Types of Financial Abuse.

Elder Financial Abuse

Elder financial abuse is a specific form of exploitation and may also involve emotional abuse.

There are many forms of elder financial abuse, but there is a common thread. In general, it is an effort by dishonest person/s to extract money and resources through a variety of means from elderly persons, such as:

• deceit
• forgery
• coercion through bullying and intimidation
• undue influence for personal gain
• misuse of a person's Power of Attorney or Guardianship instructions

In general, all involve improper use of an older person’s assets.

Disability

Financial abuse of a disabled person is any act involving the misuse of the person’s money or property. This is done without their full knowledge, consent or understanding.

This can be against an individual with a physical and/or mental disability. It deprives them of critical financial resources for their personal needs.

Domestic

Domestic financial abuse may occur when a person uses money to gain power and control over their partner.

This type of abuse is when a victim is trapped in an abusive relationship with a person who:

• forbids access to bank accounts,
• provides an inadequate allowance,
• not allowing the victim to work,
• forcing the victim to sign documents or make false declarations,
• denying that the victim has an entitlement to joint property.

This is not an exhaustive list.

This type of financial abuse can be subtle. A person gradually takes control over bank accounts and financial transactions. Domestic financial abuse can also be obvious, violent and threatening.

It may not be until after a relationship has ended that the customer realises that they are a victim of financial abuse.