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Elder financial abuse

Elder financial abuse happens when someone takes money or property from an older person without permission. This is often done by someone the older person knows and trusts, like a:

  • child
  • family member
  • friend
  • carer, or
  • someone with Power of Attorney.

 What is Power of Attorney?

  • Power of Attorney means you give someone permission to make decisions for you.
  • This person can help with your money or property.
  • They must do what is best for you and follow your wishes.

Signs of elder financial abuse

  • You can keep yourself safe from elder financial abuse when you know what to look out for.
  • Warning signs are small clues that something might be wrong.
  • We can help you find these signs and show you where to get help.

Here are some common warning signs of elder financial abuse in easy English:

  1. Sudden money problems
    You suddenly do not have enough money, even though you used to.
  2. Unpaid bills
    Bills are not being paid, even though you should have enough money.
  3. Missing belongings
    Things like cash, jewellery, or important papers go missing.
  4. Strange bank activity
    There are withdrawals or charges that you do not remember making.
  5. Changes to legal documents
    Someone changes or makes you change your will, power of attorney, or bank accounts.
  6. Isolation
    You are kept away from friends or family, especially by someone who controls your money.
  7. Fear or confusion
    You seems scared, confused, or unsure about your finances.
  8. A new “helper”
    A new person suddenly becomes very involved in your life and money matters.
  9. Unauthorized use of your funds
    Someone uses your money without asking you.
  10. Misuse of Power of Attorney
    The person appointed under your Power of Attorney does not act according to your instructions or in your best interests.
  11. Identity fraud
    Someone pretends to be you and signs your name on bank or legal papers.
  12. Interference with mail delivery
    Your mail is redirected or withheld due to someone changing your address without permission.
  13. Emotional manipulation
    You are made to feel guilty or pressured to give someone money against your will.

Elder financial abuse can happen to anyone

  • Older people often need help from others.
  • Sometimes, people take advantage of this trust and do the wrong thing with money or property.
  • Any older person can be affected.
  • It may happen more often to people who:
  • live alone
  • have a disability
  • do not speak English as their first language
  • need help with daily care

 How to keep yourself safe from elder financial abuse

  • If someone asks you for money, talk to a trusted family member or friend first.
  • You can set up direct debit to pay your regular bills. This means money is taken from your bank account automatically when a bill is due.
  • Only let people you trust help with your money or bank accounts.
  • Never tell anyone your PIN (the secret number for your bank card) or your online banking password.
  • Take your time before making money decisions.
  • Ask for information in writing and talk to someone else for advice.
  • You have the right to say no if someone asks for your money.
  • Trust your feelings. If something feels wrong, it might be wrong.
  • Check your bank statements often to make sure no money has been taken without your permission.
  • You can ask us to help you check your credit report. This is a free summary that shows how you have used credit and loans.
  • Open your own mail.
  • Talk often with people you trust and care about.

If you decide to give someone money:

  • Write a letter or email saying how and when they must pay it back.
  • Get legal advice.
  • Do not sign anything or make money decisions unless you understand everything.
  • Talk to a lawyer if you need help to understand.


How we can help you

  • We know it can be hard to talk about elder financial abuse or to stop it.
  • If you tell us you think it is happening to you, we can:
  • Check your bank accounts with you.
  • Make sure the person using your money is doing the right thing.
  • Help you understand your accounts.
  • Help you change your online banking password and PIN to keep your money safe.
  • Help you change the address where we send your mail.

If you have a loan with us, we can help you with your repayments. Find out more about Financial hardship assistance 

Who you can talk to:

Emergency
Call 000

Advice and support 

1800 ELDERHELP – Advice line for callers seeking information and advice on elder abuse.
Call 1800 353 374
Go to 1800ELDERHELP

Aged Care Quality and Safety Commission – Free service open to anyone who would like to raise concerns about the quality-of-care services being delivered to people.
Call 1800 951 822
Go to Aged Care Quality 

Dementia Australia – Provides support services, education, and information for people living with dementia, as well as their families and carers.
Call 1800 100 500
Go to Dementia Australia 

Older Persons Advocacy Network (OPAN) – Free and confidential services with a focus on support for older people and their representatives.
Call 1800 700 600
Go to OPAN

Finance, debt and legal issues  

National Debt Helpline – You can talk to a free and independent financial counsellor from anywhere in Australia. 

Interpreter services

Translating and Interpreting Service (TIS) – Provides an interpreting service for people who do not speak English and for agencies and businesses that need to communicate with their non-English speaking clients. |
Translating and Interpreting Service (TIS National)

National Relay Service (NRS) – an Australia-wide telephone access service available to customers who are deaf or have a hearing or speech impairment. 24 hours a day, 7 days a week. 
Call 1800 555 660
Go to NRS

For more information see the Australian Banking Association's Links to the relevant industry guidelines are below:

Preventing a responding to family and domestic violence

Preventing and responding to financial abuse (including elder financial abuse) 

Responding to requests from a POA

Banks' financial difficulty programs

This is general information. It does not take into account your personal situation or needs.
Before you make any decisions, think about whether this information is right for you.
If you are not sure, talk to a professional for advice.

Complaints 

Arab Bank Australia Limited (ABAL)

  • In Person                                                                                                                                                    

You can raise your complaint with us in person through our staff by visiting your home branch or the branch you’ve been dealing with. 

Find a branch: Our Branches 

  • In Writing                                                                                                                                                     

Our Privacy Officer's contact details are: 

  • Mail: PO Box N645, Grosvenor Place, Sydney NSW 1220     
  • Email: service@arabbank.com.au
  • Telephone: 1800 646 484 - Overseas callers: +61 2 9377 8900                                                                            
  • Fax: 02 9221 5428                                                                                             
  • Online enquiry
  • Email: service@arabbank.com.au
  • Customer Advocate: customeradvocate@arabbank.com.au

Australian Financial Complaints Authority (AFCA) is a free, independent dispute resolution scheme to deal with complaints from consumers and small businesses about financial services products.