Recognising and Combating Financial Abuse

Types of Financial Abuse

Financial abuse can manifest in various forms, which include:

• Taking money or property unlawfully.
• Forging signatures or deceiving individuals into signing legal documents like deeds, wills, or power of attorney.
• Unauthorized use of a person's possessions or property.
• Failure to fulfil care promises made in exchange for financial benefits.
• Deceptive confidence crimes targeting the victim's trust.
• Telemarketing scams employing scare tactics, deception, or inflated claims to exploit victims financially.

Red Flags: Spotting Potential Financial Abuse

Indicators that someone may be a victim of financial abuse are:

• Unexplained bills, eviction notices, or disconnection of utilities.
• Unusual bank account activities, such as unexplained withdrawals or transfers.
• Missing bank statements or cheque books from the person's residence.
• New friendships that seem to unduly influence the individual.
• Signing of unfamiliar legal documents.
• A caregiver showing undue interest in the individual's financial matters.
• Missing personal items or property.
• Questionable signatures on cheques or other legal papers.
• A lack of clarity about recent financial dealings or agreements.
• Vague or implausible explanations about one's financial situation.

Why the Elderly are Particularly Vulnerable

The elderly population is especially susceptible to financial abuse due to:

• Limited understanding of their asset's value.
• Dependence on others for financial guidance or support.
• Predictable daily routines.
• Potential sight or health impairments.
• Reluctance to take action against abusers due to shame or health conditions.
• Abusers' belief that elderly victims might not live long enough to pursue legal remedies or offer valid testimonies.

Protection and Intervention

Recognising these signs and understanding the tactics used by perpetrators is vital in protecting vulnerable individuals from financial exploitation. Awareness and timely intervention can make a significant difference.