Many cases don’t end well. Elder financial abuse is the theft or misuse of an older person’s money, property or assets, and the uncomfortable truth is that it’s most often done by someone the person knows and trusts. Here’s what it looks like, the signs to watch for, and exactly who to call.

How common is it?

The best Australian data comes from the National Elder Abuse Prevalence Study by the Australian Institute of Family Studies, released in 2021. It surveyed people aged 65 and over living in the community (not in residential care) and found:

• about one in six older Australians (14.8%) reported experiencing some form of elder abuse in the previous 12 months
• about 2% reported financial abuse in that period
• among those who experienced financial abuse, the most common form was being pressured into giving or lending money, possessions or property (41.5%), and just over a third (34%) reported behaviour amounting to theft

Two per cent may sound small. Across Australia’s millions of over-65s, it’s a lot of people. And because the study excluded people in aged care and people with cognitive impairment, who are often more vulnerable, the true figure is likely higher.

Who does it?

Mostly people close to home. According to Compass’s summary of the AIFS study, adult children were responsible for around a third of financial abuse cases. Friends, neighbours and acquaintances also feature heavily, and men made up more than two-thirds of financial abuse perpetrators.

That’s what makes it so hard. The person doing it may also be the person helping with the shopping, the medical appointments and the grandkids. Many older people stay quiet because they don’t want to get a family member into trouble or lose contact.

Common forms of financial abuse

Compass lists the most common types, drawn from the banking industry’s Safe & Savvy guide. These are the ones families most need to know about:

• Power of attorney misuse. An attorney uses their authority over your finances to take money or assets for themselves or others. This is one of the most serious forms because it’s hard to detect once you’ve lost capacity. Our guide to enduring powers of attorney explains how to choose wisely and build in safeguards.
• “Inheritance impatience”. Adult children who feel entitled to a parent’s assets now, rather than later. It can look like pressure to “give it to us now to avoid tax” or simply helping themselves.
• Pressure to sign things. Being pushed to transfer property, add someone to a title, or change a will.
• Informal family agreements gone wrong. Selling your home and putting the money into a child’s house with nothing in writing. If the relationship sours, you can be left with no home and no money. Our article on granny flat arrangements covers how to do this safely.
• Misusing access to your money. Someone with legitimate access, like a carer doing the shopping, using it for their own purposes.
• Guarantor risk. Guaranteeing a child’s loan, which can put your own home at risk even with no bad intent.
• Emotional leverage. For example, access to grandchildren being made conditional on a loan.
• Scams and fraud by strangers. We cover these in detail in scams targeting older Australians.

The warning signs

None of these prove abuse on their own, but each is worth a second look, whether it’s your own accounts or those of a parent or friend.

Money and paperwork

• money being withdrawn more often than usual, or in larger amounts
• large transfers to another person’s account or overseas
• unusual transactions appearing soon after someone is given access to an account
• bank statements going missing, or the mailing address on an account being changed
• bills going unpaid when there should be plenty of money
• new names added to bank accounts, cards or property titles
• a will or power of attorney suddenly changed, especially in favour of a new “friend” or one family member

Behaviour

• feeling confused or surprised by what’s in the accounts
• feeling intimidated, controlled or pressured to make financial decisions
• someone without financial authority coming along to the bank and doing the talking, or filling in withdrawal forms
• a family member or carer becoming reluctant to let others visit or speak to the person alone
• the older person seeming anxious, withdrawn or fearful when money comes up

One trap to avoid: assuming it’s “just memory problems”. Confusion about money can be an early sign of cognitive decline. It can also be a sign that someone is taking advantage of that decline. Both deserve attention.

What to do if you’re worried

If it’s happening to you

1. Talk to your bank. Ask to speak to a staff member privately. Banks can investigate transactions, change access, put holds on unusual activity and help you set up safer arrangements such as automatic bill payments.
2. Keep monitoring your own accounts, even if someone else has authority to manage them.
3. Call 1800ELDERHelp (1800 353 374). It’s free, confidential, and redirects you to the specialist service in your state or territory. It isn’t a 24-hour line, and hours vary by state.
4. Get legal advice before signing anything to do with your home, your will or a power of attorney. Community legal centres and seniors’ rights services can help for free or at low cost.
5. If you feel unsafe, call the police. In an emergency, call 000.

