Keeping your money safe from financial abuse
If you think someone is taking your money without your consent, or preventing you from accessing it, it could be financial abuse.
Financial abuse can be a hidden and often overlooked form of exploitation, especially among vulnerable people.
It can leave devastating emotional and financial consequences for those affected, but support is available.
What is financial abuse?
This kind of abuse can take many forms. It usually involves someone taking or withholding someone else’s money or belongings for their own gain, or making them financially dependent.
It is often associated with other forms of abuse, including coercive and controlling behaviour.
Financial abuse can be committed by anyone, from partners or other family members to friends, carers or complete strangers.
Financial abuse can include:
- stealing or misusing money
- fraud
- exploiting someone's financial affairs
- restricting someone's access to money, employment or possessions
- pressuring and coercing someone about their Will, lasting power of attorney, property or inheritance.
Signs of financial abuse
While there are different kinds of financial abuse, if you're worried that it's happening to you or someone you know, these are some common signs to look out for:
Unusual transactions on your bank statements.
Being unable to access cash with no clear reason
Feeling pressured into giving your money away.
Feeling forced into changing your Will by others.
Who is affected by financial abuse?
Jim's story
Jim’s story
Widower Jim, 85, has lived alone since his wife died. His son, who holds lasting power of attorney, supports him as best he can, and Jim also relies on a home carer for daily assistance.
Recently, Jim confided in his community support worker about his concerns over his dwindling finances. On reviewing his bank statements, he was horrified to discover numerous unexplained withdrawals, totalling £3,300 over the past year.
This didn’t make any sense because the only person with access to his bank card, other than his son, was his trusted neighbour who helped him with grocery shopping.
The loss of money caused Jim a great deal of distress and anxiety as he feared he had been scammed. Fortunately, he was able to speak to his Blind Veterans UK community support worker and tell her what had happened.
She explained that this could well be a case of financial abuse and that a referral to the local authority social care department for an adult safeguarding investigation was the best way forward.
An investigation took place and Jim was shocked when his neighbour, who had been helping him shop, admitted to withdrawing the funds. She claimed that she had been struggling financially and hadn’t realised the extent of her own actions.
Understandably, Jim was left feeling utterly devastated by the betrayal of trust. His community support worker immediately arranged for his son to assist in securing a new bank card, limiting access solely to close family.
She also supported Jim to join our local social activities to help him regain some sense of community, trust and belonging.
Ways to keep your money safe
As much as you can, stay abreast of your finances so you are aware of transactions coming in and going out and will notice if money goes missing.
Always err on the side of caution. If something seems to good to be true, it probably is. Always be sceptical of any suspicious communication.
Don't be afraid to say no to calls, texts, people at the door or inappropriate offers. Don't worry about seeming rude and never give away your personal information.
If you're worried about the safety of your money or your belongings, the sooner you can talk to someone you can trust, the better.
What to do if you think your money isn't safe
In an emergency, call the police on 999. If it's not an emergency, you can call them on 101.
Contact Action Fraud by visiting their website or by calling them on 0300 123 2040.
Speak to your community support worker who will handle the situation with care.
Read more
How to protect yourself from online scams
20 Jun 2024
Tips from our Safeguarding Lead on keeping your money and identity safe.
Safeguarding: Keeping people with sight loss safe from abuse
14 Nov 2023
The most common forms of abuse and what to look out for.
Tips for saving money from Independent Age
28 Feb 2023
Advice and information to help you manage your finances from older people's charity, Independent Age.
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