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29 Jun 2022

Level of financial abuse revealed as bank safeguarding guide is published

Level of financial abuse revealed as bank safeguarding guide is published

One in five people believe they have suffered financial abuse at some stage, according to Banking & Payments Federation Ireland (BPFI).

A publication from BPFI, Guide to Safeguarding your Money Now and in the Future, outlines the steps you can take to keep financially secure. 

"At times, we have all felt vulnerable or overwhelmed about managing our finances. If you are worried about the management of your money, or if you feel that you are being pressured to give away money or property in a way that is not in line with your
wishes, you can ask your bank for help," the report states.

"Bank staff will offer you the help you may need at this time," the report said. 

"Bank staff are trained to help customers who require support. Telling bank staff about your concerns will help them take appropriate action to safeguard your money. If staff at your branch or on the helpline cannot provide the support you need, they will be able to contact other staff in the bank that can help you," the report adds. 

Louise O'Mahony, head of sustainable banking with BPFI said financial abuse arises when you realise you don't have full control of your money. 

Further details are available from https://bpfi.ie/insights/safeguarding-your-money/

She advises people with online banking, to check their balance and transactions regularly, while those without online banking should receive regular statements and check them. 

"Remember this is your money, and you're entitled to keep control of it yourself," Ms O'Mahony said. 

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