If you’re worried about someone else

Raise it gently, ideally when the person is on their own. Listen more than you talk. Remember an adult with capacity has the right to make their own decisions, including ones you think are unwise. Your job is to make sure they know their options and that someone is on their side. The state helplines also take calls from worried family, friends and neighbours.

Who to call

Most of these are not crisis or 24-hour services, so check the operating hours on the service’s website.

Protecting yourself before anything goes wrong

The best defence is setting things up well while you’re fit and capable:

• choose your enduring attorney carefully, consider appointing two who must act jointly, and ask them to keep records
• put any family money arrangement (loans, granny flats, help with a deposit) in writing with independent legal advice
• keep your own bank access and keep looking at your statements
• don’t sign anything you haven’t read or don’t understand, and never sign under time pressure
• stay connected. Isolation is one of the biggest risk factors, and people with a wide circle of friends and activities are harder to exploit.

Our view: it’s worth having this conversation with your family openly, before anyone needs help. It’s much easier to agree on how money will be handled when everyone is calm and well, rather than in the middle of a health crisis.

FAQ

Is elder financial abuse a crime?

Some of it is, such as theft and fraud, and the police can investigate. But Compass notes that much financial abuse isn’t technically illegal, such as pressuring someone into a loan. Specialist elder abuse services can help with both kinds.

What is the 1800ELDERHelp number?

1800 353 374. It’s a free national number that connects you to the elder abuse information and support service in your state or territory. It isn’t a 24-hour line.

Can I report concerns about someone else anonymously?

Many services allow it. For example, South Australia’s Adult Safeguarding Unit says anyone can call and you can remain anonymous. Ask the service in your state when you call.

What can I do if an attorney is misusing a power of attorney?

Contact your state’s elder abuse service, the Public Advocate or Public Guardian, or the guardianship tribunal in your state, which can review the attorney’s conduct. If money has been stolen, report it to police.

This article is general information only and isn’t legal or financial advice. If you or someone you know is in immediate danger, call 000. Phone numbers and service hours can change, so check the official websites linked above.

An enduring power of attorney (EPOA) avoids that. It’s a legal document in which you choose someone you trust to make financial decisions for you, and it keeps working if you lose the capacity to make decisions yourself. It’s one of the most useful documents you can sign, and one of the most open to misuse if it’s set up carelessly. The catch for Australians is that every state and territory has its own law, forms and witnessing rules.

Power of attorney vs guardianship: what’s the difference?

These get muddled all the time, so let’s be clear.

• An enduring power of attorney usually covers financial and property decisions: paying bills, managing bank accounts, selling shares or property. In some places (Victoria, Queensland and the ACT) the same document can also cover personal or health matters.
• An enduring guardian (or similar appointment) covers personal and lifestyle decisions: where you live, what services you receive, and in many states health care. NSW, for example, says a power of attorney cannot be used for health or lifestyle decisions, so you’d appoint an Enduring Guardian for those.
• A tribunal-appointed guardian or administrator is what happens when you haven’t made these documents and lose capacity. A state tribunal decides who manages your affairs. It might be a family member, or it might be the state public trustee or public guardian. It’s not necessarily who you’d have chosen.

A general (non-enduring) power of attorney is different again. It stops working if you lose capacity, which is exactly when most people need it.

How to make one in each state and territory

You must have capacity when you sign. In every jurisdiction your attorney can’t be one of your witnesses. Beyond that the rules vary.

A few state-specific points worth knowing:

• NSW: your attorney must sign to accept the appointment before the document operates. NSW Trustee and Guardian staff only witness documents it has prepared. The NSW Government’s power of attorney page lists all prescribed witnesses.
• Victoria: each attorney and alternative attorney must sign a statement of acceptance in front of a witness, which can be done later. Relatives can’t act as witnesses. See the Office of the Public Advocate.
• Queensland: the witness can’t be an attorney, a relation of you or your attorney, or a beneficiary under your will. Each attorney must also sign to accept. The Queensland Law Handbook explains the rules.
• Western Australia: there’s no register, and no more than two people can be attorneys at once. If you own property, you can lodge an original with Landgate within three months of making it so your attorney’s authority is recognised later. The OPA’s information sheet (July 2026) suggests making two originals for that reason.
• South Australia: your EPOA can start as soon as it’s witnessed, or only when a doctor confirms you can no longer make your own financial decisions. See the SA Office of the Public Advocate fact sheet.
• Tasmania: registration isn’t optional. Actions under the power only have legal effect once it’s registered with the Recorder of Titles.
• Northern Territory: the advance personal plan is completed on the official form, signed in front of an authorised witness, and can be registered with the Public Trustee. Details are on the NT Public Guardian and Trustee site.

