Financial abuse of older and vulnerable adults is commonly committed by a relative, carer, friend or adviser rather than an anonymous caller. The relationship is what makes it possible and what makes it so rarely reported.
What it looks like
- Withdrawals, transfers or new credit that the person cannot explain or seems anxious discussing.
- A new name added to accounts, deeds or a power of attorney, particularly soon after a bereavement or diagnosis.
- A change of will or beneficiary that surprises the family.
- Someone new managing the finances, present at every conversation, answering on the person's behalf.
- Reduced contact with family, or a carer controlling who may visit or call.
Why it goes unreported
The person may be dependent on the abuser for daily care, may feel responsible for them, or may be ashamed. They will often defend them. That is characteristic of the situation, not a reason to conclude nothing is wrong.
What can be done
- Contact the bank and ask specifically for the vulnerable customer or safeguarding team. Most substantial banks have one, and they can apply protections to accounts.
- Where a power of attorney is being misused, the supervising body in your jurisdiction can investigate and remove the attorney.
- Adult safeguarding or social services can assess the situation and act where the person is at risk.
- Where a crime has occurred, it is reportable to the police regardless of the family relationship.
How to raise it with the person
Do not lead with an accusation against someone they depend on. Ask open questions, express concern for them rather than criticism of the other person, and make it clear that help is available whenever they want it and that they will not be judged. Preserve the relationship, because you may be the only route to help later.