Elder financial abuse

Estimated reading time
 4 min

Key points

• Elder financial abuse is unthinkable, and yet, the threat is very real for older people in our lives.
  
  
• The more we understand the signs, such as emotional manipulation, the better we can be at helping to spot financial abuse in older people.
  
  
• Anyone can experience elder financial abuse, but some things can make you more vulnerable like those with cognitive impairments or an isolated lifestyle.

Whether you pictured slowing down on an exotic beach, exploring every corner of the country, or simply spending more time with the people you love, there’s one thing those plans all depend on: your financial security.

As we age, our finances and assets can become more vulnerable to elder financial abuse, fraud, and exploitation - not only from scammers, but sometimes from people we know and trust. Financial exploitation of older people is often hidden and can be hard to spot, especially when it involves family members or trusted individuals.

We’re here to help you understand elder financial abuse, identify the signs early, and take practical steps to protect the finances and assets of the people you care about.

What is elder financial abuse?

It’s important to understand that elder financial abuse can affect any older person, not just those who are wealthy or living with cognitive impairment.

Elder financial abuse occurs when an older person’s money or assets are taken, misused, or controlled without their informed consent – causing them financial harm.

When financial harm comes from someone trusted, it can be especially difficult to recognise or address. Learning the warning signs is a critical first step in protecting older people from financial exploitation.

What does elder financial abuse look like?

Financial abuse can come in many forms, but some common tactics used by perpetrators might include:

• Emotional pressure: “If you don’t help me, I won’t have anywhere to live.”
  
  
• Threats or force: “Sign over the property, or else.”
  
  
• Using loved ones as leverage: “You won’t see your grandchildren unless you give me money.”
  
  
• Tricking or misleading someone: “I’ll take care of the rent. Just give me your card details.”
  
  
• Taking advantage of trust: “I’m here to look out for you.”

Scams and cybercrime in elder abuse cases

While elder financial abuse often comes from someone an older person knows and trusts, it can also come from scammers who contact people online. These can be through romance scams, phishing, bank impersonation, or any other kind of cybercrime.

Helping the people you care about learn how to stay safe online and recognise the warning signs of scams targeting older people can help reduce the risk of financial exploitation and cybercrime.

5 signs of elder financial abuse

Edward Tawil, ANZ Lead Specialist from Customer Connect, suggests looking out for transactions that don’t align with the older person’s usual behaviour. For example, if they suddenly start sending money to overseas countries, this could indicate financial abuse.

Here are some other signs for older friends or family members to watch out for.

1. Sudden changes in behaviour in an older person, such as stress, withdrawal, or secrecy.
   
   
2. Signs of financial hardship, including inability to afford food or basic essentials.
   
   
3. Unusual bank activity, such as large withdrawals or unexplained transactions.
   
   
4. Unexpected changes to a will, mortgage, lease, or Power of Attorney.
   
   
5. Unpaid bills or new credit cards appearing in the older person’s name.

Who is most at risk?

The reality is that elder financial abuse can happen in any family, no matter how close you are, but some things can increase your vulnerability, including:

• Cognitive impairment – due to an illness such as dementia, Alzheimer’s, or Parkinson’s.
  
  
• Living alone or being isolated from social contact.
  
  
• Children with financial issues or mental health conditions (children of the elders in question are the most common perpetrators).
  
  
• Relying on others for language translation or if others are doing your banking.
  
  
• Those with family members who feel entitled to their assets. 

How can you help prevent elder financial abuse?

Edward says there is a lot of stigma around elder financial abuse, and it can be difficult for someone to come forward asking for help. The more we can talk openly with older friends and family members about their safety, the better off they will be.

These tips can also go a long way in preventing people from taking advantage of you or someone you love.

• The best way to prevent elder financial abuse is to check in with elderly friends and loved ones regularly.
  
  
• Set up an Enduring Power of Attorney. This should be someone you trust, have known for a long time, or know has your best interests at heart.
  
  
• Keep financial details and personal documents secure, and do not allow anyone to access them without consent.
  
  
• Never give out personal or financial details to someone who calls on the phone.
  
  
• Contact your bank if you notice anything unusual on your accounts.

Where to report elder financial abuse and find support

• If you or someone you love is experiencing financial abuse, contact your bank immediately. If you’re an ANZ customer, contact us immediately to report the abuse.
  
  
• If your credit card details have been compromised, ‘block’ or cancel those cards immediately. If your cards are with ANZ, you can report the compromised card through the ANZ app or by calling us. 
  
  
• If the abuse happened through a romance scam, report the account to the dating app and the messaging app you used to communicate with the cybercriminal. 
  
  
• If you or someone you love is experiencing elder abuse in any form, contact 1800 ELDERHelp or 1800 353 374. You will be redirected to the existing phone line service in your state or territory.
  
  
• For a confidential discussion with an experienced counsellor, call Lifeline on 13 11 14.
  
  
• Report the scam to the Australian Signals Directorate’s ReportCyber portal. This resource is there for reports of scams where money or personal information has been lost.
  
  
• Help others by reporting to Scamwatch to help them prevent future losses, monitor trends and educate the population about emerging threats.
  
  
• You can also contact IDCare, a not-for-profit organisation providing support to those experiencing identity and cyber security concerns.
  
  
• If you’re an ANZ customer, you can report fraud or suspicious activity in multiple ways, such as through the ANZ app or by calling us