fraud, exploitation, or exerting pressure related to wills, property, or financial transactions. The financial burden of elder abuse is substantial, estimated to be billions of dollars annually in some countries, though actual figures are likely much higher due to underreporting. The ways financial abuse is carried out are diverse and can occur without the older person's awareness. Its consequences are devastating, often leading to a loss of independence, emotional distress, and mental health problems like anxiety and depression. Financial losses can also threaten an older person's economic security, and it can be difficult for them to recover financially since they may not be able to re-enter the workforce.

The Role of Banks in Preventing Abuse

Financial institutions, particularly banks, are crucial environments for protecting the finances of older people. Despite concerns about client confidentiality, banking staff can play an important role in identifying and responding to financial abuse. This falls under their duty of care to vulnerable clients. However, banks have been cautious in proactively addressing this area, and there is limited research on their experiences and potential for working with other sectors. Therefore, a study was conducted in Ireland to understand the perceptions and experiences of bank managers and other key experts regarding the financial abuse of older people within banking systems.

Insights into Vulnerability, Abuse, and Bank Actions

Bank staff understand that "vulnerability" is complex and does not simply mean old age. It can relate to an older person's need for physical assistance, or challenges with making financial decisions. Vulnerability can also be temporary, such as after a bereavement. Banks recognize that older customers are a diverse group and have expanded their duty of care, establishing specialized support units and hotlines.

The study found various forms of financial abuse reported by bank staff. Abuse by strangers often involves sophisticated scams, such as fake lotteries or individuals impersonating bank or technology company representatives. These scams can lead to long-term financial drain through many small, seemingly plausible "costs." Abuse by family members, friends, or carers is also common, often occurring when older people share bank card PINs for convenience or when joint accounts or powers of attorney are misused. Bank managers noted instances where relatives took money without proper authority, sometimes believing they were entitled to it. A significant concern was when an older person's decision-making capacity was compromised, making them more susceptible to exploitation.

Banks use various methods to respond to suspected financial abuse. Staff often rely on their intuition, carefully reviewing suspicious transactions and discussing concerns with the customer. They might try to educate older people about scam tactics, suggest involving a trusted person, or seek internal legal advice. A common strategy is to "stall" suspicious transactions, allowing the older person more time to consider their actions, sometimes with a follow-up call when the customer is alone. Banks also flag accounts electronically and circulate internal communications to alert other branches about dubious activities. While some banks have increased staff training, there is limited evidence of collaboration with health and social care services or routine reporting to police, often due to confidentiality concerns or the older person's reluctance to prosecute family members.

Broader Challenges and Recommendations

The geographical location of banks influences customer relationships; rural bank managers reported having closer ties with older customers, which can aid in detecting abuse. However, the shift towards online banking presents challenges for some older people who may not be comfortable with technology, potentially leading them to share account details, which violates bank rules and increases risk. Closures of rural bank branches further limit face-to-face services for older customers.

Financial abuse is a multi-faceted problem that requires a coordinated, collaborative approach across different sectors. Banks need to enhance staff education and training on recognizing financial abuse, understanding dementia, and navigating issues related to decision-making capacity. Public awareness campaigns are also vital to educate older people on safe financial practices, including the implications of joint accounts and sharing PINs. Stronger connections with international banking and law enforcement are needed to combat global scams. Furthermore, a cultural shift is necessary to address societal issues like ageism, the perception of entitlement to an older person's assets, and coercive control within families. While banks have improved their duty of care, a more comprehensive, integrated, multi-sector approach is needed to protect older people from economic crimes and ensure early intervention to limit financial losses. Financial abuse constitutes a crime and requires reporting to allow for legal action.

Introduction

The past decade has seen a notable increase in research, practice, policies, and laws regarding elder abuse. Elder abuse is formally defined as a single or repeated action, or a lack of proper action, that occurs within any relationship where trust is expected, causing harm or distress to an older person. Traditionally, elder abuse has been categorized into types such as emotional, financial, sexual, physical, and neglect. More recently, there has been a shift to viewing elder abuse through a human rights lens, which has influenced the development of laws and policies that prioritize an older person's independence and self-determination while also supporting their safety.

A significant amount of research exists on the occurrence of elder abuse. One study found that about 15.7% of older people living in their communities experienced abuse. In Ireland, financial abuse has been identified as the most common type of abuse, as shown by both national studies and annual reports from the Health Service Executive (HSE). Despite this, there is limited research specifically examining financial abuse of older people from the perspective of financial institutions.

Financial Abuse

Financial abuse is broadly defined, with over 40 known definitions, which can make it difficult to compare research and apply policies effectively. Most definitions include abuse involving money, property, or legal matters. In Ireland, the HSE defines financial or material abuse as theft, fraud, exploitation, pressure related to wills or financial transactions, or the misuse of property or benefits.

The estimated cost of financial abuse to older people in the United States has been billions of dollars, though these figures are likely underestimated. In Ireland, while evidence of financial abuse exists through safeguarding reports, its full extent and financial volume have not been measured, making a true estimate hard to determine. Financial abuse can occur in many ways, sometimes without the older person's knowledge. It can have devastating effects, including loss of independence, distress, and mental health issues such as anxiety and depression. The loss of money also threatens an older person's financial security, and recovering funds can be challenging since older individuals may not be able to return to work.

Older people are increasingly vulnerable targets for financial exploitation due to a growing aging population, ageism, the rising number of people living with dementia, and the fact that older people often have more assets than younger generations. Financial abuse can appear as theft, scams, financial entitlement, coercion, or difficulties managing money. It can also involve an abuser controlling an older person's finances, using manipulation, or engaging in deception. Perpetrators may be motivated by malice, a mistaken belief of entitlement, opportunism, neglect, or lack of competence.

Studies on the prevalence of financial abuse show mixed results, but it generally remains under-researched, under-recognized, and under-prosecuted. It is estimated that only a small fraction of cases are reported to formal services, highlighting the need for professionals in various fields to be vigilant in identifying and reporting such abuse. Older people may not realize they are being abused, especially if they have entrusted their finances to someone else, or if cognitive challenges affect their understanding. Factors like undue influence, reluctance to report a close relative, embarrassment, or fear of retaliation also contribute to underreporting, particularly if the victim depends on the abuser for daily support or social connection.

Risk factors for financial abuse include aging, cognitive decline, needing help with daily activities, gender, emotional vulnerability, loneliness, living alone, socio-economic status, and negative social interactions. A smaller social network and higher perceived social support can act as protective factors, as can the quality of the relationship with the older person. Historically, services responding to financial abuse have focused on health and social care. However, managing financial abuse cases can be complex, involving issues of decision-making capacity, poor cooperation between agencies, and a lack of clear evidence. Prosecutions for financial abuse are uncommon, often due to family ties, misplaced beliefs of entitlement, embarrassment, or fear of appearing unable to cope. Unlike other forms of abuse, financial abuse can happen remotely and involve non-health services like banks, sometimes without the victim even knowing.

Financial Institutions

Financial service providers are crucial in safeguarding the finances of older people. Despite concerns about client confidentiality, banking staff can play an important role in identifying and addressing financial abuse. This aligns with a bank's duty of care to vulnerable clients. However, while financial institutions are key players in both preventing and intervening in financial abuse, their efforts have been cautious, and there is limited research on their experiences, actions, and potential for collaboration with other sectors. The purpose of this study was to understand the perspectives and experiences of bank managers and other key figures regarding financial abuse of older people within banks.

