Safeguarding our seniors: How to recognise & prevent elder financial abuse

As our community ages, it’s increasingly important to ensure that our older members are protected financially. We believe everyone has the right to financial security, dignity, and the peace of mind that comes from knowing their assets are protected. Elder financial abuse is more common than many realise, and it often goes undetected until serious harm is done.

What is elder financial abuse?

Elder financial abuse (or exploitation) refers to any misuse or theft of an older person’s funds, property or assets, often by those in positions of trust. It can include:

• Misuse or forging of legal documents (wills, mortgages, power of attorney etc).
• Coercion to change banking arrangements or switch account signatories.
• Using a senior’s credit/debit cards without their knowledge.
• Stealing cash, valuables or identity details.
• Pressuring or deceiving to give gifts or loan money.

What makes elder financial abuse especially difficult is that often it's carried out by people close to the senior – family members, carers, or trusted friends – making it harder for the older person to speak up.

Signs to watch for

It’s not always obvious when financial abuse is happening. Here are the red flags that family, friends, or financial professionals should keep an eye out for to protect our seniors:

What you can do to help

Elder financial abuse can be difficult to spot, and most of the time, the people affected don’t realise it’s happening. If you’re supporting an older loved one, there are practical steps you can take to reduce the risk and strengthen protection.

Open conversations early & often

Talk about finances, wishes, and what decisions look like in later years. It’s important to establish who the older person trusts and encourage honest discussions.

Legal preparations

It’s important to set up power of attorney, enduring guardianship, or similar legal structures while the older person is of sound mind. It’s vital that you ensure the senior fully understands and agrees with the measures put in place. Make sure the documents are reviewed periodically.

Monitor financial activity carefully

Regularly review bank statements, credit reports, and investment portfolios. Look out for unusual transactions or new requests for control over their money.

Safe storage of documents

Keep wills, deeds, and financial records protected and accessible. Consider digital backups with trusted passwords, and make sure important documents aren’t being withheld or hidden from them.

Education about scams and fraud

Stay alert to phony charities, deceptive phone calls, or phishing emails. It’s important to help seniors recognise the signs of common scams and, not to be afraid to double check with someone they trust if they suspect a scam.  

Maintain strong social supports

Connection helps prevent abuse. Try to encourage community involvement, and make sure the person stays connected with family and friends. Watch for signs of isolation that could make them more vulnerable.

How we can help

We are committed to protecting our senior customers. Our measures include:

• Enhanced transaction monitoring to catch suspicious activity.
• Alerts and education campaigns about common scams and elder abuse.
• Dedicated employee training, so our staff can recognise signs of abuse and respond appropriately.
• Tools to help customers authorise trusted persons legally for account management.

We encourage our customers, their families, and carers to reach out if you suspect anything, no matter how small; we are here to listen and help.

Help and support services

If you or someone you know is experiencing elder financial abuse, you don’t have to face it alone. These services can provide support, advice, and protection.

Specialist elder abuse support

• Advocare Elder Abuse Helpline – 1300 724 679
• Queensland Elder Abuse Prevention Unit – Support and referrals statewide
• Compass Elder Abuse Helpline – 1800 353 374

Legal support

• Legal Aid Queensland – 1300 65 11 88 or visit your local Legal Aid office
• Legal Aid NSW – 1300 888 529 or visit your local Legal Aid office
• Office of the Public Advocate – 1300 858 455

Urgent safety

• Police assistance line – 131 444
• If you feel that your life, or the life of someone you know, is in danger, call 000

Financial help

• National Debt Hotline – 1800 007 007

Emotional and relationship support

• Relationships Australia – 1300 364 277
• Lifeline Australia – 13 11 14