Elder Abuse Awareness: How to Protect Older Australians from Financial Scams

• Elder Financial Abuse
• Scam Awareness
• Banking Security

On Elder Abuse Awareness Day, the ABA and COTA Australia urge families to talk about financial safety for older Australians. Learn the warning signs and protective steps.

Financial Elder Abuse and Scams: A Growing Concern for Older Australians

On World Elder Abuse Awareness Day, the Australian Banking Association (ABA) and Council on the Ageing (COTA) Australia have issued a joint call urging Australians to talk to their elderly loved ones about scams and financial abuse. These conversations are not just helpful—they are vital.

Why Are Older Australians at Risk?

According to ABA CEO Anna Bligh, elderly Australians are frequently targeted by scammers and are also more susceptible to financial abuse, often at the hands of people they trust. Banks regularly encounter these heartbreaking scenarios.

“Older Australians have worked hard for their savings, and they deserve to feel safe, respected and in control of their finances,” Ms Bligh said.

What Financial Elder Abuse Looks Like

Financial elder abuse can take many forms:

• Unexplained withdrawals or changes to financial arrangements
• Pressure to change wills or powers of attorney
• Restricted access to funds or information
• Carers, friends or family misusing finances

Simple Actions That Can Help

• Start conversations: Talk openly with elderly relatives about scams and abuse.
• Use strong, varied passwords and enable two-factor authentication on accounts.
• Stay alert to red flags: Sudden changes in financial behaviour may indicate abuse.
• Educate on online banking safety to help them feel confident and secure.

What Banks Are Doing

Banks are actively monitoring for warning signs of abuse and have trained specialist teams to support customers. Staff are trained to spot unusual activity and can intervene or escalate concerns when necessary.

COTA’s Position on Financial Independence

Corey Irlam, Acting CEO of COTA Australia, said that financial independence and confidence are key to ageing with dignity. Sadly, abuse often comes from within the family or close social circles.

“It’s time we stop treating elder abuse, including financial crimes, as a private matter,” Mr Irlam said. “It’s a serious issue that deserves urgent national action.”

Policy Changes Urged by ABA and COTA

• Harmonisation of Enduring Power of Attorney (EPOA) arrangements across Australia
• A national register of power of attorney instruments
• A designated authority to receive and investigate elder abuse reports

Final Word: Be Part of the Solution

If you’re a carer, family member or friend of an older person, take time to talk about financial safety. Just 15 minutes could prevent thousands of dollars in losses and years of hardship.

If you suspect elder financial abuse, contact your bank immediately or reach out to advocacy services like COTA Australia or Seniors Rights Services in your state.