Financial abuse of older people

Financial abuse hurts people far beyond the loss of money. It also often has other serious impacts, including anxiety and depression. It can take away someone’s independence. Losing access to a safe home, enough food, or the medical care they need may mean they can no longer manage on their own.

As our population ages, more people are susceptible to elder financial abuse. It could be happening to you or someone you love, but the signs can be difficult to spot until it's too late.

What it can look like

• Misuse of powers of attorney or court-appointed financial management orders (acting outside authority or not in the older person’s interests)
• Improper use of funds (money used for bills, holidays or fees the person didn’t agree to)
• Theft (cash, cards or valuables)
• Fraud or identity misuse (credit facilities opened without consent)
• Inheritance impatience (treating assets as entitlement, or accessing them early)
• Misuse of guarantees (pressure to guarantee a child’s loan)
• Pressure or emotional blackmail (using guilt, intimidation or threats to control you, like cutting off contact with family or grandchildren)

• Even with the best intentions, family members may not always have the time or ability to support you - so put clear arrangements in place
• Schedule regular check-ins with your doctor, and ask them to notify a family member, your lawyer or a trusted friend if your health significantly declines. Keep a clear written record of any family arrangements you have in place. Consider seeking independent legal advice to make sure the arrangements are properly documented and understood by everyone involved, especially if your circumstances change. If you’re unsure, seek independent legal advice based on your circumstances. Contact HSBC (and any other bank you use) as soon as possible if you're concerned about someone else accessing your accounts, including under a power of attorney. If you’re worried someone may be monitoring you, or feel pressured or are unable to speak freely, let us know when it’s safe to do so. We can then arrange safe contact options.

Elder financial abuse can happen in many ways. It may be a single act or something that happens over time. It can involve someone taking advantage of an older person or failing to take appropriate action to help, even if it’s not illegal.

If you or an HSBC customer you know is experiencing financial abuse – including by a power of attorney (POA) or enduring power of attorney (EPOA) – we’re here to help. Our team is committed to protecting your banking and getting you the support you need.

You can also read the Safe and savvy guide for information, resources and practical steps to better understand and prevent elder financial abuse. The guide also contains a list of support services available.

You can reach our Extra Care team on +612 9762 9060 between 9:00am and 5:30pm AEST, Monday to Friday (excluding Australian national public holidays), or email us at extra.care@hsbc.com.au to talk about your situation and find out how we can support you.

Hearing or speech impaired?

If you're deaf, hard of hearing, or have a speech or communication difficulty, you can contact us through your preferred National Relay Service (NRS) call channels. 

Make sure to give the NRS channel our phone number: 02 9762 9060.

For more information about the National Relay Service, visit the Access hub page.

Please note, you'll need to be an Australian resident and have registered with the NRS prior to using the service. International call charges will apply if you're calling the NRS from overseas.

Interpreter services

If English isn't your first language, we can help. When you call the Extra Care team, just say "I need an interpreter". If there isn’t a staff member who speaks your preferred language, we’ll connect you to our free telephone-based interpreter service. It supports over 150 languages, so we’ll be able to talk with you in your preferred language.

Your conversations with us are confidential. If you're concerned about confidentiality, talk to the Extra Care team about how we can keep your conversations and information private.

1800 ELDERHelp (1800 353 374) provides information and advice on elder abuse in your state or territory. Find out more

Better Place Australia supports older people in resolving conflict with family or carers and preventing elder abuse. Find out more

13YARN offers crisis support for Aboriginal or Torres Strait Islanders who want a safe space to talk about their needs, worries and concerns. Find out more

Explore this list of state-based protection :

• Australian Capital Territory (ACT): Australian Human Rights Commission
• New South Wales (NSW): Ageing & Disability Commission
• Northern Territory (NT): Home - Public Trustee and Guardian
• Queensland (QLD): Office of the Public Guardian (OPG), Queensland
• South Australia (SA): About the Adult Safeguarding Unit | DHS
• Tasmania (TAS): Public Guardian
• Victoria (VIC): Homepage - Office of the Public Advocate
• Western Australia (WA): Office of the Public Advocate

Want to learn how to spot scams and keep your accounts safe? Visit our Fraud and scam prevention hub.