The Massachusetts Bank Reporting Project: An Edge Against Elder Financial Exploitation

Abstract

ABSTRACT The goal of the Massachusetts Bank Reporting Project, a public/private partnership between state government and the banking industry, is to prevent elder financial exploitation through educating bank employees and consumers; increasing voluntary cooperation among the financial industry, elder protective services, and law enforcement; and encouraging the banking industry to develop and promote methods of protecting customers and their assets. In the first six months of the project, more than two-thirds of the member banks of the Massachusetts Bankers Association agreed to participate. Approximately 1,000 employees of financial institutions were given an initial training. During that period 57 reports of exploitation were made by bank personnel statewide compared to 10 reports received in the previous 12 months. Although working with the banking industry to address the many concerns regarding confidentiality, liability, security, and customer relations was very time consuming, it has resulted in a successful model that can be replicated by other states.