Protecting Your Parent: Immediate Steps to Stop Elder Financial Abuse
Discovering that a parent or aging loved one may be being financially exploited - especially when it involves another family member - is deeply overwhelming. You may be feeling shocked, angry, and unsure of where to turn first.
You are not alone, and you do not have to figure this out by yourself.
At Sapience Financial, we believe in protecting the financial dignity of older Australians. While we cannot provide specific legal or crisis advice, we want to help you take back control.
If you suspect your parent is experiencing financial abuse, here are the 10 immediate steps you can take to stop the bleeding, secure their assets, and find professional support.
The 10-Step Action Plan
1. Ensure Immediate Safety
If your parent is in immediate physical danger, or if a confrontation is escalating, do not hesitate.
Action: Call emergency services on 000
2. Call the National Elder Abuse Helpline
You don’t have to know exactly what to do - you just need to make the first call. This free, confidential service will connect you with localised support and advice in your state or territory.
Action: Call 1800 ELDERHelp (1800 353 374)
3. Contact Their Bank’s Hardship & Vulnerability Team
Banks have strict protocols for elder financial abuse. You do not need to be on the account to report suspicious activity. Contact your parent’s bank and ask specifically for their Vulnerability or Priority Assist team.
Action: Ask the bank to flag the account, review third-party access, or temporarily freeze suspicious outbound transfers.
4. Put a Freeze on Their Credit File
To stop the abusive party from taking out loans or credit cards in your parent's name, you can request a free 21-day credit ban.
Action: Apply through one of the major credit reporting bodies Equifax, or Experian. If you request it, they will automatically notify the other two bureaus.
5. Secure Digital and Physical Access
Abusers often intercept mail or use known passwords to hide their tracks.
Action: Help your parent change their internet banking passwords and card PINs. If necessary, redirect their physical mail to a trusted address, a PO Box redirect or a local bank branch so new cards and bank statements cannot be intercepted.
6. Review the Power of Attorney (PoA)
If a sibling or family member holds a PoA, they may be legally accessing funds, but unlawfully using them for their own gain.
Action: Locate and secure a copy of the original Power of Attorney document. You will need this to prepare for legal review or revocation.
7. Gather the Evidence
When you speak to lawyers or the police, you will need documentation.
Action: Collect the last 12 to 24 months of bank statements, property titles, and investment summaries. Highlight unfamiliar transfers, large ATM withdrawals, or missing funds.
8. Engage IDCARE for Identity Theft
If your parent's identity documents (like their passport, driver's license, or Medicare card) have been stolen or misused to open fraudulent accounts, you need specialist cyber support.
Action: Contact IDCARE on 1800 595 160
9. Seek Specialized Legal Advice
Elder financial abuse is highly complex, especially when family is involved. You need professionals who understand how to revoke a misused Power of Attorney and recover assets.
Action: Contact your state's Community Legal Centre, Legal Aid, or a private solicitor who specialises in Elder Law.
10. Educate Yourself on the Next Steps
The Australian Government has created a national knowledge hub specifically for elder abuse. It is the best place to find long-term resources and guidance.
Action: Visit Compass.info
Essential Helplines & Resources
- 1800 ELDERHelp (1800 353 374) – National routing number for state-specific elder abuse advice
- Compass.info – Australia’s national website for elder abuse support and information
- Equifax Credit Ban Portal – Request a temporary ban on your parent’s credit report
- IDCARE – National identity & cyber support service
- Australian Banking Association (ABA) – Information on how Australian banks handle elder financial abuse
Important Disclaimer
The information provided on this page is for general educational and support purposes only. Navigating elder abuse is highly complex, and the steps outlined here do not constitute formal legal, financial, or crisis management advice from Sapience Financial. We strongly encourage you to contact the official government resources and legal professionals listed above to discuss your family's specific circumstances.
Frequently Asked Questions: Navigating Elder Financial Abuse
WHAT EXACTLY IS ELDER FINANCIAL ABUSE?
Elder financial abuse involves the illegal or improper use of an older person's funds, property, or assets. This can include unauthorised withdrawals, forcing or tricking them into signing documents, or the misuse of a Power of Attorney by a trusted person.
WHAT ARE THE COMMON WARNING SIGNS?
Red flags include sudden changes in bank balances, unexplained ATM withdrawals, unpaid bills despite adequate income, missing valuables, or a family member/caregiver showing sudden, excessive interest in your parent's finances or will.
DO I NEED PROOF BEFORE TAKING ACTION?
No. You do not need undeniable proof to start asking questions or to contact support helplines. If you have a reasonable suspicion that your parent is being exploited, it is best to act early, secure their accounts, and seek professional guidance.
CAN A BANK FREEZE MY PARENT'S ACCOUNT?
Yes. Australian banks have dedicated Vulnerability and Priority Assist teams. If they suspect fraud, coercion, or unauthorized access, they have internal protocols to temporarily halt transactions or freeze the account to protect your parent's funds.
WHAT IF THE SUSPECTED ABUSER IS MY SIBLING?