Research Questions

The main research question for this study was: What are the experiences of bank managers and key informants from the National Safeguarding Committee (NSC) regarding financial abuse of vulnerable adults in banking institutions? Additional questions explored how vulnerable customers are defined in banking systems, the types of financial abuse experienced, and the responses taken when financial abuse is suspected. While the broader study included all vulnerable adults, this paper presents findings specifically related to older people, defined as those aged 65 years and older.

Methods

A mixed-methods approach was used for data collection, although this paper focuses solely on the qualitative data obtained from 25 face-to-face, semi-structured interviews. An online survey of 898 front-line banking staff was also conducted as part of the broader study. The study took place in the Republic of Ireland, with five banks participating. To gain a comprehensive understanding of financial abuse, 20 bank managers provided an insider perspective, while five participants from the National Safeguarding Committee (NSC), a multi-disciplinary group focused on safeguarding vulnerable adults, offered an external viewpoint.

Bank managers were selected based on having at least five years of experience and holding a management-level position, with participant numbers stratified by urban or rural location and individual bank size. NSC members were chosen if they had interacted with older people who experienced suspected or actual financial abuse involving banking services. Qualitative data were collected over four months using topic guides tailored to each participant group, allowing for open-ended questions and detailed follow-up. Interviews, lasting 45 to 90 minutes, were recorded and transcribed. The transcribed interviews were analyzed using thematic analysis, following a six-phase process to identify recurring themes. Two researchers collaborated on the analysis, ensuring consistency and distinct themes.

Findings

Interviews revealed four distinct themes: how a vulnerable adult is defined, specific cases of financial abuse involving older adults, responses to financial abuse cases, and broader contextual issues.

Defining a Vulnerable Adult

Participants understood vulnerability as a complex concept, referring to older people who retained decision-making capacity but needed support, perhaps due to physical disability, or those whose decision-making ability on financial matters was compromised. Vulnerability could also be temporary, such as during a period of grief after a bereavement. However, participants recognized that older customers were a diverse group, and stereotyping based solely on age was inappropriate. Although the term "vulnerable" has been debated, it is still used in Irish policies and banking codes, which acknowledge that consumer vulnerability results from an interaction of personal traits, individual circumstances, and the environment. This aligns with research linking financial vulnerability to an individual's cognitive, emotional, medical, functional, psychosocial, and environmental factors. Banks have increasingly recognized their responsibility to vulnerable customers, enhancing their duty of care through new legislation and creating specialized support units or helplines to address risks like financial abuse.

Cases of Financial Abuse Involving Older Adults

All participants shared accounts of actual or suspected financial abuse involving older people. These cases were diverse, falling into sub-themes of abuse by strangers, abuse by family/friends or caregivers, and cases where the older person's mental capacity was a concern. Examples included opportunistic abuse, card fraud, and situations involving suspected undue pressure.

Abuse by Strangers

Regarding abuse by strangers, participants noted that the methods of scams had evolved, becoming more complex with technology. Historically, scams involved individuals charging excessive amounts for services, such as home repairs. A common contemporary scam involved fraudulent lotteries, where older individuals were convinced of the scam's authenticity and subsequently paid multiple, incremental "costs" over long periods for imaginary fees like certificates or taxes. Some perpetrators impersonated bank representatives or well-known technology company staff to "fix" local computer problems. Cases also involved undue pressure from rogue traders charging for poor or bogus work. One bank manager recounted a unique case where an older man was coerced into letting his account be used for money laundering, a form of financial abuse not widely documented previously.

Abuse by Family, Friend, or Carer

As an older person's health declines, managing daily activities like shopping might lead to sharing a bank card's Personal Identification Number (PIN) with a family member, friend, or caregiver. While practical, this arrangement can create opportunities for abuse, with small amounts of money taken to mask the theft. Such actions violate bank terms and conditions. Although cheque fraud has decreased with online banking, some incidents still occur. In many cases, bank managers observed that older people financially abused by family members were often unwilling to pursue criminal prosecution against them. There was also concern about older parents opening joint accounts for convenience, which could inadvertently lead to financial abuse.

Kinship ties or support from other individuals could also lead to a misguided belief in entitlement to an older person's assets or funds, resulting in money being removed from an account without legal authorization or consent. In one instance, a relative justified removing a mother's money from her account to pay a care home bill by stating they would inherit it anyway. Other forms of undue influence included threats to withhold visits from grandchildren or false accusations of sexual molestation unless money was surrendered.

Cases Involving Issues Related to Capacity

Participants frequently noted concerns about an older person's capacity to manage their financial affairs when discussing financial abuse cases. Capacity related to both the physical ability to visit the bank and the mental ability to make financial decisions. If decision-making capacity was suspected to be challenged, bank managers might contact a family member; for example, if an older customer was making large, seemingly irrational donations that depleted their limited funds. However, even legal arrangements like a Power of Attorney could be abused, with cases of attorneys misusing funds or selling property and diverting the proceeds.

The wide range of reported cases highlights the complex nature of financial abuse. Bank managers frequently encountered suspicions of financial exploitation, with numerous examples mirroring types of abuse found in existing literature, such as those perpetrated by family members, opportunistic scams, and lottery frauds. Contextual factors like entitlement, decision-making capacity, an overreliance on family or strangers, and a lack of financial awareness were often present in suspected abuse cases. While many families do not engage in abuse, risk increases with dependency, and seemingly convenient arrangements, like sharing a PIN, can lead to exploitation. Undue influence and coercion were also described as tactics to access an older person's finances, often through power imbalances or pressure to make financial decisions against their better judgment. A common perception among adult children is an entitlement to their parents’ assets due to inheritance expectations or a belief that the older person can afford the loss. Diminished financial decision-making, linked to neurocognitive disorders, depression, loneliness, and poor physical health, is often associated with abuse. Early dementia, for instance, can impair abstract thinking necessary for financial management. This underscores the critical need for holistic health assessments that include evaluations of financial capacity and screenings for loneliness, depression, and mood disorders.

Responses to Financial Abuse

Responses to financial abuse were tailored to each situation, focusing on recognizing "red flag" cues and taking action to gather more information and intervene appropriately. Strategies included using intuition, clarifying the reality of scams, seeking advice, delaying transactions, and sharing concerns about suspected financial abuse. Most bank managers recalled instances of lottery scams, where older people were often convinced of their legitimacy. Strategies to orient them to reality included carefully reviewing communication, which often used fake letterheads or suspicious certificates, and having conversations based on logic.

Many complex cases required seeking advice, either internally from regional or head offices (including legal input on dubious transactions) or by advising the customer to involve a trusted person. However, few bank managers were aware of the HSE's safeguarding service for referrals, and contacting the police was not a common action for suspected financial abuse. Another tactic involved delaying significant transactions, such as opening a joint account, to allow the older person more time to reflect, with a follow-up call when they were alone. Sharing concerns, such as electronically "flagging" an account to alert staff in other branches, was another response. There was also an increasing emphasis on training staff to identify and respond to suspected financial abuse. Bank managers, drawing on their experience, consistently demonstrated careful assessment of individual situations and tailored actions when financial abuse was suspected.

