What does financial abuse in the elderly look like and what can be done to tackle it? - Daxa Patel

So, what does financial abuse in the elderly look like and how can we be watchful? Controlling access to money where there are unexplained changes in banking transactions, I know my bank is very keen on tackling banking fraud, sometimes, this can be done in a very subtle way.

The criminal could be someone entrusted to act as a deputy or legal representative. Unexplained large withdrawals from an otherwise steady bank account could be a red flag but who is going to be brave enough to intervene?

In some situations, the withdrawal of cash in the bank is not even done by the criminal as it could be someone is demanding money under duress at home and the monies are withdrawn by the account holder.

Or another example could be where fraudulent joint bank accounts are opened by someone new.

Some people are so isolated that they feel obliged to trust someone who shows they care. Of course, not all people who care for their elderly friends, and relatives, are out to scam them but like domestic, and physical abuse, this often takes place behind the scenes, and it is up to those around them who consider something out of the ordinary to take the first step to report this.

We have heard in the news about abuse in care homes. Abusive behaviour patterns by so-called concerned friends and relatives start with undermining the victim then making them act against their will and under duress.

Local authorities through adult protection services will do their best to safeguard the vulnerable but we need to be their eyes and ears. I know Data Protection comes into the equation, as often the first thing we get asked if we want to report is what business is it of ours? Overall, I do believe agencies designed to support the vulnerable want to know of any worrying issues, but if in doubt, call Action Fraud or the police.

I have had some dealings with the Silverline, a charity set up by Dame Esther Rantzen. This is now part of Age UK. I asked Paul Farmer, CEO of Age UK, about the issue of financial abuse.

He said: “Financial abuse can have a serious impact on older people not just financially but also emotionally. Even a small amount of financial abuse can be catastrophic, especially to those who are on limited incomes.”

I have friends and former colleagues who act as solicitors for the elderly and have successfully dealt with financial abuse cases. Hourglass and Hodge Bank did a joint survey about the impact of financial abuse in the elderly and the impact of digital divide.

This survey was done in 2021 and amongst their findings the view was older people need to be more protected. As more and more finances move online, more and more people will feel disempowered. With digital innovation there is the risk of fraud and scams. Fifty years ago, we did not have to concern ourselves about digital scams but innovation brings its own challenges.

Age UK and other caring organisations such as Hourglass do a great deal of good work, as do our fantastic neighbourhood networks. However, we can all do our bit by being watchful in a caring fashion.

Family members may not even pick up on how their behaviour, and words might be misconstrued as demanding or even undermining so there is a fine line to be walked when it comes to helping our elderly family members.

I keep coming back to the universal tenets of respect but in a world under pressure from all fronts it is easy to drop our guard and allow unacceptable behaviour to disempower the vulnerable.

I recall once a neighbour of ours in his 70s, after losing his wife of five decades, decided to migrate to another country where he found the friendship of a woman far younger than him. He was disenchanted with his sons and decided to marry this young girl, shortly afterwards, she left him leaving him with not even a house to live in.

This might be a combination of misguided loyalty, trust and falling in love with the wrong person, but nonetheless this incident demonstrates how easy this is.

There needs to be more joint collaboration between different agencies dealing with health, social and financial services as well as communities, to recognise and report signs of financial abuse. We are a nation with an ageing population and with the rise of dementia this issue demands more attention.

Daxa Manhar Patel is a leadership coach, author and solicitor (non-practising).