Unfortunately, financial abuse by family members is highly common. It is crucial to document everything and avoid aggressive direct confrontation if it might escalate the situation. Use external authorities like the bank, lawyers, or mediators to intervene objectively.
HOW DO I STOP NEW LOANS OR CREDIT CARDS BEING OPENED?
You can request a free 21-day credit ban on your parent's behalf through major credit reporting bodies (Equifax, Experian, or Illion). This effectively freezes their credit file, stopping any new credit accounts from being approved in their name.
CAN A MISUSED POWER OF ATTORNEY (POA) BE REVOKED?
Yes, as long as your parent still has the mental capacity to understand the decision, they can revoke a PoA at any time. If they have lost capacity, you may need to apply to your state's Civil and Administrative Tribunal to have the abusive attorney formally removed.
SHOULD I CONTACT THE POLICE?
If your parent is in immediate physical danger, or if there is undeniable evidence of theft or fraud, contact the police. However, for complex family disputes involving a Power of Attorney, starting with a legal professional or the 1800 ELDERHelp line is often the most effective first step.
IS IT POSSIBLE TO RECOVER STOLEN MONEY?
It is possible, but it can be challenging and often requires civil litigation. Gathering thorough evidence (like bank statements and property titles) and seeking specialized advice from an elder law solicitor as soon as possible will increase the chances of recovery.
WHERE CAN I GET SUPPORT FOR MYSELF?
Supporting a parent through financial abuse is highly stressful and emotionally draining. Don't hesitate to seek counselling for yourself, phone contact 1800 ELDERHelp for guidance, and lean on the comprehensive community resources available at Compass.info
Master List of Diagnostic Tools
Commercial Friction & Personal Exposure
Calculate your Unprotected Exposure Gap, statutory ATO Director Penalty Notice (DPN) risks, and spousal real estate blindspots.
Need for Closure Scale (NFCS)
Evaluate your preference for certainty, order, and predictability to understand how cognitive bias shapes high-stakes personal and financial decisions.
Intestacy Risk & Distribution Estimator
Map how your real estate, savings, and personal assets are legally divided under Australian statutory laws if passing away without a valid Will.
Submission to The Attorney-General: The 2026 Mandate on Elder Abuse
Sapience Financial has submitted a formal response to the Department of Social Services and the Attorney-General's Department, regarding the National Plan to End the Abuse and Mistreatment of Older People 2026-2036.
We argue that the current state-and-territory-based Enduring Power of Attorney (EPOA) frameworks are no longer fit for purpose to handle the looming intergenerational wealth transfer. The existing system focuses too heavily on forensic theft and overt acts of mistreatment, remaining completely blind to the subtle, early stages of 'financial grooming' and 'Inheritance Impatience' occurring within Australian families.
- To address this critical structural defect, our submission calls for a 'manual override' of the government's 10-year timeline, accelerating action to a 2026 mandate focused on primary prevention.
- A central pillar of this mandate is the urgent deployment of a National Online Register for all Enduring Documents.
- Modeled off existing platforms like PEXA, this secure database would eliminate the current jurisdictional lottery and provide banks and medical professionals with real-time validation to stop 'The Predator on the Couch' in their tracks.
Furthermore, we advocate for the implementation of Mandatory Forensic Screening, which would legislate professionals - such as financial advisers, lawyers, and bankers - as mandatory interveners required to ask prescribed ;awkward questions' in private consultations.
We must also move away from generic EPOA templates and undocumented 'Bank of Mum and Dad' handshake agreements. By introducing deliberate 'Friction by Design' and high-tensile registered documents, we can document family loans to neutralise the 'Presumption of Advancement' and create a definitive forensic shield against structural theft.
Sapience has made a formal submission to the Government's Attorney General about this report.
Formal Response Submission to the Government by Sapience Financial
👓 Read our Full 2026 Mandate Submission here
📥 Download the Full Submission (PDF, 2MB)
Download a Free Sapience eGuide
Need to upskill your practical financial knowledge? Download a relevant free Sapience Financial eGuide (and become more life confident)
Our Sapience eGuides are free educational guides for our clients, friends, and supporters – each designed to help 'chunk-down' bigger financial concepts and habits into bite-sized learnable pieces.
Our worksheets are design to help focus your thinking as you start to prepare to work with us.
- Preparing to learn more about Modern Estate Planning options
- Understanding the statistical reality that 31 Australian families lose an income-earning parent every day (and what you can do about that)
- Whether that's helping your kids to begin to learn good financial habits
- Supporting Same-Sex Newlyweds looking to learn about their new financial decisions
Below are our current free and helpful eGuides ready for download
- 31 Families Lose a Parent Every Day
- 7 Myths About Modern Estate Planning
- 31 Good Money Habits to Model for your Kids
- 7 Financial Decisions Same-sex Newlyweds Need to Make
Coming Soon: Keep an eye out for our new eGuide Unexpected Wealth Syndrome and learn new skills on how to better manage an unexpected inheritance, redundancy payment, or even a lottery winning.
