Elder financial exploitation (EFE) is a common form of elder abuse that robs older adults of millions of dollars annually. Yet, little is known about how, and when, its victims recover the money they have lost.
OVC’s federal partner, the Consumer Financial Protection Bureau (CFPB), recently released the Recovering from Elder Financial Exploitation: A framework for policy and research report to help address the gap.
Based on interviews with older adults, caregivers, and professionals, along with a review of existing research, this report outlines a framework of key factors that can make financial recovery from EFE more or less likely at four stages—
- identification that EFE has occurred,
- reporting of suspected EFE to authorities,
- investigation of suspected EFE, and
- return of funds to the victim.
The report details how financial recovery occurs and identifies policy implications, including the need to provide professionals with more training and resources to identify EFE, collect evidence, and report suspected cases to law enforcement. Training can also help law enforcement successfully pursue cases, and the report highlights how investigators who have access to expertise through structures such as multidisciplinary teams or elder abuse forensic centers are more likely to bring cases to successful conclusions.
The CFPB works to ensure that the public is treated fairly by banks, lenders, and other financial institutions. Visit the CFPB website for additional research and resources to help consumers manage their money.