THE MASSACHUSETTS-BANK REPORTING PROJECT - AN EDGE AGAINST ELDER FINANCIAL EXPLOITATION

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 in dustry, elder protective services, and law enforcement; and encouragin g the banking industry to develop and promote methods of protecting cu stomers and their assets. In the first six months of the project, more than two-thirds of the member banks of the Massachusetts Bankers Asso ciation agreed to participate. Approximately 1,000 employees of financ ial institutions were given an initial training. During that period 57 reports of exploitation were made by bank personnel statewide compare d to 10 reports received in the previous 12 months. Although working w ith the banking industry to address the many concerns regarding confid entiality, liability, security, and customer relations was very time c onsuming, it has resulted in a successful model that can be replicated by other states.