Protecting Seniors Against Financial Abuse

June 14, 2024 | 3 Comments

The Bermuda Bankers Association announced support for World Elder Abuse Awareness Day on June 15, highlighting the need to recognize and prevent financial abuse, especially among older adults.

A spokesperson said, “The Bermuda Bankers Association supports World Elder Abuse Awareness Day, which takes place each year on June 15th. This is an opportunity to remind ourselves, our friends and family about the importance of recognizing the signs of financial abuse and taking preventative measures.

“Older adults are often the target of financial abuse, but anyone can fall victim to it. Here’s how to spot the signs of abuse so it doesn’t happen to you or someone you care about.

“What is financial abuse? Financial abuse occurs when someone tries to take or control what belongs to you for their own benefit, not yours. This can include your money, your property, or your personal information. Financial abuse is unethical, and in many cases it is also illegal.

“Who can be a financial abuser? A financial abuser can be someone you trust. A person in your life such as a spouse, adult child, grandchild or other family member, caregiver, friend, or neighbour. It’s important to be aware that financial abuse can come from unexpected sources.

“What does financial abuse look like? Is anyone in your life:

  • putting pressure on you to give or lend them money, or to give them access to your financial information?
  • misusing a Power of Attorney for their own benefit, and not yours?
  • forcing or attempting to trick you into signing something, including a contract, Will, letter or guarantee?
  • “borrowing” your bank card or credit card?
  • misusing joint bank accounts or pressuring you to make your existing account a joint account?
  • forging your signature on cheques, including pension cheques, or legal documents? • refusing to return borrowed money or property?

“All of these signs are indicators of possible financial abuse.

“How can I protect myself?

“If you are able, do financial transactions yourself. Take advantage of telephone, online and mobile banking. Bermuda’s banks offer tutorials and help with setting up online banking.

“When planning for your possible inability to manage your finances yourself, allowing a trusted person [or persons] to assist with your financial affairs can be helpful, but you must select your trusted person carefully.

“You can say “no” when someone pressures you for money or to buy something — even family members.

“Make sure you understand every document you sign – do not sign blank documents and do not give anyone your bank card or PIN.

“You can have pension cheques, or other sources of income, deposited directly into your bank account and have your bills debited directly out of your account or charged to your credit card.

“Watch for more information and advice from the Bermuda Bankers Association on social media starting later this month.

“Should you wish to report or discuss elder abuse, please contact Ageing and Disability Services, Ministry of Youth, Social Development and Seniors, at [441] 292-7802 or [441] 278-4900 or via email at”

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Comments (3)

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  1. Packman says:

    The only way to prevent further Senior abuse as I call it like it is.

    Do we have to parade our streets for the lack of recognition which effects Seniors , do we need to form our own association there is strength in numbers?

    I as one person can belly ache here all I want , complain about the demeaning arragance of it all ,which will usually fall on deaf ears, or is it they have no idea what the are doing as trivia finds its way to the top of the list including trips to another mans paradise .

    Our poor roads and the starvation minimum wage are classic examples.

    We seniors have issues with abuse ,TCD and none medical information, the Department of Health, Covid 19 deaths, the Banks early retirement, the under funded Pension fund , Voting issues , a failing economy and much more.

  2. Packman says:

    How many times have you heard people say .

    “To be honest with you “!
    “To tell you the truth”!

    Are you in fact dealing with a lier or a person who twists or manipulates the truth.

    Has this person or business enterprise been making “false claims” and /or ” mis handling the truth for years?”
    There are for to many people who are unable to “speek the truth” or write it under any circumstances.

    There or those who will” never put pen to paper”, in their defense some are usually illiterate.
    Others do it on application forms.
    There are also those who will promise the earth for their own gain and then go back on thei word
    how about false advertising.
    Then there are those who will say one thing and do anther that fall in the deceipt category .
    Another scar on society is” gossip” when people discuss you business behind your back.

    There are several way of dealing with people who figuratively “stab you in the back”.
    Bad actors can tell lies whithout opening their mouth they show it with their body language .
    They have been watching too many movies .
    Also there are many ways that people deceive one another or insult another persons intelagence to the point of causing mistrust and hurt.

    In some countries people can go to jail for telling lies ,there is a family across the pond who are professional at it .

    The big problem with people who lie usually find them selves lelling back up lies to cover the first.

    Parents will tell their children “think before you speek”.
    “Wilfred have you done your home work” ? “Yes mom” !
    To be blunt here, may I ask how man people have gone to the gallows because another told a lie to the court .
    W with holding the truth falls in the same category .
    You may ask how can I deal with a lier ? the answer is you don’t.
    Say nothing do not prolong the issue , give them the eye ball treatment, then just walk away .
    Integratary is everything.

    • Joe Bloggs says:

      “The big problem with people who lie usually find them selves lelling back up lies to cover the first.”

      And with luck they are convicted of 34 counts of fraud!

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