What is elderly financial abuse, and how can you protect yourself?

As you grow older, you may start relying more on your children or relatives to take care of your needs and manage your savings. In some cases, this can lead to financial abuse: where someone with access to your bank accounts uses your money against your wishes or without your consent.

Elderly financial abuse is a growing concern in Singapore. Based on anecdotal reports from UOB’s bank branches, our branch staff have encountered more familial financial abuse cases this year compared with previous years. Given the increase, it is essential to spot the signs and learn how to protect yourself or your loved ones.

What does elderly financial abuse look like?

Many people who suffer from financial abuse might not recognise it as 'abuse'. This is because financial abuse comes in many forms, and may not cross the line into illegal actions such as theft.

While there isn’t a single clear definition of elderly financial abuse, here are some warning signs to look out for:

Using your funds without permission

• Using your ATM/debit card to withdraw money from your account without your consent
• Using your credit card without your knowledge, leaving you with charges you can’t account for
• Changing the operating rules of your joint account or adding more names to it, such that others can spend funds without your consent
• Withdrawing money from a joint account without your knowledge, leaving you without enough funds for basic needs like food and medicine

Limiting your access to finances

• Denying you access to your own bank accounts, such as by taking and keeping your ATM, debit or credit card
• Closing down your joint account and transferring the money to their personal account
• Controlling your conversations with bank staff and not allowing you to speak directly to them

Pressuring you to provide money or banking details

• Insisting on accompanying you to the bank branch every month to withdraw money for their own use
• Using your personal information to apply for a credit card or take out loans

Understanding the dangers of financial abuse

When you’re facing financial abuse, it can feel like the situation isn’t severe enough to report or share with others. You may feel that it is more important to 'save face', or not to risk damaging family relationships.

Here’s one real-life example that illustrates the complex and sensitive nature of familial abuse:

Elderly man discovers unauthorised ATM withdrawals

An elderly customer came to a UOB branch to report suspicious ATM withdrawals from his account while he was in the hospital. Since his daughter had access to his ATM card and PIN, he suspected his son-in-law might have withdrawn the funds. The branch staff temporarily froze his account as a precaution, but the man was hesitant to take further action, fearing it might damage his daughter’s marriage.

It is essential to protect your wellbeing first. If such actions are left unchecked, you may risk losing all your hard-earned savings or becoming responsible for debts in your name. Without savings to fall back on, you may not be able to afford medical bills or other basic needs.

If an abuser is also a caregiver, seniors may be in danger of neglect or physical abuse if they don’t give in to financial demands. Even those who are physically healthy may find themselves socially isolated from other family members or friends.

No one deserves to suffer from financial abuse, no matter what your family circumstances look like. If you or someone you love is at risk of financial abuse, you should take action before it is too late.

How can you protect yourself from financial abuse?

Preventing financial abuse starts with safeguarding your bank accounts and funds. Here are five best practices to protect yourself and get support:

1. Keep your banking details confidential

Do not share your ATM PIN, card numbers, Internet Banking credentials, or One-Time Password (OTP) with anyone – including loved ones and caregivers.

If you suspect your account has been compromised, change your password immediately. Make sure the password is not something that can be easily guessed, such as your birthdate or phone number.

2. Stay in control with the right joint account setup

Joint savings accounts can be useful for family members to help manage your bills and expenses. If your family member or caregiver wants to create a joint account with you, consider which operating mandate is most appropriate for your needs:

• Joint-alternate account: This type of operating mandate allows any of the account holders to make transactions – such as withdrawing money – without needing the approval of other account holders. The main benefit is convenience; however, it also means that one person can overspend or misuse funds without your consent.
• Joint-all account: This type of account setup requires all account holders to be present to make banking transactions together, offering more security and control over your finances. However, this can be inconvenient in certain situations, such as when one person is ill or physically unavailable.

Whether you choose a joint-alternate or joint-all account, it is best that you and your co-account holders agree on what the funds should – and should not – be used for. Make it a habit to check your bank statements regularly.

3. Lock your savings to limit unauthorised online transactions

To protect customers against scams and fraudulent online transactions, Singapore’s major banks have rolled out Money Lock. You can 'lock' up a portion of your savings while still earning the prevailing interest rate, and prevent scammers from performing unauthorised digital transfers for the 'locked' sums. As at 30 June 2025, close to 400,000 Singapore bank customers have locked away over S$30 billion.

UOB account holders can only unlock their funds at any UOB ATM in Singapore using their UOB ATM/debit card and PIN. Please keep your PIN secure and private at all times.

If you have a joint-alternate account, do note that any account holder will be able to lock or unlock the funds without approval from other account holders.

4. Prepare a Lasting Power of Attorney (LPA)

As you grow older, preparing for situations where you may lose mental capacity – such as dementia, or following a stroke – is more important than ever. A Lasting Power of Attorney (LPA) allows you to appoint a trusted person to make decisions in your best interests, including financial ones.

It is crucial to choose someone who will honour your needs and preferences. Your appointed person should help to protect your savings from family members who may have ill intentions. If you prefer to nominate a neutral party as your proxy decision-maker, you may consider the resources available under the Professional Deputies and Donees Scheme.

5. Reach out to your bank for support

If you are currently facing financial abuse, remember that you are not alone. Besides sharing your concerns with a trusted friend or relative, you can also reach out to your bank for help.

If you are facing issues such as a relative withdrawing your money without permission, for example, you can visit any UOB branch to speak with our staff. Our trained staff can share with you options that may help safeguard your funds, such as helping you lock some of your funds.

How can UOB support you and your loved ones?

At UOB, we are committed to protecting our customers from financial abuse. Given the sensitive nature of family relationships, we aim to support any affected customers with care and discretion.

1. Speak to our trained staff at any UOB branch

By the end of 2025, every UOB branch will have staff trained to identify potential cases of elderly financial abuse and provide support with care and discretion. These staff have been trained to engage sensitively with affected customers and, where appropriate, guide them towards available options, including referrals to relevant agencies. If you or your loved one is facing financial abuse, our staff are here to help.

2. Join our community talks to boost your knowledge

By being aware of the warning signs, you can protect yourself from financial abuse and help others who are being taken advantage of. UOB is organising community talks in various neighbourhoods for our customers to learn more about financial literacy, with selected talks covering elderly financial abuse.

UOB, in partnership with Care Corner Singapore, conducted a meaningful financial literacy workshop in August 2025 for over 60 seniors at one of Care Corner’s Active Ageing Centres in Toa Payoh.

 

3. Learn more about elderly financial abuse

The Association of Banks in Singapore and the major banks are currently developing industry guidelines to better protect elderly clients from financial abuse. Look out for our updates on these guidelines when available.

Financial abuse is never okay, but it can be easy to miss or excuse the red flags. By staying informed and seeking support, you have the power to safeguard yourself and your loved ones from harm.

IMPORTANT NOTICE AND DISCLAIMERS

The information provided in this article is for general informational purposes only and does not constitute accounting, legal, regulatory, tax, financial, or other professional advice. If in doubt, you should consult your own professional advisers about issues discussed herein.

Although every reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this article, United Overseas Bank Limited (“UOB”) and its employees make no representation or warranty of any kind, express, implied or statutory, and shall not be responsible or liable for its completeness or accuracy. Accordingly, UOB and its employees accept no liability for any errors, omissions, or consequences arising from any reliance placed on the information or views expressed herein.

UOB’s support services are intended to provide guidance and assistance to customers who may be facing financial abuse. While our staff are trained to identify and respond to potential cases, UOB does not guarantee specific outcomes or protection. Customers are encouraged to seek independent legal or social support where appropriate.