One of the best practices against elder financial abuse was started right here in Massachusetts and has since been replicated throughout the country. The Massachusetts Bank Reporting Project: An Edge against Elder Financial Exploitation, was put together by the Massachusetts’ Executive Office of Elder Affairs, in collaboration with the Executive Office of Consumer Affairs, the Attorney General’s Elderly Protection Project, and the Massachusetts Bank Association. What this project does is provide training to bank personnel in how to identify and report financial exploitation. Along with this training they include model protocols, procedures for investigating and responding to abuse, and other manuals for anyone involved in the banking business. This is a great project because it is looking out for the elderly when their own children or families are not and even trying to take advantage of them. A person who has hundreds of thousands of dollars in the bank and seldom withdraws anything over a couple hundred dollars, who suddenly withdraws one hundred thousand dollars would set off a red flag for the bank to further look into and investigate if the elder was in the right state of mind or if someone was manipulating them to do so.
Post source: http://www.preventelderabuse.org/elderabuse/communities/best.html#massbank
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