Banking staff's actions to prevent and intervene in financial abuse require specific knowledge and training, as well as collaboration across sectors. Participants recognized that financial abuse training had been implemented in some banks, but ongoing education and support for new front-line staff from senior colleagues were needed. Training should incorporate global best practices, local laws, and policies. Given the international nature of many scams, stronger ties with international banking colleagues are also essential. Training should also cover understanding dementia and decision-making capacity, as these were common concerns among bank managers. Expanding staff knowledge of general capacity and the provisions of relevant legislation, like the Assisted Decision-Making Capacity Act 2015, is particularly important.

Public awareness campaigns by banks are also needed to educate older people about the implications of financial actions, such as joint accounts or sharing PINs. Raising awareness of financial abuse extends beyond banking, as societal issues like ageism, entitlement, and coercive control need to be addressed through inter-sector collaboration. However, bank managers' accounts suggested a traditional, isolated approach to financial abuse within Irish banks. Unlike some countries that have mandated reporting for banking staff or established specialized financial abuse teams, Ireland lacks a comprehensive, integrated, multi-sector approach and specific safeguarding legislation. While the National Safeguarding Committee acknowledged this, bank managers rarely mentioned working with or reporting to other sectors when abuse was suspected. This might stem from concerns about client confidentiality, particularly under data protection regulations, leading to a protective stance due to fear of legal repercussions. Despite blurred parameters, financial abuse is often a criminal act with potential impacts on an older person's health and well-being. Although the advantages and disadvantages of mandatory reporting for elder abuse have been debated, some organizations support comprehensive standards and guidance over mandatory reporting, fearing it might overwhelm safeguarding services with unwarranted referrals.

Contextual Issues

Two main contextual factors influenced financial abuse cases: geographical differences (rural versus urban banking) and the changing landscape of banking transactions.

Geographical Perspective

The study included bank managers from both urban and rural areas. Rural bank managers described having closer, more personal relationships with older customers due to smaller customer volumes compared to larger urban banks. They also observed more traditional gender roles in rural areas, with older women often managing the household while older husbands handled finances. Rural bank closures, often driven by economic corporate decisions, disproportionately affect farming communities and older people. The literature on the impact of rural bank closures is scarce, largely limited to community objections and political commentaries on their negative effects, particularly on social inclusion for older people.

Changing Face of Banking Institutions

Like other countries, Irish banks are experiencing a technological shift towards online banking. However, participants recognized the continued need for face-to-face banking services. Older customers, in particular, may be reluctant to use online banking due to apprehension or fear, leading them to give access details to others they trust, which violates bank regulations. This digital divide among age groups means that online banking may not be accessible or preferred by older individuals. There is also a concern that online banking systems may not be sensitive enough to detect impaired decision-making related to finances, suggesting a need for screening capacity when electronic financial instruments are used.

Limitations

This study has several limitations. It focused only on five major national banks in the Republic of Ireland, excluding other financial institutions like An Post or Credit Unions, which might have different experiences. Participants were recruited at the individual bank level, so the perspectives of regional legal or fraud departments were not included. Additionally, the study did not gather insights from older people who have experienced abuse, advocacy groups, or regulatory authorities, which could offer alternative viewpoints. Finally, the broader study investigated vulnerable adults in general, and while this paper focused on older customers, some participant data might include experiences related to younger adult age groups.

Conclusion

Financial institutions, especially banks, are crucial environments for addressing the financial abuse of older people. This study reveals that while banking staff are aware of financial abuse risk factors and frequently suspect exploitation, there is limited evidence of collaboration with health and social care services or formal involvement with police or legal systems. These challenges are consistent with international findings that financial abuse of older people remains under-prosecuted. Consequently, cases are often handled internally, relying on the intuition of bank managers to delay transactions or seek to understand the older person's financial intentions. Although there is a growing recognition of a duty of care to vulnerable adults, including older people, more education and training regarding financial abuse are necessary. Furthermore, with the rise of international scams, stronger global protection within banking systems is needed to enable prevention and early intervention.

Financial abuse is a multi-dimensional issue requiring a collaborative, multi-faceted response to protect older people from economic crimes within banking systems. As crimes, these instances need to be reported to allow for legal action. The health and social care system should enhance screening for financial capacity and work with banks and other sectors to promote actions that reduce risk for older people, regardless of their decision-making capacity. Early intervention across sectors is vital to limit financial loss. In this age of information technology, older people should be supported in digital literacy if they desire it, while also retaining access to financial institutions through alternative, acceptable modes. Efforts should address concerns such as data protection, information sharing, and ongoing collaboration between sectors in suspected cases. Finally, a cultural shift is needed to address family exploitation of older persons' assets, including undue pressure, coercion, or the belief in an entitlement to such assets. Many of these findings are applicable internationally, as financial institutions worldwide increasingly recognize their obligations in financial safeguarding and the importance of collaborative activities for both prevention and intervention.

Introduction

Significant increases have occurred in the past decade regarding research, practices, policies, and laws related to elder abuse. The Toronto Declaration adopted a definition of elder abuse as "a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person." Traditionally, elder abuse has been categorized into types such as emotional, financial, sexual, physical abuse, and neglect. More recently, the focus has shifted towards viewing elder abuse through a human rights lens, leading to new laws and policies that prioritize the independence and self-determination of older people while also ensuring their safety and protection.

Much research exists on the commonness of elder abuse. One study found that about 15.7 percent of older people living in communities experienced some form of abuse. In Ireland, financial abuse was identified as the most frequent type. The national health service in Ireland, the Health Service Executive (HSE), also consistently reports financial abuse in its investigations. Despite this, there is limited research on how financial institutions experience and deal with elder financial abuse.

Financial Abuse

Over 40 different definitions of financial abuse have been identified, leading to confusion and making it hard to compare research or apply policies and practices consistently. Most definitions describe financial abuse as involving the misuse of money, property, or legal documents. The HSE in Ireland defines financial or material abuse as including theft, fraud, exploitation, pressure related to wills, property, or financial deals, or the misuse of possessions or benefits.

The estimated cost of elder financial abuse in the United States has varied widely, with some figures suggesting billions of dollars lost annually. In Ireland, while evidence of financial abuse exists through HSE reports, its full scope and amount are unknown. Financial abuse can occur in many ways, sometimes without the older person even knowing, and can have severe consequences like loss of independence, emotional distress, anxiety, or depression. Losing money can also threaten an older person's financial security, and it is often difficult for older individuals to regain lost funds as they may not be able to re-enter the workforce.

The increasing number of older people, ageism, a rise in dementia cases, and the fact that older people often have more assets make them easier targets for exploitation. Financial abuse can appear as theft, scams, financial exploitation, pressure, or difficulty managing money. It might involve an abuser controlling an older person's finances, using manipulation, or engaging in deceit. Perpetrators may have malicious intentions, feel they are entitled to the money, act opportunistically, or simply be neglectful or incompetent.

Studies on the prevalence of financial abuse show mixed results, but it is generally estimated that only a small percentage of cases are reported to formal services. This highlights the need for professionals in various settings to be aware of and report such abuse. Older people may not realize they are being abused, especially if they have given control of their finances to someone else through power of attorney or joint accounts, or if they have cognitive difficulties. They might also be pressured into giving money or be hesitant to report a close relative due to embarrassment, fear of retaliation, or concern about losing support or social connections if they depend on the abuser.

