Financial abuse can have devastating consequences for older Australians, leaving them vulnerable and financially insecure.
Recognising Elder Financial Abuse
Elder Financial Abuse can involve manipulating financial decisions, unauthorised withdrawals, or even misuse of third-party authorities like Power of Attorney.
Here are some common signs of Elder Financial Abuse:
Here are some common signs of Elder Financial Abuse:
Changes in finances or spending patterns
Unusual or unexplained transactions, such as unexpected withdrawals, large cash requests that are out of character, or sudden changes with their banking that the older person can’t explain.
Missed payments or financial difficulties
Unpaid bills when the older person believes that they should have had enough funds to pay the bill.
Misuse of funds
A trusted individual, such as an attorney, is misusing the older person’s funds for personal gain rather than acting in the person’s best interests.
Changes in important documents
Alterations or unauthorised changes made to official documents such as Wills, Power of Attorneys or Insurance policies.
Unusual behaviour
The older person is remaining silent whilst another does all the talking during financial discussions.
Steps you can take to protect yourself from Elder Financial Abuse
Contact the police
If you are experiencing financial abuse, you can contact the police.
If you are in immediate danger, call 000.
Learn more about Elder Financial Abuse
Read the Safe and Savvy Guide, developed by the Australian Banking Association, which focuses on helping individuals, especially older adults, avoid scams, fraud, and elder financial abuse.
Update your contact details
Call 1300 236 344 or visit your nearest branch to make sure your address and phone contact details are up to date.
Need to change passwords or PINs?
You can update your e-Banking passwords, or change PINs on debit or credit cards.
Review your finances
Use your statements to identify any unusual spending on your accounts.
Seek advice
Always seek independent legal advice before signing any contracts or important documents.
What we can do to help
You don’t have to deal with financial abuse alone. We are committed to your safety and confidentiality.
Establish safeguards
We can put controls in place to limit spending or protect your money.
Regain control of your accounts
We can review access to your accounts, including any third-party authorities or Powers of Attorney.
Tailored support
We will work with you and your circumstances to find appropriate solutions.
Offer private appointments
We can set up private appointments to discuss your concerns confidentially.
Extra Care Team
You can call our Extra Care team who will work with you to understand your situation and help you take steps to protect yourself.
1300 023 583, 8:30 - 5:00pm Mon-Fri (AEST/AEDT)
Help outside banking
Sometimes, you will need additional help. Explore these resources for expert guidance and support outside of banking.
1800 Elder help
Is a free call that automatically redirects callers seeking information and advice on elder abuse with an existing phone line service in their area.
Aged Care Quality & Safety Commission
For support for you, your family and your carers if you are receiving aged care.
Compass
Is a national website created to help older Australians navigate the complex issue of elder abuse.
Dementia Australia
Supporting people living with Dementia, their families and carers.
National Debt Helpline
For free advice on how to manage your debts when you need guidance or need help quickly.
National Seniors Australia
Advocating for better outcomes for older Australians.
Older Persons Advocacy Network
Providing free, independent and confidential support to older people receiving government-funded aged care.
Ask Izzy
Finding the help you need, now and nearby, you can search for over 450,000 support services.
Resources
Understanding your role as a Power of Attorney: A Quick Guide
Appointing a Power of Attorney to my bank accounts: What does it mean?
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