Each year on June 15, the World Elder Abuse Awareness Day is celebrated by sharing resources to help prevent elder financial exploitation. The Consumer Financial Protection Bureau (CFPB), a federal agency, defines “elder financial abuse” as a situation in which “someone uses an older adult’s resources improperly or deprives an older adult of access to, or use of, their benefits, resources, belongings, or assets.” The CFPB notes that, though progress has been made to address elder financial exploitation, it continues to be one of the most common forms of elder abuse in this country and across the globe.
Those who commit elder financial exploitation target older adults because they believe (1) older adults are more likely to have accumulated money and belongings, and (2) older adults are more vulnerable than other segments of the population due to isolation, cognitive decline, physical disability, or other health problems.
This year, the CFPB announced a new resource in the fight against elder financial exploitation.
The Elder Fraud Prevention and Response Networks Development Guide provides step-by-step materials to help communities form networks to increase their capacity to prevent and respond to this crime. The Guide is the result of the CFPB’s work with Adult Protective Services, financial institutions, legal aid organizations, senior service providers, and others on the issue of elder financial exploitation.
Specifically, the Guide offers planning tools, templates, and exercises to help stakeholders complete the following key tasks in the creation of a new network or to refresh or expand an existing one.
- Plan a stakeholder retreat and training event. A retreat is an effective way to rally stakeholders and community leaders together to create or enhance an existing collaborative network. The guide offers tools for gathering a core team of key community members to help plan logistics and reach out to key community stakeholders.
- Host a retreat. How you conduct a retreat can set the tone for your network. The guide offers group exercises to provide opportunities for collaboration and make sure everyone’s voice is heard during a retreat.
- Reconvene and establish your network. After hosting a retreat, it’s important to bring community stakeholders back together to determine next steps toward addressing the potential priorities identified at the retreat. The guide provides materials for this follow-up.
- Expand network capabilities. After your network establishes priorities, you’ll be able to use our materials to leverage working groups to reach goals, engage the community, and grow the engagement and influence of the network.
With the release of the Elder Fraud Prevention and Response Networks Development Guide, the CFPB hopes to increase the prevention of and response to elder financial exploitation.
Readers can access the Guide by clicking here – Elder Fraud Prevention and Response Networks Development Guide
Other free fraud prevention resources provided by the CFPB, designed to aid in the fight against elder financial exploitation, are:
- Money Smart for Older Adults – an awareness program with print materials and other resources developed in collaboration with the FDIC
- Fraud prevention placemats, handouts, and activity sheets – simple, eye-catching scam prevention materials
- Advisory and Recommendations for Financial Institutions on Preventing and Responding to Elder Financial Exploitation – best practices for recognizing and reporting elder financial exploitation for banks, credit unions, and other financial services providers
- Protecting Residents from Financial Exploitation – a manual for assisted living and nursing facilities
For additional information concerning elder abuse actions, visit:
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