Financial abuse occurs when someone takes advantage of someone for their own financial gain. Whilst it can happen to anyone, it is often old or other vulnerable people that suffer the effects of financial abuse.
This can happen via various methods, such as theft, fraud and misuse of their finances without their knowledge.
Financial abuse can take many forms, such as:
- Use of the person’s funds without their knowledge
- Persuading the person to transfer assets (such as their property) to the abuser
- Persuading the person to change their Will or appoint them as their attorney for property and financial affairs
- Attorneys or deputies mismanaging the donor’s funds or using the donor’s funds for their own benefit
- Attorneys or deputies over-charging for undertaking their duties or charging for unnecessary expenses