Risk factors for financial abuse include aging, cognitive decline, needing help with daily activities, being female, emotional vulnerability, loneliness, living alone, lower socioeconomic status, and negative social interactions. Having a smaller social network and feeling more socially supported may offer protection. The quality of the relationship with the older person can also be a protective factor. Traditionally, responses to safeguarding older people from financial abuse have focused on health and social care services. Managing financial abuse cases can be complex due to issues with decision-making ability, poor cooperation between agencies, and a lack of clear evidence. Legal action for financial abuse is uncommon, often due to family ties, misplaced beliefs of entitlement, embarrassment, or fear that reporting would imply an inability to manage one's own affairs. Unlike other forms of abuse, financial abuse can happen remotely and involve financial institutions rather than just health and social care services, sometimes without the victim's knowledge.

Financial Institutions

Financial services play a crucial role in protecting older people's money. Even with concerns about client privacy, bank staff can significantly help in identifying and addressing financial abuse. Banks have a responsibility to vulnerable customers. However, despite being key players in preventing and stopping financial abuse, financial institutions have been cautious in their actions. There is also limited research on their experiences, actions, and potential for working with other sectors. This study aimed to understand the views and experiences of bank managers and key contacts regarding financial abuse of older people within banks.

Research Question

The main research question was:

• What are the experiences of bank managers and key informants from the National Safeguarding Committee (NSC) concerning financial abuse of vulnerable adults in banking institutions?

The secondary research questions were:

• How are vulnerable adults (as customers) defined within banking systems?

• What types of financial abuse have vulnerable adults experienced?

• What responses have been taken to address financial abuse of vulnerable adults?

This paper specifically presents findings related to older people, defined as those aged 65 years and older.

Methods

A mixed-methods approach was used for data collection. This paper focuses on the qualitative data gathered through 25 face-to-face, semi-structured interviews. The study received approval from the Human Research Ethics Committee.

Data was collected in the Republic of Ireland, with five banks agreeing to participate. The sample included 20 bank managers, providing an insider view of financial abuse in banking. An additional five participants from the National Safeguarding Committee (NSC), a group promoting collaborative safeguarding, offered an outsider perspective on financial abuse within banking systems.

Twenty bank managers were chosen based on having five or more years of experience in the banking system and being in a management-level position. They were selected to represent different geographic regions (urban/rural) and various banks. Five NSC members were invited if they had experience interacting with older people who had experienced actual or suspected financial abuse involving banking services.

Qualitative data was collected over four months using topic guides to lead the semi-structured interviews. These guides allowed for open-ended questions and further probing to understand participants' views. Interviews were recorded and lasted between 45 and 90 minutes. The recorded interviews were then typed out and analyzed using a thematic analysis method by two researchers to identify recurring themes and ensure consistency in findings.

Findings

Four distinct themes emerged from the interviews: how a vulnerable adult is defined, specific cases of financial abuse involving vulnerable adults, the responses to these cases, and relevant contextual issues.

Defining a Vulnerable Adult

The ability to suspect financial abuse of an older person depends on understanding what makes them vulnerable. Vulnerability was seen as complex and multi-faceted. It could mean an older person with the ability to make decisions but needing support due to physical disability, or someone with limited decision-making ability regarding financial matters. Vulnerability could also be temporary, such as a person's decision-making being affected by grief after a loss.

However, participants acknowledged that vulnerable customers are a diverse group, and it is wrong to make assumptions based solely on age. Simply equating vulnerability with old age can reflect ageist views based on stereotypes about aging. Research has shown that physiological changes in the aging brain can make it harder for older people to recognize deception. Ethical discussions emphasize that vulnerability involves being unable to protect one's own interests, and balancing protection with independence is crucial. While the term "vulnerable" has been debated, it is still used in Irish policies and the Banking Consumer Code, which defines a vulnerable consumer as someone who has the capacity to make decisions but needs assistance, or someone with limited capacity who requires help. This aligns with participants' views that both internal (e.g., cognitive) and external (e.g., social) factors can make someone vulnerable to financial abuse. Irish banks have increasingly recognized their responsibility to vulnerable customers, with new laws and support systems being put in place.

Cases of People with Financial Abuse of Vulnerable Adults

All participants shared stories of actual or suspected financial abuse against older people. These incidents varied widely and included abuse by strangers, abuse by family, friends, or caregivers, and cases where the older person's mental capacity was a concern. Examples included opportunistic financial abuse, card fraud, worries about decision-making ability, and suspected undue pressure on the older person.

Abuse by Strangers

Regarding abuse by strangers, it was noted that scams have become more complex due to advancing technology. Common stories involved lottery scams, where older people were tricked into believing they had won a large sum. Once hooked, they might be asked to pay many small, seemingly believable "costs" over a long period, which eventually added up to significant losses. For example, one older man had sent money for years for fake anti-money laundering certificates and taxes. Scams also occurred over the phone, with callers pretending to be from banks or well-known technology companies to "fix" computer problems. Cases also involved undue pressure from dishonest tradespeople charging inflated prices for shoddy or unnecessary work. In one unusual case, an older man was pressured to let his bank account be used for money laundering in a drug scheme.

Abuse by Family, Friend or Carer

When health declines, older people might share their bank card PIN with a family member, friend, or caregiver to help with shopping. However, this can become a way for abuse to occur, with small amounts of money taken to hide the theft. While such arrangements seem practical, they create opportunities for financial abuse and also go against bank rules. While cheque fraud has decreased with more online banking, some incidents still occurred. In many cases of financial abuse by family members, bank managers noted that older people did not want to pursue criminal charges. There was also concern about older parents opening joint accounts with family members, as this could lead to financial abuse even if intended for convenience. Sometimes, family members felt entitled to an older person's assets or money, taking funds without legal permission. For example, one relative removed money from their mother's account to pay a care home bill without consent, believing it was their inheritance anyway. Other types of undue influence included threats to withhold visits from grandchildren, or in one case, an older man being falsely threatened with a police report unless he handed over money.

Cases Involving Issues Related to Capacity

When discussing financial abuse cases, participants often mentioned concerns about an older person's ability to manage their financial affairs. This capacity related to two areas: the physical ability to go to the bank and the mental ability to make financial decisions. If there were concerns about decision-making capacity, bank managers might contact a family member. For example, a bank noticed large sums being sent to an animal shelter by a customer who did not seem to understand they were depleting their own limited funds. However, even legal arrangements like Power of Attorney could be abused. One case involved someone with Power of Attorney selling an older person's land and misusing the proceeds. The various cases described highlight the diverse and complex ways financial abuse can manifest. Bank managers frequently encountered suspected financial exploitation. These case accounts, similar to existing research, reflected many types of financial abuse, whether from family members or opportunistic strangers like rogue traders or lottery scams. Studies confirm that scams against older people are common and can lead to embarrassment, shame, and low self-esteem, often preventing reporting. Participants identified common issues in suspected abuse cases, including a sense of entitlement, concerns about decision-making capacity, an overly trusting nature towards family or strangers, poor financial decision-making, and a lack of financial awareness. While many families do not commit financial abuse, risk increases with dependency, and convenient arrangements like sharing a PIN can lead to abuse. Undue influence and pressure were also described as ways to access an older person's money, even if it went against their best judgment. A common belief among adult children is that they are entitled to their parents' assets due to inheritance expectations or simply thinking the older person can afford the loss. While a Power of Attorney is meant to manage financial affairs responsibly, it can be abused if the attorney betrays the older person's trust. Accounts also showed older people who seemed unable to make financial transactions. There is a proven link between reduced financial decision-making ability and abuse, especially in those with cognitive disorders, depression, or mood disorders. In the early stages of cognitive decline, managing finances can be challenging, leading to reliance on third-party help. This emphasizes the importance of thorough health checks, including assessments of financial capacity and screening for loneliness, depression, and mood disorders.

