Stay in Control of your Money to prevent abuse
Know the ‘Warning Signs of Financial Abuse’ and ‘Stay in Control of your Money’ – those are the messages of a new awareness drive to prevent financial abuse.
The initiative led by Safeguarding Ireland highlights what to watch out for and top tips to prevent this all too common form of abuse from happening.
Safeguarding Ireland Chairperson, Patricia Rickard Clarke said financial abuse can be subtle and hard to detect, starting small – but can grow into very serious crime. Warning signs include:
- Unexplained changes to withdrawals and activity on bank statements
- Feeling intimidated or controlled by a person who insists on managing your money
- Believing you do not have a choice and must go along with what another person says
- A person has your bank card, password or PIN and is secretive about their use
- Someone knows about your accounts and asks you for money
- A person suggests a ‘quick win’ investment, or that you sell property
- Someone asks you change your Will to benefit them
- A person moves into your property, without contributing to expenses.
Financial abuse is much more common that thought, research commissioned by Safeguarding Ireland work found that that 10% of adults in Ireland had personally experienced financial abuse. There is also a misconception that this form of abuse occurs largely online, but the majority is actually committed by a person known to the victim.
Ms Rickard Clarke said:
“Financial abuse is when someone takes control of another person’s money without their knowledge or consent. It can start quietly with a family member, carer or friend keeping a fiver, or buying some things for themselves with the person’s money, and then taking a tenner the next time – this can grow into serious coercion and crime.
“Knowing the warning signs is especially important for at-risk adults who have frailty, dementia, an acquired brain injury, a serious illness or a disability. If anyone suspects their money is being taken without their knowledge and consent, this is serious crime and should be reported to the Gardaí.
“The best way to prevent this is for all adults to ‘stay in control’ of their money as much as possible. If someone needs help with managing money steps to take include: Talk with your bank, get support from an Advocate, put in place a decision support arrangement and make an Enduring Power of Attorney.
“Unless appointed under a formal arrangement – family members, next-of-kin or carers have no legal right to take charge of another person’s money. If someone is appointed by the Department of Social Protection to collect social welfare payments – all of that money must only be spent on food, personal care, activities and items for the person who owns the money, and receipts showing this should be kept.”
During June Safeguarding Ireland will be promoting knowing the ‘Waring Signs’ of financial abuse. To inform this work, the charity has launched four new information resources including:
- A comprehensive Guide titled, Staying in Control of your Money, Benefits and Assets (for stakeholder organisations, professionals and families/supporters)
- A Summary titled Staying in Control, a Plain English guide (for stakeholder organisations, families/supporters and service users)
- An Issues Paper titled: Adults at Risk: Staying in Control of Their Money, Benefits and Assets (for policy makers and experts)
- A Video Animation of the key messages for online promotion.
All are available at www.safeguardingireland.org.
Ten tips on ‘Staying in Control’ of money
- Your money should only be used for your needs
- Organise your financial information
- Get advice from your financial provider
- Explore online banking
- Adapt as your needs change
- Plan ahead: Make an Enduring Power of Attorney
- Plan ahead: Find out about decision support arrangements
- Plan ahead: Consider your future healthcare
- Use a (just a minute) JAM card
- Get independent advice if you need it, such as an Advocate.
Further Information: Ronan Cavanagh, Cavanagh Communications: (086) 317 9731.
Safeguarding Ireland promotes safeguarding of adults to protect them from all forms of abuse by persons, organisations and institutions and to deliver a national plan for promoting their welfare. Safeguarding means putting measures in place to uphold our rights, to support our health and wellbeing, to reduce our risk of harm – and to empower us to protect ourselves.
Useful contacts
Report financial abuse
- An urgent or serious concern (money has been stolen): the Gardaí: 999 or 112
- An ongoing concern, the HSE Safeguarding and Protection Teams: https://adultsafeguardingportal.hse.ie
Financial providers
- AIB: 0818 227 056
- Bank of Ireland: 1800 946 146
- PTSB: 0818 818 721
- An Post: 01 705 8000
- Credit unions: Contact your local branch or see: www.creditunion.ie/credit-union-locator/
Planning ahead
- The Decision Support Service: 01 211 9750, www.decisionsupportservice.ie
Advocacy support
- National Advocacy Service, for people with disabilities: 0818 07 3000
- Sage Advocacy, for older people and survivors of institutional abuse: 01 536 7330
Free independent information
- MABS (Money Advice and Budgeting Service): 0818 07 2000
