Elder Financial Abuse 

Elder financial abuse is when a person takes advantage of an older person for their own financial gain. It can happen to anyone, particularly those who depend on others.

As you age, you may need to rely on family or friends to assist you with things like buying groceries or paying bills, and this can leave you vulnerable to abuse.

Elder financial abuse can be committed by a person close to you, or in a position of authority. This could be a family member, caregiver, friend, attorney appointed under a power of attorney, or other trusted individual. It can take many forms and can have far-reaching financial, emotional, physical and psychological impacts.

Knowing more about elder financial abuse can help you and your loved ones recognise it and take steps to prevent it from happening. 

Common forms of elder financial abuse include the following:

  • Transferring funds from the elder account to their own personal account
  • Making charges to the elder's credit card or accounts without permission
  • Demanding monetary loans or gifts
  • Forcefully have the elder sign a new will or appoint them as the power of attorney or enduring power of attorney
  • Threaten neglect if the elder doesn’t do what they ask
  • Restricting or removing access to grandchildren or other family members if the elder person does not do what they ask
  • Inheritance impatience e.g. pressuring the elder to sell their assets because they believe that they will be one day entitled to them
  • Emotional blackmail.

There are a number of steps that can be taken to protect yourself against financial abuse:

  • Open your own mail and ensure you are receiving and reviewing your bank statements for every account you hold 
  • Protect your bank account details, security token, cheque book and cards by keeping them in a safe place that others can't easily access. Do not keep a record of your PIN (Personal Identification Number)
  • Don’t allow others to add your card details to their digital wallet services (Apple Pay, Samsung Pay or Google Pay branded digital wallet and payment services) or save your card details to their device for online purchases
  • If someone asks for money, discuss it first with a trusted family member or friend, even if it seems a legitimate source, bill or invoice
  • Always read contracts and other documents carefully and never sign anything under pressure from someone else. You have the right to get your own advice about any documents before you sign them. If you are unsure, seek advice from trusted professionals (your accountant, financial advisor or solicitor) to ensure you are well informed about your options.
  • Regularly review who else has access to your accounts and consider applying controls to your debit and credit cards for extra protection.

If you think you are being financially abused, we're here to help.

  • Call our local Customer Contact Centre on 1300 55 72 72.
  • Visit or call your local branch.

If you are experiencing elder financial abuse, help is available. Visit External Support Services and Resources for information on organisations that can assist you.