Simple ways to protect yourself, family and friends from financial abuse
Most people who help us with our finances are trustworthy. However, sadly, there are cases where someone who has been given access to an older person’s money or affairs abuses that trust.
Recent figures from the City of London Police show that £93.8 million was reported lost to fraud by abuse of position during 2025/26, with more than £51 million involving people aged 70 and over.
Financial abuse can happen to anyone, but older people can be particularly vulnerable when they are dealing with illness, memory problems, bereavement or simply need more help managing everyday affairs.
The person responsible may be a family member, friend, carer, employee or someone who has been given legal authority to manage finances.
A few simple precautions can make a big difference
Here’s some advice that we can all follow, and is valuable in passing on to family and friends.
Check bank statements regularly
Look through your statements or online banking and make sure you recognise the payments and withdrawals. If you see something you don’t recognise, don’t ignore it. Contact your bank as soon as possible.
Keep bank cards, PINs and passwords private
Even if you trust someone, don’t give them your PIN or online banking password. If someone genuinely needs to help you manage your finances, talk to your bank about safer ways of doing this.
Be careful about giving someone access to your money
Before allowing someone to manage your finances, consider what access they really need. Keep an eye on your accounts and, where appropriate, involve another trusted person in important financial decisions.
Understand what a Power of Attorney means
APower of Attorney gives another person significant authority to act on your behalf. If you have one, make sure you understand what your attorney is allowed to do and consider asking someone you trust to help you keep an eye on your finances.
Pay attention to changes that don’t make sense
Unpaid bills, missing belongings, unexplained withdrawals, sudden changes to bank accounts, or unexpected changes to a will or other arrangements can sometimes be warning signs.
Don’t be embarrassed to ask for help
Financial abuse can be difficult to talk about, particularly when the person involved is someone you know and trust. Remember that asking questions or raising a concern is not an accusation. It is simply a way of protecting yourself.
If you think something is wrong
Contact your bank immediately if you find a payment, withdrawal or other transaction that you did not authorise.
In England, if you are worried that someone is taking advantage of you or another older person, you can also contact your local authority’s adult social care team and raise a safeguarding concern.
If you are concerned about someone acting as an attorney or deputy, you can contact the Office of the Public Guardian for advice.
Fraud can also be reported to Report Fraud on 0300 123 2040.
Other countries will have similar contacts locally.
If you are a family member or friend
One of the most helpful things you can do is stay involved without taking control.
Talk regularly about finances, where appropriate. Encourage your relative to check their statements and make sure they know who to contact if something doesn’t look right.
If they become ill, develop memory problems or lose a partner, be particularly supportive. These can be times when someone may need more help and may also be more vulnerable to financial abuse.
Most importantly, listen if they tell you that something feels wrong. Take their concerns seriously, even if the person they are worried about is another family member or someone they have trusted for many years.
Protecting an older person’s money is ultimately about protecting their independence, dignity and peace of mind.
Photo by Sasun Bughdaryan on Unsplash