Recognising financial abuse
Financial abuse occurs when someone manipulates another person’s decision-making, or controls access to their money or property.
A person can be financially abused in many different ways.
Signs to look out for include a person who:
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Pressures you for money.
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Controls your access to your money, for example they may restrict your access to accounts, cash, or credit cards.
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Uses your money without your knowledge or consent, such as forging your signature or using your credit card.
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Signs legal documents by forging or by forcing you to sign documents.
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Threatens or punishes you which can including making you feel guilty, isolating you or making you feel you can’t be trusted with money.
Preventing financial abuse
You can help protect yourself from financial abuse in a number of ways:
- Learn about security and fraud protection, including how to recognise scams.
- Stay in touch with people you trust and do not be afraid to talk about concerns you have.
- Never sign documents you don’t understand, and seek independent and confidential legal or financial advice if you are unsure.
- Open your own mail and store documents and account details in a safe and secure place.
- Check your bank and credit card statement for unauthorised transactions. Contact us if you need help doing this.
- Check that the person who manages your money is doing it in your best interests. You can do this by asking somebody you trust or by calling an available helpline.
Elder financial abuse
Financial abuse can happen to anyone, but some people, like the elderly, or people with a disability, are at greater risk because they are often dependent on family members or other people for their day to day care.
Financial elder abuse may be committed by people known to an elderly person or by strangers who befriend them. Institutions can also commit financial abuse. It may involve a number of actions over a period of time, not just an isolated incident.
Where to find help
National Elder Abuse Help Line
The Australian Government’s national elder abuse help line can help you to access services and find information specific to elder financial abuse. Call 1800 ELDERHelp (1800 353 374) line (free call) or visit https://aifs.gov.au/research/elder-abuse. Alternatively, visit eapu.com.au/elder-abuse-helpline.
Compass
If you or someone you know needs help tackling elder abuse, please visit Compass for more information.
Office of the Public Guardian (QLD)
An independent statutory office that protects the rights and interests of adults with impaired decision-making capacity in Queensland. Find our more here.
Public Guardian (NSW)
Promotes the rights and interests of people with disabilities through the practice of guardianship, advocacy and education. More information available here. It also has the ability to report suspect or instances of elder abuse.
Adult Safeguarding Unit (SA)
Adult Safeguarding is a function that protects adults aged 18 or over who appear to have health and social care needs from abuse or neglect.
Safe & Savvy
A Guide to help older people avoid abuse, scams and fraud. Read the Safe & Savvy guide by the Australian Banking Association here.
The Zahra Foundation
A foundation that's working towards an Australia where every woman is economically empowered and safe. Helpful resources on financial abuse and more available on their website.
Contact us
If you would like more information about financial abuse or would like to talk confidentially about your situation please get in touch with us.
Our branch staff are here to help, and our Customer Hub can assist with your enquiry.
More information
Financial Care Hub
Learn more about how to navigate financially difficult times.
External financial support services
When you need extra support, there are a range of free services you can access for information and confidential counselling on your situation.
Need some help? We've got you covered.
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