Protecting yourself from financial elder abuse
Financial elder abuse is a serious issue that can be hard to identify. It often shows up through small changes in behaviour, finances or relationships that don’t feel right.
If you’re in immediate danger or unsafe, please call the police on 000. Otherwise for information and advice on financial elder abuse, call 1800 ELDERHELP (1800 353 374).
Financial elder abuse is a form of family violence that affects older people.
It occurs when someone takes advantage of, controls, or restricts an older person’s money, finances, or property without their permission. This can lead to monetary loss, distress, or a loss of independence.
Financial elder abuse may occur once or develop over time. It most commonly occurs in relationships where trust is expected, such as with a partner, family member, appointed attorney, guardian, carer, support worker or friend. It can also include situations where someone does not act when help is needed.
Warning signs to watch for
Everyone’s experience of financial abuse is different, but may include situations where:
- Someone makes threats or tries to control your assets or property.
- Someone stops you from accessing your money or takes control of your finances without clear agreement.
- A family member or trusted person misuses informal arrangements, such as promises to share costs or provide care.
- Personal items such as jewellery, cash, credit cards, food or other belongings go missing or are used without your permission.
- Promised care or support is not provided, particularly when you rely on it for help.
- Someone pressures you using guilt, fear or emotional threats to secure money or financial control.
- Someone adds their name to your bank account without clear consent or understanding.
- A person acting as your attorney is not transparent about financial decisions or becomes defensive when questions are raised.
If something doesn’t feel right, you’re not alone. These steps might help.
- Talk to someone you trust about your finances and how decisions are made.
- Choose an attorney carefully and make sure you understand how powers of attorney and authorised account access works.
- Stay involved in your finances and regularly check your accounts and transactions.
- Build your confidence using online banking and technology. Be Connected is a free Australian Government initiative that helps older people build digital skills, confidence and safety online.
- Protect yourself from scams and fraud. The Safe & Savvy Guide is a good place to start.
- Seek support early if you feel unsure or concerned. Compass offers a short quiz to explore concerns you may have.
What we can do to help
If you tell us, or we think that you may be affected by financial elder abuse, we’ll try to:
- reduce how often you’ll need to explain your situation
- refer you to specialist services, and
- treat you with care, respect and dignity.
Protecting your information
If you are experiencing, or concerned about, financial abuse, coercion, or unauthorised access to your banking, protecting your personal information is important.
We can work with you to:
- Review and manage who is authorised to access your accounts and personal information
- Agree on safe and secure ways to communicate with you.
This may include confirming safe contact times and whether it is appropriate to send messages or leave voicemails.
Safe banking
Everyone should feel safe using our banking services. We’re committed to ensuring our products are not used to exploit, pressure, threaten or control others.
If you have concerns about transactions, account access or communications, you can contact us when it's safe to do so. Our team is trained to:
- Recognise indicators of financial abuse and vulnerability
- Respond in a confidential and sensitive manner
- Take appropriate steps to protect your banking.
Where appropriate, we can:
- Review account activity with you
- Take extra security measures
- Help set up new banking.
