‘Alarming’ rise in financial abuse of seniors by trusted people
A charity that helps seniors has seen an “alarming” rise in financial abuse by individuals in positions of trust.
Mercedes Pringle-DeSilva, executive director of Age Concern Bermuda, said protecting older adults from financial scams and abuse was more critical than ever.
“Every year, fraudsters develop new ways to deceive and exploit, often targeting those who trust too easily or may be less familiar with the latest digital threats,” Ms Pringle-DeSilva said.
“Financial abuse by individuals in positions of trust, including loved ones, is also on the rise, adding another layer of complexity to this troubling issue.
“We’re seeing an alarming rise in financial abuse by loved ones or individuals in positions of trust. Often this abuse stems from informal agreements or misplaced trust.
“As we approach 2025, it’s essential to reflect on this year’s trends and take steps to ensure greater safety and peace of mind for our senior community.”
Ms Pringle-DeSilva added: “By staying informed and vigilant, we can work together to protect ourselves and our loved ones from financial scams and abuse.
“We encourage everyone to take proactive steps — verify calls, e-mails and texts, secure written agreements for financial arrangements, and seek trusted legal advice when needed.
“If you or someone you know has experienced financial exploitation, don’t stay silent — report it and seek help.”
In 2024, the Bermuda Police Service issued at least 11 warnings about fraudulent activity targeting both businesses and individuals.
In one week, the BPS estimated that local residents had collectively lost more than $1.2 million owing to a scam.
Ms Pringle-DeSilva said Age Concern had seen recognised scam trends in 2024, including:
• Vishing, or phone calls, where someone impersonating a bank, police, or telecom providers urged urgent action, such as transferring funds or installing remote-access software
Age Concern said someone receiving such a call should verify the caller’s identity, hang up and call the institution directly using a number obtained from their official website or other trusted sources.
It said people should never share personal or banking information over the phone unless they have initiated the call to a verified number.
• Phishing, via e-mails, where someone receives e-mails mimicking trusted entities like a bank, requesting sensitive information through suspicious links or attachments
The charity said people should not click on links or download attachments from unsolicited e-mails. “Verify the sender’s e-mail address for inconsistencies, such as slight misspellings or unusual domains,” it added.
• Smishing, or text messages, where fraudulent messages claiming to be from customs or shipping companies, often linking to phishing sites, were sent
Age Concern said people should avoid clicking on links from unknown or unverified senders and directly visit the company’s official website or contact their customer service for clarification.
• Social-media scams where fraudsters on platforms such as Instagram solicit personal and financial details
The charity said to guard against financial abuse by trusted individuals, people should put things in writing.
“When granting someone access to your finances, like sharing a bankcard, closing an account, or managing investments, create clear written agreements,” Ms Pringle-DeSilva said.
“Digital records are ideal for accessibility and verification. If this isn’t possible, ensure paper copies are securely filed.”
She said people should seek professional legal advice to draft precise power of attorney documents with “explicit limitations, record-keeping clauses and regular disclosure requirements”.
“Regularly review and update your POA to reflect your current wishes and circumstances,” she added.
“Understand the risks associated with joint bank accounts, such as unrestricted withdrawal rights for the co-holder. Seek advice from your banker or attorney before proceeding.”
Ms Pringle-DeSilva added: “Together, as a community, we can create a safer environment where older adults can live with dignity, security, and peace of mind.”
• For more advice from Age Concern, see Related Media
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