The Australian Banking Association (ABA) and Council on the Ageing (COTA) Australia are urging older Australians, their families, friends and carers to have conversations about how to better protect themselves from scams and financial abuse this Elder Abuse Awareness Day.
ABA CEO Anna Bligh said older Australians were more likely to be susceptible to financial abuse or the target of scams.
"Unfortunately, every day banks see elderly people in our community fall victim to scams," Ms Bligh said.
"Older Australians have worked hard for their savings, and they deserve to feel safe, respected and in control of their finances.
"Banks are very active and working around the clock to help keep customers safe from financial harm, however having conversations with loved ones about how to better protect yourself can go a long way too.
"Having conversations about scam warning signs and putting in place practical safeguards such as updating and varying passwords or enabling two step verifications can also help to keep older Australians safer.
"When it comes to financial abuse, it's vital people know what it might look like, how it might occur, and have the knowledge of what action they can take if they see it happening or are a victim themselves.
"Banks are highly alert to the warning signs of elder financial abuse, train their staff to recognise red flags and have specialist teams that can respond and support victims."
COTA Australia Acting CEO Corey Irlam said no older Australian should live in fear of their finances being taken over or misused by anyone, including someone they trust.
"Financial elder abuse is far more common than people realise, and sadly, it can sometimes start with a trusted family member, carer or friend," Mr Irlam said.
"Financial independence and confidence are key to ageing with dignity.
"A simple conversation with an older relative or friend might not only help them increase their understanding of financial abuse, but also their confidence when banking, particularly online.
"Increased confidence may support older people to recognise potential financial crimes, including scams or fraud and assist people to seek support if they are being subject to abuse.
"It's time we stop treating elder abuse, including financial crimes against older people, as a private matter – it's a serious issue that deserves urgent national action."
The ABA and COTA are calling for stronger national safeguards to protect older Australians, including:
- Harmonisation of Enduring Power of Attorney arrangements across all states and territories
- A national register of power of attorney instruments
- A designated body that can receive and investigate suspected elder abuse.
The ABA provides a white label version of the Commonwealth Bank developed 'Safe & Savvy: A guide to help people avoid scams, fraud and elder financial abuse' and can be downloaded here.
