Elder financial abuse
Elder financial abuse can affect anyone. Remember, you're not alone in this. We're here to lend a hand.
Get the help you need
Elder financial abuse often comes from someone the victim trusts, like a family member or friend. This makes it a tough topic to bring up. Everyone's situation is different, however, there are some common signs of elder financial abuse listed below.
For more information, check out the Australian Banking Association's Safe and Savvy guide.
- Emergencies: call 000 if you’re in immediate danger
- Elder abuse info and resources: call 1800 353 374 or go to 1800ELDERHelp
- Priority Assist team: call us on 1800 065 671 for assistance during tough times. Our caring and experienced team members will listen to your situation and help you take steps to protect your finances.
What are the potential red flags?
Control
- Misusing third-party authorities like Power of Attorney
- Forcing someone to sign documents, like a new will
Pressure
- Breaking promises of care
- Threats of harm
- Playing on emotions
Misusing money
- Fraudulent schemes
- Misappropriation or theft of money
- Forging signatures
Steps to help protect against elder financial abuse
Whether you'd like to do it online or need a helping hand, our Priority Assist team is ready to support you. Just give us a call on 1800 065 671. We're here to listen, understand, and help you take the right actions to safeguard your finances.
Keep an eye on your money
Check your recent account statements to spot any unexpected or unfamiliar transactions.
Reset passwords and pins
Prevent unwanted access to Internet Banking or accounts by changing your password, and debit and credit card PIN.
Update your contact details
Stay in the loop and contactable by updating your contact details like your phone number and address.
Change your mail address
Change the address for your mail, including new cards. You can either use the address of someone you trust or your local branch.
Get legal advice
Community Legal Centres Australia is here to help. They provide valuable information about legal services available in your area.
Reach out to the police
If you suspect you’re experiencing elder financial abuse, don't hesitate to contact the police. Your safety is paramount.
How can we assist?
It's a courageous move to seek help to stop elder financial abuse. When you reach out to us, your safety and privacy are our top priorities.
You can securely and confidentially reach out to us on 1800 065 671. Our dedicated team members are here to understand your circumstances and help you take safe and practical actions to protect your money and financial well-being.
Review account access
We can check who has access to your accounts. It's important to review, update or remove any third-party authorities, like a Power of Attorney, to ensure your finances are secure.
Protect your money
We offer practical solutions, like adjusting loan repayments to give you breathing room. We're here to support you until you're safe and ready to make long-term plans.
Resources and assistance beyond banking
1800 ELDERHELP
Not a crisis support line but an advice line for callers seeking information and advice on elder abuse.
Call 1800 353 374
National Debt Helpline
Offers free, independent, confidential financial counselling for those worried about their financial situation.
Call 1800 007 007
Capacity Australia
A not-for-profit that provides public professional awareness and knowledge of individual human rights.
Call 0400 319 089
Aged Care Quality and Safety Commission
Free service open to anyone who’d like to raise concerns about the quality-of-care services being delivered to people.
Call 1800 951 822
Dementia Australia
Provides support services, education, and information for people living with dementia, as well as their families and carers.
Call 1800 100 500
Older Persons Advocacy Network
Free and confidential services with a focus on support for older people and their representatives.
Call 1800 700 600
Easy English guide
This guide explains how to get help if you’re elderly and being financially abused.
Learn more
Domestic violence and financial abuse
Fraud and scams
Living with dementia
Important information
Bank of Melbourne’s approach to providing extra care for customers in vulnerable circumstances is guided by the Australian Banking Association's Banking Code of Practice. Links to the relevant industry guidelines are below:
Preventing and responding to family and domestic violence
Preventing and responding to financial abuse (including elder financial abuse)
Responding to requests from a POA or court-appointed administrator
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs and into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.