Financial abuse of older people is sadly becoming more common. It can take many forms, from stealing money to manipulating access to finances.
Taking Money or Property Without Permission
One of the most common forms of financial abuse involves taking money, possessions, or property without consent. This might include using an elderly person’s bank card, withdrawing cash, or selling items from their home. Age UK has a guide regarding financial abuse.
Overcharging or Misusing Financial Control
Abusers may take advantage by overcharging for goods or services or misusing control over the victim’s finances. For example, someone might inflate shopping costs, charge extra for care, or limit the older person’s access to their own money.
Forging Signatures or Documents
Another serious form of abuse occurs when someone forges an elderly person’s signature or alters important documents. This could involve cheques, bank paperwork, or even legal agreements. As handwriting can change with age, such forgeries may go unnoticed.
Online and Digital Exploitation
As more older people use online banking and shopping, digital scams and misuse of accounts have become a growing concern. Abusers may set up or control an elderly person’s online profiles.
Misusing Powers of Attorney
A UK power of attorney, such as those set up through powerofattorneyonline.co.uk, is designed to protect someone’s finances, but it can be exploited if the appointed person acts dishonestly. Abuse might involve mixing the donor’s money with their own or making unauthorised withdrawals.
Recognising the signs of financial abuse helps protect older people and ensures their finances remain safe and respected.