Elder financial abuse

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Elder financial abuse is described as the misuse or theft of an older person’s money or assets. This can occur when someone in a position of trust, like a family member, friend, or carer, causes financial harm to an older person to benefit themselves.

This type of abuse can happen gradually or as a single act. It can also take many forms, from pressuring someone to hand over money or stealing directly from their bank account to misusing Power of Attorney.

Some older people might be at a higher risk of being impacted by financial abuse, including but not limited to;

• People who live alone or are isolated
• People who rely on the help of others
• People who have physical or mental disabilities.

If you are an older person or support an older person, it’s important to remain vigilant and stay alert for the signs that something may be wrong.

Review your account transactions – regularly review account statements to remain aware of payments coming out of the account and query transactions that you don’t recognise.

Seek help if something doesn’t feel right – If you are feeling pressured to sign documents or make payments that are not normal for you, you can seek help. BankVic can assist with reviewing and safeguarding your accounts. There are also a number of support services that can provide counselling or specialist help based on your personal situation.

Your safety and privacy are our top priority. If you think that you are being financially abused, we’re here to help. We can work with you to understand your situation and help you take steps to safeguard your banking. This can include:

• Reviewing who has access to your accounts
• Resetting your online banking passwords
• Reviewing any need for financial hardship assistance
• Providing you with details of other support services.

If you need immediate assistance in an emergency or life-threatening situation, call triple zero (000).

If you need more support, there are a range of government and community organisations that can help you.

*Disclaimer: BankVic does not take responsibility or liability for the advice provided by any of the agencies or organisations