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Financial Decision Making and Retirement Security in an Aging World$
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Olivia S. Mitchell, P. Brett Hammond, and Stephen P. Utkus

Print publication date: 2017

Print ISBN-13: 9780198808039

Published to Oxford Scholarship Online: November 2017

DOI: 10.1093/oso/9780198808039.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 November 2020

Aging and Exploitation

Aging and Exploitation

How Should the Financial Service Industry Respond?

(p.153) Chapter 9 Aging and Exploitation
Financial Decision Making and Retirement Security in an Aging World

Marguerite DeLiema

Martha Deevy

Oxford University Press

Elder financial victimization is a growing problem facing older Americans. As the conduits of financial transactions, financial firms are positioned to stop losses at their source. Representatives at small and large firms were interviewed to describe their financial exploitation training and prevention programs, their detection and response protocols, and how they balance the goals of client protection with the client’s right to autonomy and privacy in financial decision making. Representatives from regulatory agencies were interviewed to describe the interventions firms are authorized to engage in, the legal barriers they face, and recent rule change proposals that may overcome some of these barriers.

Keywords:   elder financial exploitation, elder fraud, financial advisor, fraud prevention, fraud detection, elder financial abuse, financial planning

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