Older people have always been a go-to target for financial abuse, especially now that new technology is exposing new vulnerabilities. According to Age UK, tens of thousands of older people are at risk of financial abuse, especially those with dementia or reduced cognitive functions. Now the charity is calling on banks and other organisations to help control the issue.
Who are the victims?
According to the latest figures, at least 130,000 people over 65 have experienced financial abuse from someone they know. With the majority being women aged 80 to 89 and either living on their own, widowed or single.
Aside from the obvious effects unnecessary loss of money can have, this kind of abuse is also associated with a drop in mental health and resilience. And while the recent Citizens Advice and British Bankers Association report on financial abuse in partner relationships recognises the issue, Age UK wants to see the older generations factored in too.
Roughly 300,000 older people depend on outside help with transactions. With disabilities and cognitive decline only increasing the risk of financial abuse, the charity is calling for better banking protocols and staff training to spot the signs of financial abuse and help older customers.
This isn’t limited to the financial sector. Age UK wants professionals from everything from the legal trade to social services to help identify financial abuse and take action.
Who are the culprits?
Scammers and rogue traders are a growing problem. Scams are becoming increasingly sophisticated and, while anyone can be targeted, Age UK warns that older people and those experiencing cognitive decline are most at risk. And sadly, the evidence shows that half of all non-scam instances of financial abuse were carried out by the victim’s adult children. Age UK is calling on banks to improve their detection systems and change their approach to liability.
“…the fact that the overwhelming majority of families want only the best for their older relatives should not blind the authorities to the sad reality, which is that financial abuse does sometimes happen in families, just as we know other forms of abuse do too.” – Caroline Abrahams, Age UK Charity Director
What can be done?
Banks typically put the customer at fault if they’ve been scammed into authorising a transaction. But many organisations now want banks to take more responsibility for scams involving their accounts and the inter-bank electronic payment system, claiming that better systems will help identify and prevent scams earlier.
If you’re worried about financial abuse for any reason, or if you’d just like some more information from a trained professional, get in touch with Johnson Legal today.