'Vast majority' of financial abuse victims know their abusers
Almost a third of adults in Ireland (30%) have experienced financial abuse
Most people in Ireland suffering from financial abuse know their abusers, according to Safeguarding Ireland.
New RED C research shows that almost a third of adults in Ireland have experience of financial abuse with the majority of the abuse carried by someone well-known to the victim rather than online, or anonymously.
Safeguarding Ireland Chairperson Patricia Rickard-Clarke said financial abuse is particularly prevalent among older people who are frail and also people with an intellectual or physical disability, an acquired brain injury, or mental challenge.
“While the majority of people are honest, it has been estimated internationally that one in ten people are dishonest in how they manage another person’s money, property, or benefits," she said.
Over 80% of the abuse situations surveyed were identified as involving a person known to them, such as a family member, a carer, a neighbour, social welfare agent, or worker.
The most common instances of financial abuse includes cash being taken from the house; change not given back or returned; the misuse of a bank card and property or possessions being used without knowledge or agreement.
Safeguarding Ireland, who promote safeguarding of adults to protect them from all forms of abuse, have advised people to avoid sharing bank cards, PIN numbers, account numbers and access to online banking.
They advised that if help is needed with day-to-day spending, it should be from "a highly trusted person" and access should be limited.
The organisation also advised people to ask for receipts, get monthly account statements and make an Enduring Power of Attorney.
“We know that it often involves coercion of a vulnerable person. It can happen when someone is dependent on another person for help, and that person subtly misuses their money. This can start small and escalate into serious crime, but all financial abuse at any level is wrongdoing and must be called out," Patricia continued.
“The message for Adult Safeguarding Day is to encourage all adults – including those with decision-making and capacity challenges – to keep in control of their own money as much as possible, to be very careful about who to trust and to plan for the future.”