Responses to Financial Abuse

Responses to financial abuse were customized to each situation, based on recognizing warning signs and taking action to gather more information and decide on appropriate intervention. These responses included using intuition, helping older people understand the reality of scams, seeking advice, delaying transactions, and sharing information about suspected financial abuse.

Most bank managers spoke of lottery scams. They observed that older people were often convinced these scams were real and insisted on sending money. Efforts to make the older person see the truth included carefully reviewing scam communications, which often used fake letterheads or poorly copied certificates. They also tried to reason with the person using logic, such as asking if they had ever actually entered the specific lottery they claimed to have won.

Often, complex cases required seeking advice. This involved bank managers getting advice from regional or head offices, or specifically from their bank's legal department regarding suspicious transactions. Another form of advice was encouraging the customer to seek help from or involve a trusted person. For example, one bank manager advised a confused customer making large withdrawals for building work to bring a trusted family member. However, it was notable that few bank managers knew about the HSE's safeguarding service for referring suspected abuse cases, and contacting the police was not a common action for suspected financial abuse.

Another strategy was to delay a significant transaction, such as opening a joint account. This allowed more time for reflection, with the bank manager following up with a phone call later when the older person was alone. A final aspect of responses was sharing concerns. For instance, an account could be electronically "flagged" to alert staff in any branch to concerns. Internal communications were also circulated to other bank branches about suspicious activities. There was also a growing focus on training staff to recognize and respond to suspected financial abuse. All bank managers were experienced in their roles and described carefully assessing each suspected financial abuse situation, then tailoring their actions.

A study in the UK found that bank staff were less certain about financial abuse if the older person appeared able to manage their money. However, using a "bystander model," it is suggested that bank staff go through five steps when intervening: noticing warning signs, interpreting the situation as abuse, deciding it is their responsibility, knowing how to act, and choosing to intervene. These steps were evident in the bank managers' stories, with the older person's decision-making capacity being a key factor influencing intervention. Preventing and intervening in financial abuse requires knowledge and training for bank staff, as well as collaboration between different sectors. Bank managers mentioned that financial abuse training had been introduced in some banks, but continuous training, especially for new front-line staff, was needed. In the USA and Australia, financial institutions have developed specific training programs for staff. Training for bank staff should incorporate global best practices while considering local laws and policies. Given that many scams originate internationally, stronger ties with international banking colleagues are also necessary.

Another useful training area involves staff understanding dementia and decision-making capacity, as many bank managers reported issues related to their older customers' decision-making challenges. Training programs tailored for banks can enhance awareness of dementia, increase knowledge of financial capacity, and help identify appropriate responses within banking systems. Public awareness campaigns by banks are also crucial to educate older people about the implications of actions like joint accounts or sharing PINs. Raising awareness of financial abuse also extends beyond banking, as societal issues like ageism, family entitlement, and coercive control need to be addressed through cooperation across different sectors. However, the bank managers' accounts indicated a traditional, isolated approach to financial abuse within Irish banks. Unlike many US states that have made bank staff mandatory reporters and established specialist teams, Ireland lacks a comprehensive, integrated, multi-sector approach and specific safeguarding laws. While the NSC recognized this, bank managers rarely mentioned working with or reporting to other sectors when suspecting financial abuse. This might be due to concerns about client confidentiality, particularly under data protection regulations, leading to a cautious approach to referrals due to fear of legal consequences. However, even if financial abuse has unclear boundaries due to consent, family loyalty, or confidentiality, it often constitutes a criminal act and can harm an older person's health and well-being.

Contextual Issues

The context of financial abuse revealed two additional themes: the differences between rural and urban banking, and the changing nature of banking transactions.

Geographical Perspective

Researchers aimed to include both urban and rural bank managers in the study. In more rural areas, the relationship between bank staff and clients was considered more personal. Bank managers also noted that in rural areas, older women often managed the household while older men handled finances.

Changing Face of Banking Institutions

Like other countries, Irish banks are undergoing a technological shift towards online banking. However, it was recognized that the need for in-person banking still exists. There have been closures of smaller rural banks, and older customers may be hesitant to manage banking online. This can lead to older people giving others access to their accounts for assistance, which may violate bank regulations. Rural bank managers described having closer relationships with their older customers. The age profile of rural bank customers is often older than in urban areas. This study suggests that fewer customers in rural banks allow staff to build stronger relationships, increasing their ability to notice signs of suspected financial abuse.

Bank closures in rural areas are often due to economic decisions. The impact of rural bank closures is not well-documented in literature, but community groups and political parties often object, citing negative impacts, particularly on older people. While online banking has made many transactions remote, its adoption has not been equal across age groups. The COVID-19 pandemic also increased risks for financial abuse, as older people were advised to shield, leading relatives to temporarily manage their finances. The challenge of managing finances during the pandemic was worsened by a digital divide, as older people often have less access to technology and lower digital literacy. There are also concerns that online banking systems may not be sensitive enough to detect impaired decision-making related to finances.

Limitations

Several limitations exist within this study. While the study focused on five major national banks in the Republic of Ireland, other financial institutions were not included, which means the findings may not apply universally. Additionally, participants were recruited at an individual bank level; interviews with regional legal and fraud sections of banking institutions might have offered further insights. The perspectives of older people, advocacy groups, and regulatory authorities were also not included. The broader study covered vulnerable adults, but this paper focused specifically on older customers. While 65 years is commonly accepted as the start of older age, some participant data might have included younger adults.

Conclusion

Financial institutions, such as banks, are crucial settings for financial abuse of older people. However, few studies have focused on this environment to understand how cases present and how they are handled. This study shows that while bank staff are aware of financial abuse risks and have suspected exploitation, there is little evidence of collaboration with health and social care services or formal involvement with police or legal systems. These challenges are also seen internationally, as financial abuse of older people often goes unpunished. As a result, cases are often handled internally within the banking sector, frequently relying on bank managers' intuition to delay transactions or follow up to understand the older person's actions.

Despite a recent focus on a duty of care to vulnerable adults, including older people, more work is needed in educating staff about elder financial abuse. Furthermore, with the rise of international scams, a stronger global protection system within banking is necessary for prevention and early intervention. Since financial abuse is a complex issue, it requires a multi-faceted, collaborative response to protect older people from economic crimes, including those within banking systems. As these are crimes, they need to be reported to allow for legal action.

The health and social care system should increase screening for financial capacity and work with banks and other sectors to promote actions that reduce risk for older people, whether they have full decision-making capacity or not. Different sectors need to intervene early to limit financial losses. In this information technology age, older people should be supported in digital literacy if they wish, but also have access to financial institutions through other methods they find acceptable. Efforts should address concerns such as data protection, information sharing, and ongoing inter-sector collaboration in suspected cases. Finally, a cultural shift is needed to address issues of family exploiting an older person's assets, such as using undue pressure, coercion, or believing they are entitled to such assets. Many of these findings are relevant internationally, as financial institutions recognize their obligations in financial safeguarding and the importance of collaborative efforts in both preventing and intervening in elder financial abuse.

