Banking patterns could help identify people experiencing financial abuse, UK study finds
Telltale signs of financial abuse, such as depleted savings, increasing debts and declining credit scores, can be identified in bank records, according to an analysis of U.K. banking data published in Nature. The findings reveal up to 373 indicators of financial behavior that could help pinpoint customers who may be experiencing economic abuse.
An analysis of UK bank records has revealed patterns of financial behavior that may help identify victims of financial abuse, according to a study published in Nature. The research, led by Anna Trendl, examined data from 5,428 female victims of financial abuse and identified 373 indicators of financial behavior that appeared up to seven years before the abuse was disclosed.
Victims of financial abuse had lower credit scores, more unpaid debts, higher overdrafts, and lower savings balances compared to a control group. They also exhibited higher overdraft charges, more cash withdrawals, and spent less on self-care while spending more at stores selling alcohol, gas stations, and legal expenses.
These findings suggest that financial abuse can manifest over an extended period, rather than in a single incident that might prompt a victim to report the abuse to their bank. The study highlights the need for further research to determine how these results can be applied to a broader population. The findings could contribute to the development of vulnerability indicators and intervention strategies to support victim-survivors of financial abuse.
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