How to protect yourself from financial abuse and scams

In today’s world, financial abuse and scams are more common than ever. They don’t always come from strangers online; sometimes, they happen within our own families. Protecting yourself from financial abuse is essential for your well-being, and it’s important to know how to spot the signs and take action.

What is financial abuse?

Financial abuse can happen when someone controls your money or possessions without your permission. This could involve:

• Taking money from your account without asking.

• Pressuring you to sign financial documents.

• Controlling how you spend or save your money.

• Scamming you into parting with cash or valuable items.

Financial abuse can also come from relatives, friends, or carers. Anyone can fall victim, but those in vulnerable situations are particularly at risk.

What are financial scams?

Scams are fraudulent schemes designed to steal money, personal information, or assets from you. Scammers can appear trustworthy and often use fear or urgency to get their victims to act quickly. These scams may come in the form of:

• Fake investment opportunities.

• Phishing emails or calls pretending to be from your bank.

• Online shopping scams.

• Lottery or inheritance scams.

• Romance scams, where someone builds an emotional connection to take your money.

How to protect yourself from financial abuse and scams

1. Know the signs of financial abuse

• Unexplained withdrawals from your bank account.

• Missing possessions or money.

• Feeling pressured or coerced into financial decisions.

• Someone taking money from you - this could be a friend, carer or a family member.

2. Be careful with personal information 

Never share your bank details, PINs, or passwords with anyone. If someone needs to access your account, ensure you set clear boundaries and check with your bank for secure ways of sharing limited access. If you need help managing your money, use formal options like power of attorney, which comes with legal protection.

3. Be aware of scams 

Be particularly wary of:

• Unexpected emails or calls asking for personal details.

• Requests for urgent payments or investments.

• Online shopping deals that seem too good to be true.

If you’re unsure, it’s always worth checking with a friend, family member, or a professional before handing over any money.

4. Monitor your finances 

Regularly check your bank statements for any unusual transactions. If you see something suspicious, report it immediately to your bank. Most banks in the UK have fraud prevention teams that can assist you.

5. Limit financial access 

If you’re concerned about someone close to you misusing your finances, consider setting up limits on your accounts. For example, you could:

• Set up separate accounts for your day-to-day spending.

• Use prepaid cards with a limited amount of money.

Change your passwords frequently and make sure they are strong.

6. Seek support if needed 

Financial abuse can be difficult to confront, especially if the abuser is a family member, but it’s essential to seek help and advice. Organisations like Age UK and Citizens Advice can offer support and advice if you suspect someone is taking advantage of your money.

7. Report financial abuse or scams

If you believe you’re a victim of financial abuse or a scam, report it immediately. The GOV.UK website provides information on how to report scams: https://www.gov.uk/report-suspicious-emails-websites-phishing

If you are in immediate danger, don’t hesitate to contact the police.

Where to get help

• Action Fraud: the UK's national fraud reporting centre. You can report scams or fraud at www.actionfraud.police.uk

• Citizens Advice: for advice on financial abuse or fraud, visit www.citizensadvice.org.uk

• Age UK: offers help and support for older people at risk of financial abuse, for more information visit www.ageuk.org.uk

• Which?: regularly updates on common scams and how to avoid them, learn more at www.which.co.uk

Financial abuse and scams are serious threats, but with the right knowledge and support, you can protect yourself. Always be cautious, trust your instincts, and don’t be afraid to ask for help. By staying vigilant, you can safeguard your finances from both scammers and those who might try to misuse their access to your money.

Sources: GOV.UK, Action Fraud, Citizens Advice, Age UK, Which?