Introduction

Work on elder abuse has grown a lot in the last ten years. Elder abuse means a single act, or not doing enough, in a trusted relationship that causes an older person harm. This has often been seen as emotional harm, money abuse, sexual abuse, physical harm, or not taking care of someone. Lately, people have started to look at elder abuse as a human rights issue. New laws and rules are being made to help older people make their own choices while also keeping them safe.

Many studies have looked at how often elder abuse happens. One study found that about 16 out of 100 older people living in their communities faced abuse. In Ireland, where older age starts at 65, a study found that money abuse was the most common type. Reports from Ireland's health service also show that money abuse is often found in their investigations. Even though more attention is being paid to money abuse against older people, there are not many studies that look at what banks and other money places have experienced.

Financial Abuse

Over 40 different ways to define money abuse have been found, which makes it hard to truly understand it. This makes it tough to compare studies and know how common it is, and also limits how rules and responses can be shared. Most definitions say money abuse includes stealing money, property, or using legal tricks. In Ireland, the health service defines money abuse as stealing, cheating, putting pressure on someone about wills or money deals, or wrongly using someone's property or benefits.

In 2011, one study thought money abuse cost at least $2.9 billion in the USA, but this was likely too low. Some figures suggest it could be as high as $36.5 billion when all types of money abuse, including fraud and abuse by caregivers, are added up. In Ireland, reports show that older people face money abuse, but how much is happening is not fully known. It is hard to get a real number in Ireland, just like in other countries. Money abuse can happen in many ways and sometimes the older person does not even know it is happening. But it can cause big problems like losing trust, feeling sad, or having mental health issues like worry and sadness. Also, losing money can make it hard for older people to feel safe with their money, and it is harder for them to earn it back since they might not be able to work again.

There are more and more older people, and sometimes people treat them unfairly because of their age. Also, more people are living with memory problems, and older people often have more savings or property than younger people. These things make older people easy targets for bad actors. Money abuse can show up as stealing, scams, feeling like someone is owed money from an older person, forcing them to do things with money, or problems with managing money. It can also happen when someone in charge of an older person's money uses tricks to get money or uses lies. People who commit abuse might do it on purpose (not spending money for the older person's well-being or using it for themselves), or they might think they have a right to the money. It could also happen because they see an easy chance, or because they are careless or simply bad at handling money.

Studies on how common money abuse is vary. In Israel, one study found it in about 9 out of 100 hospital patients over 70. Another study found it in 3 out of 100 older people in a year, and 5 out of 100 in their lifetime. In the UK, it was thought that over five million older people had been victims of scams alone. Even though one study suggested that about 4 out of 100 older people worldwide face money abuse, it is still not studied enough, not seen enough, and people are not punished for it enough. It is thought that only one in six cases is ever reported to help services. This shows that workers in many fields need to be good at spotting and reporting this kind of abuse. Older people might not know they are being abused, for example, if they have trusted someone with their money (like through a Power of Attorney or joint bank accounts). Also, an older person might be forced to give up money or might not want to report a close family member. Other reasons for not reporting include feeling ashamed or scared of what the abuser might do. If the older person depends on the abuser, they might worry about losing help with daily tasks or losing friends.

Things that can make older people more likely to experience money abuse include getting older, having memory problems, needing help with daily tasks, being female, feeling alone or sad, living alone, having less money, being of a certain background, and having bad social interactions. Having a smaller group of close friends and feeling well-supported by others can help protect against abuse, as can having a good relationship with the older person.

For a long time, services that protect older people from money abuse have mainly been health and social care services, especially public ones. Handling money abuse cases can be hard because it might involve questions about a person's ability to make choices, poor teamwork between different groups, and not enough proof. Punishing people for money abuse is not common. This might be because of family ties, wrong beliefs that someone has a right to the money, embarrassment, feeling that reporting shows a weakness, trusting the abuser (especially in scams), unclear money deals, or hoping to get something in return, like family visits. Unlike other types of abuse, money abuse can happen far away from the older person and can involve groups outside health and social care, like banks. It can also happen without the older person knowing.

Financial Institutions

Banks and other money services are very important places for keeping older people's money safe. Even though people worry about keeping client information private, bank staff can play a big part in noticing and stopping money abuse against older people. This means banks have a duty to care for their customers who might be at risk. However, even though banks are key in stopping money abuse, they have been careful in this area. Also, there is not much research about their experiences, what they do, or how they can work with other groups. So, this study wanted to learn what bank managers and other important people in banks think and experience about money abuse against older people.

Study Questions

This study asked:

• What have bank managers and other key people experienced regarding money abuse against older adults in banks?

It also asked:

• How are older adults (as customers) thought of as being at risk in banking systems?

• What kinds of money abuse against older adults have happened?

• What actions have been taken to respond to money abuse against older adults?

While the larger study looked at all adults at risk (18 years and older), this paper shares what was found about older people (age 65 and older).

About the Study

This study used two main ways to collect information. It gathered detailed stories from 25 people and also used an online survey with 898 bank staff. This paper only talks about the detailed stories from the 25 face-to-face interviews. The study was approved by the Human Research Ethics Committee.

The study took place in Ireland. Five banks agreed to be part of the study. To get an inside look at money abuse related to banks, 20 bank managers were interviewed. Five more people from a special group called the National Safeguarding Committee were also interviewed. This group helps protect adults at risk. These five people gave an outside view of money abuse within banking systems.

The 20 bank managers interviewed had at least five years of experience and were in a management role. They were chosen from different areas (city and country) and different banks, based on how many customers their banks had. Most were from city areas, with a few from country areas. The five people from the National Safeguarding Committee were chosen because they had worked with older people who had faced or were suspected of facing money abuse involving banking services.

The detailed stories were collected over four months in 2017. The interviews used a flexible guide with open questions to learn about people's experiences. The interviews were recorded and lasted between 45 and 90 minutes.

The recorded interviews were typed out and put into a special computer program. Two researchers then looked for common ideas and patterns in the typed interviews. They talked often to make sure their findings matched, and they ended up with clear, separate themes.

What the Study Found

The interviews showed four main themes: what a person at risk means, examples of money abuse against older adults, how banks responded to money abuse, and other important situations.

What "Vulnerable Adult" Means

Being able to guess that money abuse is happening depends on understanding what makes older people at risk. Risk was seen as a complex thing with many sides. It could mean an older person who can make choices but needs help (because of a physical problem), or it could be about their ability to make choices about money. For example, a bank manager said a person at risk could be "somebody who has the ability to make a choice, but may need help to do so." Or it could be "adults that would be using accounts who have reached a stage in their life where they do not have the ability to make choices and they need more help."

Sometimes, being at risk could be temporary, like after someone dies, when grief might affect their ability to make choices. However, everyone agreed that customers who are at risk are not all the same, and it would be wrong to make assumptions based on age. One committee member said that "vulnerable" is a very personal term, and what one person calls "vulnerable" another might call a "bad day." They worried that using this term too simply could lead to unfair ideas about older people just because of their age or if they lose some abilities.

Even though people might disagree about the word "vulnerable," studies have shown that changes that come with age can make someone more at risk. For example, getting older can affect a part of the brain that makes it harder to spot when someone is trying to trick you. Thinking about ethics, being at risk means being unable to protect your own interests, while still trying to balance protecting someone and letting them make their own choices. Even though the word "vulnerable" has been argued against, it is still used in many rules in Ireland. This study found that older people being at risk of money abuse could be temporary (like after a death), include memory problems (making it hard to understand actions), or involve physical problems (needing someone else to do bank tasks).