Official forms are available from your state’s public trustee, public advocate, guardian or justice department, and many people complete them without a lawyer. Our view: if your affairs are simple and you trust your attorney completely, the official form is fine. If you own a business, have a blended family, or there’s any tension about money in the family, pay for a lawyer. It’s the cases where things are complicated that go wrong.

What your attorney must do

Being an attorney is a legal responsibility, not a favour. The exact wording differs by state, but attorneys are generally required to:

• act honestly, with reasonable care, and in your interests rather than their own
• respect your wishes and involve you in decisions as far as possible
• keep your money and property separate from theirs
• keep accurate records of what they do with your money
• avoid conflicts of interest, and not give away your assets except where the document or the law allows
• follow any conditions or limits you’ve written into the document

An attorney can’t make or change your will, and the power ends when you die. From then on your executor takes over.

When misuse does happen, it can be devastating. Power of attorney abuse is one of the most common forms of elder financial abuse, which we cover in our guide to the warning signs. Simple safeguards help: appoint two attorneys who must act jointly, require your attorney to show records to someone else (an accountant or another family member) each year, and limit what they can do with your home.

How to revoke an enduring power of attorney

As long as you still have capacity, you can cancel your EPOA at any time. In general:

1. put the revocation in writing (some states have a form, and the formalities can mirror those for making one)
2. tell your attorney, preferably in writing, and ask for the original back
3. notify your bank, super fund, financial institutions and anyone else who has a copy
4. if it was registered or lodged with a land titles office (mandatory in Tasmania, optional in WA through Landgate), register the revocation too. A fee may apply.
5. keep a copy of the revocation and a list of who you sent it to

If you’ve lost capacity and the attorney is doing the wrong thing, family members can apply to the guardianship tribunal in your state to review or revoke the appointment.

Is there a national register?

Not yet. A mandatory national register of financial enduring powers of attorney has been proposed for years as a way to reduce elder financial abuse, and the Australian Law Reform Commission’s 2017 report on elder abuse backed the idea. The Attorney-General’s Department ran a public consultation that closed on 30 June 2021.

As at October 2026, the department’s National Register page says a national registration scheme is under consideration but a register “has not yet been established”. So for now, your EPOA lives in your filing cabinet and with whoever you give copies to. Tell your attorney where the original is.

Moving interstate? States generally have rules for recognising EPOAs made elsewhere, but the details differ, so check with the public advocate or a lawyer in your new state whether you should make a fresh one.

The bottom line

Every adult should have one, and it’s never too early. You can’t make an EPOA once you’ve lost capacity, and dementia, strokes and accidents don’t give notice. While you’re sorting it out, think about the other planning documents too: an enduring guardian or advance care directive for health decisions, and an up-to-date will. And if you’re considering moving in with family under a granny flat arrangement or arranging care through My Aged Care, having these documents in place first will make everything easier.

FAQ

When does an enduring power of attorney start?

It depends on the state and what you choose on the form. Many can start straight away (once the attorney accepts) or only when you lose capacity. In SA, for example, you can choose either.

Can my attorney make medical decisions for me?

Only in some places. In Victoria, Queensland and the ACT an EPOA can cover personal or health matters. In NSW, WA, SA and Tasmania you need a separate enduring guardian appointment or advance care directive for health and lifestyle decisions.

Is my power of attorney valid in another state?

Usually it can be recognised, but the rules differ between states, so check with the public advocate or a lawyer in the state where it needs to be used.

Can I have more than one attorney?

Yes. You can usually appoint attorneys to act jointly (together), severally (separately), or as alternatives. WA limits it to no more than two attorneys at any one time.

This article is general information only and isn’t legal advice. Forms, witnessing rules and laws differ between states and change from time to time, so check with your state’s public advocate, public trustee or a lawyer before signing.

Older Australians feel this more than anyone. According to the National Anti-Scam Centre, people aged 65 and over make up around 17 per cent of the population but accounted for about 26.5 per cent of the money reported lost to Scamwatch in 2025, roughly $88.8 million. Investment scams caused the biggest losses in that age group.

Here’s what the scams look like now, and the small habits that stop most of them.

