Every person deserves the freedom to make their own choices and feel secure in their relationships. Financial abuse undermines that freedom. It isn’t only about money; it can take away dignity, independence and trust. By understanding how exploitation happens and supporting each other, we can help make sure everyone stays safe and respected.
What is Financial Abuse?
Financial abuse happens when someone misuses or controls another person’s money, property or assets for their own gain. It can occur in many ways, such as:
- Pressuring someone to sign over assets or change wills and powers of attorney
- Taking money without permission or skimming pensions and benefits
- Coercing someone to pay for expenses they don’t owe
- Restricting access to bank accounts or financial documents
- Exploiting trust in relationships to gain financial advantage.
Why Are Older People at Risk?
When life circumstances change, through either health challenges, relying on others for support, or navigating rapid shifts in banking technology, older people can be more exposed to pressure or exploitation.
What makes this especially painful is that it’s often someone trusted who takes advantage.
“I’ve always managed my own money, but the speed of online banking changes makes me nervous,” says Margaret, 78. “It feels like one wrong click could cost me everything.”
Trust and family ties can also create pressure. “When you depend on family to help with bills, you hope they’ll respect your wishes,” explains Tom, 82. “But if they start making choices without asking, it leaves you feeling powerless.”
For Amina, 74, the challenge is emotional as much as financial: “I don’t want to upset anyone. If a relative asked for money, I’d struggle to say no, even if it meant going without myself.”
Warning Signs to Look Out For
Spotting issues early can prevent deeper harm. Signs may include:
- Sudden changes to wills, deeds or financial documents
- Unexplained withdrawals or missing valuables
- Bills left unpaid despite adequate funds
- A new “friend” or relative showing unusual interest in money matters
- Someone appearing anxious, secretive or confused about finances
Concerns should never be ignored. Listening and taking action can protect someone’s independence.
How to Prevent Financial Exploitation
The best protection comes from awareness, safeguards and open conversations. Some practical steps include:
- Encouraging the appointment and regular review of powers of attorney
- Supporting people to stay in control of their own finances for as long as possible
- Agreeing on clear arrangements if family members assist with money management
- Using secure banking features such as transaction alerts, withdrawal limits and two-factor authentication
- Staying socially connected and helping loved ones stay socially connected, so people feel less isolated and more confident to speak up.
Speaking Up and Seeking Help
People experiencing financial abuse often feel ashamed, fearful or worried about damaging relationships. It’s important to reassure them that abuse is never their fault.
Help is available through:
- Seniors Rights Victoria – for legal and advocacy support
- 1800 ELDERHelp (1800 353 374) – a national phone line for elder abuse concerns
- Crime Stoppers Victoria (1800 333 000) – you can make an anonymous report about elder abuse
A Shared Responsibility
Protecting people from financial abuse is something we can only achieve together. Families, friends, neighbours, healthcare workers and banks all have a role to play.
By recognising the signs, encouraging open conversations and acting early, we can help safeguard freedom and independence for everyone in our community.
We’ve partnered with BankVic to help keep our community safe from scams and criminal activity while online! Stay up to date with the latest tips and information in one convenient place, empowering you to prevent online crime and outsmart scammers. Together, we can create a safer internet for everyone!
Read articles here.
Been scammed?
Step 1
If you have given any financial details or have already lost money, contact your bank immediately.
It’s also important to change your passwords, monitor your accounts closely, and consider placing a fraud alert on your credit file.
Step 2
Report the scam to police at cyber.gov.au or at your nearest police station.
Additionally, report the scam to Scamwatch and your local authorities to help prevent others from falling victim.
If you think you have been scammed online, IDCARE can help for free! Call 1800 595 160 or visit their website www.idcare.org
Step 3
Getting scammed online does not mean you are not smart. Cybercrime keeps changing, so anyone can be a target. Do not be embarrassed or hard on yourself! Learn about new scams and take steps to stay safe instead.
If you need support after falling victim to a scam talk to friends and family or contact:
Lifeline: 13 11 14
Beyond Blue: 1300 22 4636
Step 4
If you have given any financial details or have already lost money, contact your bank immediately.aFinally, talk about different types of emerging scams and if you have been scammed share your experience with family and friends so they can better recognise the signs of scams.
Smart Scam Guide
Download a comprehensive guide to spotting scams. Download to learn about the most common scams and what to do if you have fallen victim to one.