The Banking Consumer Code in Ireland defines a "vulnerable consumer" as a person who can make their own choices but needs help because of their situation (like someone who cannot hear or see well), or someone who has limited ability to make choices and needs help (like someone with intellectual problems or mental health issues). This means being at risk can come from things inside a person or things outside them. Other studies agree, linking money risk to a person's mental or emotional state, health, daily living skills, social life, and their surroundings.

Banks have started to realize they have a duty to care for customers who are at risk. Irish banks have especially increased their care in recent years, with new laws about decision-making and special groups and services (like customer care teams or phone lines) to fight risks like money abuse.

Examples of Financial Abuse

All the people interviewed talked about cases where they knew or thought older people were facing money abuse. The ways this abuse showed up were different, but they fell into groups: abuse by strangers, abuse by family/friends or caregivers, and cases where the older person's mental ability was a concern. These stories included cases of people taking advantage, card fraud, worries about decision-making ability, and cases where someone was thought to be putting unfair pressure on the older person.

Abuse by Strangers

When it came to abuse by strangers, it was noted that scams had changed as technology became more complex. In the past, it might have been people doing work on houses and then charging too much, like €5,000 to clean windows.

A common story involved lottery scams. People told how older people were tricked into believing these scams were real. Once tricked, they might keep sending money for a long time for many small "costs" that seemed real, like fees for certificates or taxes. These small amounts added up to a lot of money over time. For example, one bank manager talked about an older man who had been sending money for years for fake reasons, like anti-money laundering certificates or to register a check. He even switched from one money transfer company to the bank to pay these fake costs.

Money abuse could also happen through people on the phone pretending to be from real companies, like the bank or a well-known computer company, saying they needed to "fix" a computer problem. Cases could also involve unfair pressure, such as dishonest workers trying to charge too much for bad work. One bank manager told a story about an older man who was clearly stressed and felt forced to pay for bad work. In another case, a bank manager said an older person was forced to let their bank account be used to hide money from drug deals, which is a type of money abuse not seen in studies before.

Abuse by Family, Friends, or Carers

As people's health gets worse, doing things like shopping might mean giving out a bank card's secret number (PIN) so a family member, friend, or caregiver can buy things. But this can open the door to abuse, with small amounts of money taken out to hide the theft. For example, a caregiver might take small amounts from a card after finding the PIN, making it easy to do.

So, while these ways of helping seemed practical, they also created chances for money abuse and broke bank rules. With more online banking and card use, check fraud has gone down, though some cases still happen. Both card fraud and check fraud showed how much trust older people had in the person doing the abuse. In many cases, bank managers found that older people who were abused by family members did not want to press charges. One bank manager said they had never seen a family abuse case where the customer wanted to take it further.

There were also worries about older parents opening a joint bank account with someone else. A joint account, meant for ease, could lead to money abuse. While it usually works fine with a husband and wife, problems can happen if an older person adds a distant relative, nephew, cousin, or grandchild.

Also, having family ties or people helping an older person could lead to the wrong idea that they have a right to the older person's money or property. This could show up as money being taken from an older person's account without legal permission. One committee member talked about a relative who openly said they would just take money from their mother's account to pay a care home bill, even without the mother's permission. Lawyers sometimes even supported this idea, saying that if relatives spent all the money now, they were just spending what they would inherit anyway. Other examples of unfair influence included threats to keep grandchildren away, or a younger girl threatening an older man with false police reports if he did not give her money.

When Mental Ability is a Problem

When talking about money abuse cases, people noticed that an older person's ability to handle their money was often a concern. This ability involved two things: being able to physically go to the bank to do banking, and being able to make good choices about money matters.

When it came to making good choices, there were two main situations. If they thought there were problems, bank managers might contact a family member. For example, in one case, the bank noticed large sums of money being sent to an animal shelter, even though the customer did not realize their own small savings were running out. The bank manager would then contact a family member to express concern.

However, it was noted that even if legal agreements were in place, like a Power of Attorney, this could be abused. One person told about at least two cases where a Power of Attorney was used wrongly. In one case, someone sold an older person's land and put the money into an account, then made up fake bills for home care, moving a lot of money.

The many different cases show how money abuse can happen in many ways and is often complex. This study showed that bank managers often suspected money abuse against older people; all the people interviewed had many examples of suspected cases. Like other studies on money abuse against older people, the stories showed many types of money abuse, both from family members and from people taking advantage (like dishonest workers or lottery scams). One study found that at least one in 18 older people living in the community are victims of scams each year. More recent studies have seen how common scams are, like fake lotteries, fake charities, and romance scams, all of which were found in the cases mentioned by the people in this study. It was also noted that scams against older people can lead to embarrassment, shame, and feeling less valuable, often made worse by others not understanding; this can make it harder to report.

The experiences of the people in the study showed common issues in suspected abuse cases, such as feeling entitled to money, problems with decision-making, trusting family or strangers too much, and like other studies, being too trusting, making bad money choices, and not knowing enough about money. Even though many families do not commit money abuse, the risk goes up with dependence. What seems easy, like sharing a PIN, can lead to money abuse.

Cases also involved unfair pressure and forcing someone to do something. Money might be taken because of power differences, the older person wanting to keep contact, or unfair pressure to make money decisions, even if these actions were against the older person's better judgment. To make it worse, adult children often feel they have a right to their parents' money or property, thinking it is their inheritance, because they are family, or because they believe the older person can afford to lose or give away the money.

While a legal document called an Enduring Power of Attorney lets a trusted person manage money matters, it can lead to money abuse if that person breaks the older person's trust. There were stories of older people who seemed unable to handle money tasks. Studies show a link between worse money decision-making and abuse, especially due to brain problems and other mental and thinking issues. Studies have also shown that thinking about abstract things, like managing money, often gets worse in the early stages of memory diseases, leading to money confusion. However, memory diseases might not be diagnosed for some time because people delay getting help. There is also a link between worse money ability and feeling sad or having mood problems, loneliness, and poor physical health. So, in the early stages of these health problems, it can already be hard to manage money, and people might get help from others. This shows how important it is for doctors to do full health checks, including looking at money abilities and checking older people for loneliness, sadness, and mood problems.

How Banks Responded to Abuse

How banks responded to money abuse depended on the situation. It was based on noticing warning signs and taking action to get more information and decide what to do. Responses included using gut feelings, helping people see that scams were fake, asking for advice, delaying transactions, and sharing concerns about suspected money abuse.

Most bank managers talked about lottery scams, like the "Spanish lottery." They noticed that older people could be very sure these scams were real and insisted on sending money, believing they would win big. But banks tried to help the older person see the truth by carefully looking at the scam messages, which often used fake company letters or bad copies of certificates. They also used logic in their conversations, asking, "Did you really enter the Spanish lottery?"

Often, tough cases meant asking for advice. This happened in two ways: bank managers could ask for advice from their regional or main offices, and they might specifically ask their bank's legal team about suspicious money deals. The second type of advice was about telling the customer to seek help or to involve a trusted person. For example, one bank manager talked to a customer who was confused about paying for building work and asked him to bring his sister to make sure the work was okay.

However, it was clear that few bank managers knew about the health service's safeguarding program for reporting customers suspected of abuse. Also, calling the police about suspected money abuse was not common. Another plan was to delay the person, especially if a big action was being taken, like opening a joint account. Delaying gave more time to think. The bank manager would then call that evening when the older person was alone to ask, "Are you still happy to open this account?"