1. The fake investment that looks completely real

This is the big one. It often starts with an ad on Facebook, YouTube or a news-style website featuring a well-known Australian, a TV presenter or business figure, apparently recommending a new investment platform. The videos are increasingly made with AI and can be very convincing.

You click, leave your number, and a friendly “account manager” calls. They’re professional and patient. They show you a slick dashboard where your small first investment grows nicely. They encourage you to put in more. When you try to withdraw, there are suddenly fees, taxes or “verification” costs to pay first.

The habit that stops it: before investing a cent, check the company on the Moneysmart investor alert list and look it up on ASIC’s professional register. No genuine celebrity is personally recommending a trading platform in a social media ad.

2. “This is your bank’s fraud team”

You get a call, or a text that appears in the same thread as your bank’s real messages. Someone says there’s suspicious activity on your account. They already know your name and some of your details. To protect your money, they say, you need to move it to a “safe account”, read out a code that’s just been sent to your phone, or install an app so they can help.

Every step feels like the bank protecting you. In fact, you’re giving a criminal access to your account.

The habit that stops it: your bank will never ask you to move money to a safe account, give them a one-time code, or install remote access software. Hang up, then call the number on the back of your card or on the bank’s official website. Don’t use a number from the call or text.

3. The urgent text from a “family member”

“Hi Mum, I dropped my phone in the toilet, this is my new number.” What follows is a request for money to cover a bill, a new phone or an emergency. Some scammers now use AI to clone a voice from a few seconds of video posted online, so the call can sound exactly like your grandson.

The habit that stops it: agree on a family code word that anyone asking for money in a hurry has to know. Or simply ring the person on the number you already have for them. Real emergencies survive a two-minute phone call.

4. Toll, parcel and government texts

Messages claiming you have an unpaid road toll, a parcel waiting for redelivery, a tax refund, or a problem with your myGov account are some of the most common scams reported. They link to fake websites that look almost identical to the real thing and ask for card details or your myGov login.

The habit that stops it: don’t click links in unexpected texts or emails. If you’re worried, go to the official website or app by typing the address yourself. Services Australia and the ATO say they won’t send you a text or email with a link to log in to myGov.

5. Romance that’s never quite real

Romance scams can run for months. The person is attentive, warm and always has a reason they can’t video call or meet. Eventually there’s a crisis: a medical bill, a stuck inheritance, a ticket to come and see you. Victims often lose not only money but a relationship that felt like the most important thing in their life.

The habit that stops it: never send money, gift cards or cryptocurrency to someone you haven’t met in person. If a friend or relative tells you about a new online partner who needs money, take it seriously, and be kind about it. Shame keeps people silent.

What’s changed, and what hasn’t

In 2025 the federal government passed the Scams Prevention Framework, which puts legal obligations on banks, telcos and digital platforms to detect, disrupt and respond to scams. Banks have also added warnings, payee name checks and delays on unusual payments. Reported losses have fallen from their 2022 peak.

But the scams themselves keep adapting. AI has made fake videos, voices and messages cheaper to produce and harder to spot. The most reliable protection is still the oldest one: slow down. Almost every scam relies on urgency. If someone is pushing you to act right now, that’s your signal to stop.

If it’s already happened

1. Call your bank immediately. The sooner they know, the better the chance of stopping or recovering a payment.
2. Report it to Scamwatch. Reports help authorities warn others and shut down scam operations.
3. Contact IDCARE on 1800 595 160 if your personal details have been stolen. It’s a free, not-for-profit identity support service.
4. Tell someone you trust. Scammers often come back pretending to be “recovery services” offering to get your money back for a fee. Having another person in the loop makes that much harder.

Being scammed isn’t a sign of foolishness. These operations are run like businesses, with scripts, training and targets. Talking about it openly, at home, at the club and over the back fence, is one of the best ways to take their power away.

FAQ

What are the most common scams targeting older Australians?

Investment scams cause the biggest losses for people over 65, followed by bank impersonation, family emergency texts, fake toll and government messages, and romance scams.

Will my bank ever ask me to move money to a safe account?

No. A genuine bank will never ask you to transfer money to a “safe account”, share a one-time code, or install remote access software.

Who should I contact if I’ve been scammed?

Contact your bank first, then report the scam to Scamwatch. If your identity documents or personal details have been stolen, call IDCARE on 1800 595 160.

Can AI be used to fake a family member’s voice?

Yes. Scammers can clone a voice from short clips posted online. Agree on a family code word, or hang up and call the person back on a number you already know.