Financial Abuse
Beware of scams. If it sounds too good to be true, then it probably is! You may be targeted through the post or over the phone with offers of prize draws, Will Writing services or home security improvements. Or you may be offered loans by fake lenders. Always check with someone you trust before you sign up to anything.
This page can help you recognise the signs of financial abuse, and what you can do if you suspect someone you know is a victim...
Spot the signs
Financial abuse of adults can take many forms including:
- Sudden and unexplained withdrawals of money from your accounts
- Someone managing your money is secretive about how they are using it
- Having your pension, benefits or savings used for someone else
- Having your home, money, food or other things taken away from you
- Being made to buy things for other people
- Being forced to change your Will when you don’t want to
- Someone is using your money to buy things or services you don’t need or want.
Protecting others – what are the possible signs of financial abuse?
- A sudden deterioration in the person’s situation e.g. not being able to afford food
- A person’s belongings are sold or disappear and they don’t understand why
- A carer or family member’s lifestyle improves e.g. holidays, new clothes
- Sudden changes made to a Will or financial documents
- Financial documents disappearing
- Unexplained withdrawals from bank accounts, post offices or building societies
- An increase in phone calls from people you don’t know
- An increase in post and junk mail.
Tips for preventing financial abuse
- Check bank statements carefully
- Never give anyone your PIN number or a blank cheque
- Keep your money out of sight and try not to have big sums of money in your home
- Pay bills by direct debit
- Get advice from people you trust before you sign up to anything or give money away
- Don’t sign up for store or credit cards, or take out a loan, if you do not understand the charges
- Get advice about setting up a power of attorney so someone you trust can manage your finances if you are unable to.
Be wary of door-to-door callers
- Don’t open the door to people you don’t trust, and get a peephole or chain so you can see who it is before answering
- Don’t sign or agree to anything on your doorstep
- Always ask for ID before letting officials, traders or meter readers into your house.
Be wary of people you don’t know calling you
- Don’t agree to anything straight away, take a few days to think about offers
- Don’t give your bank details until a trusted person has checked the trader and never reveal your PIN.
What should I do?
If you are worried about financial abuse, there are confidential services that provide advice and support.
Islington Adult Social Services
Phone: 020 7527 2299
Or complete an online safeguarding form
Action on Elder Abuse
Phone: 080 8808 8141
You can call Islington Police on 101. If it is an emergency call 999.
If you’ve been targeted by a scam, or know someone who has, then call
Action Fraud on 0300 123 2040 or go to
www.actionfraud.police.uk
Islington Trading Standards on 020 7527 319
Please refer to the Friends Against Scams - Home website for more information.