One last part of responding to money abuse was sharing concerns. For example, an account could be marked in the computer to warn staff in any branch about problems. Also, internal messages could be sent to warn other bank branches about suspicious activities. There was also a growing focus on training staff to spot and respond to suspected money abuse. All the bank managers were experienced in their jobs and talked about carefully checking each situation where money abuse was suspected and taking action based on the specific case.

In a study in the UK, it was found that bank staff were less sure about identifying money abuse if the older person seemed able to manage their money. However, using a helper model, some suggest that bank staff go through five steps when dealing with abuse: (a) noticing signs of money abuse, (b) understanding that it is money abuse, (c) deciding it is their job to do something, (d) knowing how to handle the situation, and (e) deciding to step in. These steps were seen in the bank managers' stories. The strongest factor for the people in this study was the issue of a person's decision-making ability, which has been shown to make staff more likely to act.

Bank staff need knowledge and training to prevent and deal with money abuse against older people, and they need to work with other groups. The bank managers said that training for money abuse had started in some banks, but more training and support for new staff from senior co-workers were needed. In the USA, banks have given staff special training programs since 1995. More recently, groups like the American Association of Retired Persons and the American Bankers Association have offered staff training. This training should include new ideas from around the world and also fit with local laws and rules. Because scams can come from other countries, there is also a need for stronger connections with banks worldwide.

Another helpful training focus is for staff to understand memory problems and decision-making ability, as many bank managers talked about challenges related to their older customers' ability to make choices. For example, a special training program was created for banks to (a) help staff learn more about memory problems; (b) increase knowledge about money ability, making choices, and the details of money abuse for people with thinking problems; and (c) find good ways to respond within banking systems. Also, bank staff need to learn more about general decision-making ability and new laws that help people make decisions.

Banks also need to run public awareness campaigns to teach older people about what happens if they do things like having joint accounts or giving their PINs to others. Raising awareness of money abuse against older people goes beyond banks; it was noted that bigger societal issues like ageism, feeling entitled, thinking families are always good, and using force or control need to be handled by different groups working together. However, the bank managers' stories showed that banks in Ireland usually deal with money abuse on their own. While many states in the USA have realized that bad money deals can hurt older people and have made bank staff legally required to report abuse, Ireland has not created a full, joined-up plan involving many groups, nor does it have specific laws to protect people. While this was known by the National Safeguarding Committee, bank managers rarely talked about working with or reporting to other groups when they suspected money abuse. This might be because they worry about keeping customer information private, especially with new data protection rules, which makes them careful about reporting for fear of legal trouble. But even though money abuse can be unclear sometimes, it is often a crime and can hurt an older person's health and well-being. The pros and cons of having required reporting for elder abuse were discussed in a recent paper. However, one group supports full, strong rules and guidance instead of required reporting, because they worry it would not solve the most serious abuse and might flood help services with too many unnecessary reports.

Other Important Points

The details of money abuse included two other main topics: how it differed in city versus country banks, and how banking is changing.

Differences in City vs. Country Banks

When choosing people for the study, researchers made sure to include both city and country bank managers. The relationship in country areas was thought to be closer. Bank managers also noticed that in country areas, there were more traditional gender roles, with older women managing the home and older husbands handling money. For example, one manager said that in country areas, often "the husband and wife would come in here and possibly rural elderly couple and one does all the talking, the other does not say one word and that's the way it is, it's just the way the family is run."

Banks Are Changing

Like other countries, Irish banks are changing a lot with new technology and a move to online banking. However, it was clear that people still need to go to banks in person. One committee member said that banks should "create the service that they want, don't ask them to buy into the service that you're offering." This means if older people could design their bank service, they would want a bank in their town that does not close.

Also, some smaller country banks have closed, and older customers might not want to use online banking. This can lead to them giving others access to their accounts for help, which can break bank rules. For example, bank managers noted that older people might give their account details to different trusted people, which is against bank rules.

This topic was not often talked about in other studies. Country bank managers said they had closer relationships with their older customers. The average age of bank customers in country areas has been noted to be higher than in city areas, while cities have more customers. From this study, it can be said that having fewer customers allows staff to build better relationships, making it easier to spot signs of suspected money abuse.

About 10 out of 100 people in country areas live more than 10 miles from a bank in the UK. The recent pandemic caused a higher risk for money abuse because older people were told to stay home, which allowed relatives to temporarily manage their money. In Ireland, 11 out of 100 people had made different money plans during the first lockdown, but two-thirds did not get back control when rules eased. The challenge of managing money during the pandemic is also made worse by the digital divide, meaning older people often have less access to or desire for online banking.

Country bank closures can happen because of business choices. In recent years, many big banks have merged, which has affected farming communities a lot. There are not many studies looking at the impact of country bank closures. Most of what is said comes from community groups who are against closures, and politicians talking about the negative effects. For example, some argue that banks have a duty to consider the impact, noting that older people are one of the most affected groups when banks close. While more online banking has given customers access to many daily banking tasks from home, older people have not adopted it as much. As the pandemic increased the use of digital technology, there is still a digital gap between age groups, with older people having less access and weaker digital skills. There is also concern that online banking might not be sensitive enough to spot problems with decision-making related to money, and it is suggested that people be screened for their ability to use online financial tools.

Study Limitations

This study had some limits. While it looked at five major national banks in Ireland, it did not include other financial places (like post offices or credit unions). So, what was found might not apply to them, as their staff might have different experiences. Also, the people interviewed were individual bank staff; talking to regional legal or fraud departments of banks might have given more insights. Similarly, the views of older people, advocacy groups, and rule-making bodies might give different or added perspectives. The wider study was about all adults at risk. The information in this paper is about older customers. While 65 years is generally seen as older age, and some people in the study mentioned this or retirement age, we know that some of the information might also be about younger adults.

Conclusion

Banks and other financial places are key spots for older people to experience money abuse. However, few studies have looked at these places to understand how abuse shows up and how it is handled. This study shows that while bank staff know what makes older people at risk of money abuse and have suspected financial harm, there is little sign of teamwork with health and social care or formal involvement with police or legal systems. These challenges are also seen around the world, as money abuse against older people is not often punished by law. So, cases might be handled locally within the bank, often relying on bank managers' gut feelings to delay transactions or to follow up to understand what the older person intended. Even though there has been more talk recently about banks having a duty to care for adults at risk, including older people, more work is needed in teaching about money abuse against older people. Also, with more scams coming from other countries, better protection within banking systems worldwide would help prevent problems and allow for early help.

Because money abuse is a problem with many sides, it needs a group effort involving many different areas to protect older people from money crimes, like those that happen in banks. As crimes, they need to be reported to get legal help.

The health and social care system should do more to check on people's money ability and work with banks and other groups to promote actions that lower risk, for older people with and without decision-making ability. Different groups need to step in early to stop bigger losses.

In this age of technology, older people need support to learn digital skills, if they want to. But they also need to be able to access banks in other ways that they prefer. Efforts should deal with concerns like privacy, sharing information, and ongoing teamwork between different groups in suspected cases. Finally, there needs to be a big change in how society thinks about families taking advantage of an older person's money, such as using unfair pressure, forcing them, or thinking they have a right to the money. Many of these findings apply worldwide, as financial places recognize their duties to protect money and the need for teamwork in both preventing and stopping abuse.