Statistics of Financial Abuse and Exploitation of Vulnerable Adults Reported in Past Five Years and Current Preventive Measures

Assoc Prof Jamus Jerome Lim asked the Minister for Social and Family Development (a) what are the existing measures to detect and identify financial exploitation and abuse of vulnerable adults; and (b) what recourse do vulnerable adults have if they are suspected to be financially abused by their family members.

Financial abuse is an emerging issue and the Ministry of Social and Family Development (MSF) is concerned with its potential negative effects on victim-survivors and the wider community. Over the past five years, MSF’s Adult Protective Service has investigated five to 18 cases per year involving alleged financial abuse. Often, the perpetrator was an immediate family member of the victim-survivor.

Cases include adult children forcing their parents to monetise assets for their benefit and withdrawing money from their parents’ bank accounts without their knowledge. Some cases also allegedly involved the use of violence, which caused physical harm or distress to the victim-survivor.

There are industry guidelines for frontline professionals, such as banking staff, to help them detect signs of financial abuse when transacting with customers. Victim-survivors or their families may, in certain circumstances, be able to sue the perpetrator to recover assets lost. Depending on the facts, the perpetrator may also be liable for criminal offences.

Social workers may also detect cases of financial abuse when assisting clients facing family violence. Persons facing domestic violence, including financial abuse should seek assistance from a Family Service Centre or call the National Anti-Violence and Sexual Harassment Helpline.