Safeguarding Ireland has launched a new awareness campaign highlighting the warning signs of financial abuse.
The campaign urges people to “stay in control of your money” and to watch out for signs that someone may be taking control of another person’s finances without their knowledge or consent.
Safeguarding Ireland Chairperson Patricia Rickard Clarke said financial abuse can be subtle and difficult to detect at first.
“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,” she said.
“This can grow into serious coercion and crime.”
Warning signs include unexplained changes to bank withdrawals, feeling intimidated by someone who insists on managing your money, or another person having access to your bank card, password or PIN.
Other warning signs include being asked for money by someone who knows about your accounts, being encouraged to sell property or make a “quick win” investment, or being asked to change your will.
Research commissioned by Safeguarding Ireland found that 10 per cent of adults in Ireland had personally experienced financial abuse.
Ms Rickard Clarke said the issue is particularly important for at-risk adults, including people with frailty, dementia, acquired brain injury, serious illness or 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,” she said.
Safeguarding Ireland said adults who need help managing money should speak to their bank, seek support from an advocate, put a decision support arrangement in place, or make an Enduring Power of Attorney.
