Elderly at fraud risk as post offices close

Post office closures, Chip and Pin technology and complex financial products are putting older people at risk of fraud, claims Help the Aged.

The charity said initiatives such as chip and pin, online banking and the widespread closure of local banks and post offices often means older people are at risk of financial abuse.

The post office network sees four million fewer customer visits every week compared with two years ago, and the government has decided to close 2,500 loss-making branches as a result – but there are fears the vulnerable will lose access to valuable services such as banking.

Help the Aged's head of policy, David Sinclair, said: "One of the problems is this form of abuse is ill-defined and poorly understood.

"Financial abuse can range from family members forcing individuals to accept lower quality care services in order to preserve funds they expect to inherit, or accessing an older person's bank account without their permission, to overcharging for simple work around the home."

After neglect, financial abuse is the second most common form of threat older people face, the charity added.

Help the Aged is urging the creation of a financial abuse taskforce to raise awareness, with training for professionals in preventing and identifying it, as well as increasing support for older people in managing their finances.

The charity also wants to see existing legislation enforced and perpetrators of elderly financial abuse prosecuted.