There have been five to 18 cases of "financial abuse" of vulnerable adults every year for the past five years, said Minister for Social and Family Development Masagos Zulkifli in a parliamentary reply on Feb. 6, 2024.

"Financial abuse is an emerging issue," Masagos said. "Often, the perpetrator was an immediate family member of the victim-survivor."

Perpetrators are usually family members

Masagos was replying to Member of Parliament (MP) Jamus Lim's question about the financial abuse and exploitation of vulnerable adults and what measures are in place to help them.

Masagos shared that over the past five years, the Ministry for Social and Family Development (MSF) Adult Protective Service has investigated five to 18 cases per year involving alleged financial abuse.

He said MSF is concerned with the potential negative effects suffered by victim-survivors and the wider community.

Often, he added, the perpetrator was an immediate family member of the victim-survivor.

Such 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 perpetrators also allegedly used violence on their victims, Masagos added.

An MSF spokesperson had previously told The Straits Times that financial abuse of the elderly is a complex issue subjected to different interpretations.

The problem is further complicated by the frequent exchange of money and gifts between family members, possibly blurring the line between unwise financial decisions and financial abuse.

Help available

Masagos explained the range of measures and recourse available for victim-survivors of financial abuse and exploitation.

Frontline professionals, such as banking staff, have industry guidelines to help them detect signs of financial abuse when transacting with customers.

Victim-survivors or their families can, in certain circumstances, sue the perpetrator to recover assets lost.

Depending on the facts, the perpetrator may also be liable for criminal offences, he said.

In addition, social workers may also discern cases of financial abuse while 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 1800-777-0000.

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