Financial abuse can take the form of:
- misusing or stealing from the bank accounts of those in their care
- pressuring a person to sign a legal document, such as a guarantee or mortgage
- using a power of attorney in a way that is not in the interests of the person who granted it.
Pressure from family member or caregiver
Elderly people may face pressure from family members for financial support. For example, an adult child may pressure a parent to guarantee a loan or become a co-borrower on a loan using the parent’s house as security.
If someone is pressuring you to sign a bank document, or is accessing your accounts without your permission, contact your local bank branch. Staff will give you advice on how best to protect yourself and your banking affairs. In so doing, bank staff will also be alert to any unusual activity in your accounts.
Suspicions of financial abuse
If you suspect an elderly friend or relative is the subject of financial abuse, you may like to raise the subject diplomatically with that person. Some tentative questions can either allay or confirm your suspicions. You may wish to raise your concerns with a trusted family member. The Office for Seniors runs a free helpline (0800 32 668 65) that gives callers information about elder abuse and also connects them to support services.
Other types of financial abuse
Like all customers, older people can also be approached by individuals running financial scams. Fraudsters can make contact in person, by phone, email, or through the internet.
More information
The following organisations also deal with matters affecting the elderly:
- SuperSeniors (Office for Senior Citizens)
- Age Concern
- Commission for Financial Capability (The Retirement Commissioner).
If you suspect an elderly friend or relative is the subject of financial abuse, you may like to raise the subject diplomatically with them and encourage them to contact their local bank branch.
Bank should have been aware of fraudulent activity on account
Richmond was a victim of elder abuse for a long time before his death in May 2021. His sons had concerns about transactions made on his account before his death and passed them on to the bank in July 2020. The bank looked into the matter but allowed Richmond’s account to continue without taking any action.
CASE 2Bank had no grounds to suspect financial abuse of elderly customer
In January 2023, Penelope visited the bank where her aunt had accounts to say she believed someone living with her aunt might be financially abusing her. In July 2023, she asked the bank to again record that she was concerned about her aunt. In October 2023, she and her aunt went to a branch and had Penelope added as a signatory to the accounts. The following day, a doctor deemed her aunt incapacitated. Penelope got hold of her aunt's bank statements and found she had made payments totalling $23,000 to the person who had been living with her since January of that year.
CASE 3Dying wife changed access to just one account
Ravi complained to us that his bank had not carried out an instruction to add him as an account owner on all of his wife’s accounts.
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Updated December 2024