Six types of financial abuse

Financial abuse can take many forms and often happens behind the scenes, making it harder to spot than other kinds of harm. It can affect anyone, but it is especially common amongst older adults or those who rely on others to help manage their money. Recognising the signs is the first step in protecting yourself or someone you care about, so keep reading to find out more.

1. Theft and unauthorised use

The most obvious form of abuse is when someone takes money or property without permission. It can include stealing cash, valuables, or even using bank cards without consent.

2. Pressure to hand over money

Abusers may pressure someone to give them cash, sign cheques, or hand over access to accounts. This kind of manipulation often happens gradually.

3. Fraud and scams

Fraud can come from strangers or people the victim trusts. It might involve fake investment opportunities, online scams, or forged signatures on legal documents.

4. Misuse of legal authority

When someone holds a UK power of attorney, they are meant to act in the person’s best interests. Sadly, some misuse this power for personal gain, spending or transferring funds without consent.

5. Restricting access to funds

Some abusers control money by limiting how much a person can access, effectively trapping them financially.

6. Coercing legal changes

Forcing or tricking someone into changing their wills, property deeds, or a UK power of attorney can have devastating long-term effects.

Knowing these warning signs can help protect vulnerable people and stop abuse before it goes any further.