Financial harm is the risk of experiencing, or being a victim of financial abuse.
Everyone can suffer financial harm. There is no such thing as a typical target but vulnerable adults, people with learning disabilitie and /mental health issues, and the elderly may be at higher risk.
Criminals are always looking to find new ways to con us, this can be:
- financial abuse can be committed by those closest to the victim, such as family members, relatives, carers, partners, and ex-partners
- financial scams are varied and can happen through the Internet, email, written correspondence, telephone calls, mobile phone messages, cold callers, and bogus workmen
Examples of financial abuse
A person offers to buy shopping or pay bills with your money, but takes it and doesn’t use the money how you agreed.
A person forces you to take out money or get credit in your name and makes you hand over control of your accounts. This can include changing your login details.
A person cashes in your pension or other cheques without your permission or pressures you to draw down, transfer or stop making pension payments.
Examples of financial scams
Lottery and prize draws
You receive a letter or e-mail telling you that have won a prize draw or foreign lottery which you don’t remember entering. They ask for a fee to claim your winnings.
Doorstep callers
Sell you products or urgent work is required on your property.
Impersonation scams
Phone call or email from someone saying they are from your bank, HMRC, or a business, asking you to make a payment or give them your personal or bank details.
Always remember to contact your bank and police immediately if you do believe you have been subject to financial harm.
Signs someone may be experiencing financial harm
This might be:
- piles of junk mail
- short of money, or secretive about money
- increased phone calls from unknown numbers
- lots of work being done to a person’s house
- person becoming withdrawn and taking less care of themselves
- being unclear or confused about where their money has gone
- stressed about money issues or debt
- giving money to a stranger or someone they know for reasons that concern you
- missing personal possessions
- family or other showing unusual interest in the assets of someone
Things you can do to help yourself
You can:
- check if financial firms are authorised or registered with the Financial Conduct Authority before making any decisions on investments or pensions
- don’t ever send money to someone you haven’t met in person
- don’t feel pressurised or rushed into deciding about financial investments or pension transfer
- don’t buy goods or services from a trader on your doorstep
- remember that banks or government bodies will never contact you and ask for personal or account details
- be wary of leaflets and catalogues offering magic cures or miracle potions
- don’t reply to any letters or emails saying you’ve won a prize if you don’t recall entering the competition
- only buy products from reputable retailers and well-known shops
You can also find useful information about scams and frauds on the Police Scotland website.
Download our easy read booklet for more information.