BNZ and Age Concern warn of rising elder financial abuse 

BNZ and Age Concern are urging individuals and whānau to stay vigilant against elder financial abuse, as more elderly New Zealanders lose savings to people they trust. 

BNZ identified more than 130 cases of elder financial abuse in 2024, up 20% on the prior year. The financial impact ranged from thousands to over a million dollars in losses, with some of the most severe cases involving family members. 

In one case, $1.4 million was systematically siphoned from an elderly person’s accounts through unauthorised transfers to a family member. While initially granted access by the victim to help with bill payments, this trust was exploited by the family member to drain their life savings.  

In another instance, transaction monitoring identified approximately $90,000 in unauthorised withdrawals across twelve months, leading to intervention and partial recovery of funds. 

Martin King, BNZ Manager Customer Assist, says some cases identified by BNZ have resulted in Police investigations. However, he notes that this is not the norm. 

“These cases highlight the complex nature of elder financial abuse,” he says. 

“Financial abuse often preys upon loneliness or illness and occurs within families or close relationships. 

“It’s also important to note that financial abuse isn’t always malicious. Sometimes it stems from misguided attempts to ‘protect’ an older person’s assets. However, taking control of someone’s finances without their full knowledge and consent is still abuse, regardless of intentions.” 

While BNZ works to detect and address financial abuse, King says a significant challenge is that many victims choose not to report to authorities. 

“Many victims are reluctant to involve Police, even in serious cases of financial exploitation,” says King. 

“Unfortunately, they’re often too ashamed or embarrassed to make official reports. This shame is compounded when the perpetrators are people they trusted and loved. Many victims fear judgement or don’t want to get family members in trouble, which allows the abuse to continue unaddressed.” 

Elder abuse more common than many realise 

Age Concern Canterbury CEO Greta Bond says BNZ’s data aligns with what their Elder Abuse Response Service is seeing. 

“We have a team whose job it is to investigate allegations of elder abuse and to support older people and their whānau, and they’re busier than ever before.  

“One in 10 New Zealanders over 65 experience some form of abuse or neglect, and our research indicates up to 75% of this abuse is perpetrated by a family member, with financial abuse featuring in about half of cases.” 

Bond emphasises that growing older does not diminish a person’s right to make their own financial decisions. 

“Unless assessed otherwise by medical professionals, older people have every right to manage their money as they choose – even if family members disagree with those choices,” Bond says. 

Recognising the warning signs 

King highlights several red flags that can indicate financial abuse or exploitation, including: 

• Unusual banking patterns 
• The presence of controlling third parties during banking visits 
• Confusion about account balances or transactions 

“There are steps seniors and their support networks can take while respecting independence. We encourage everyone to think about how they can protect their financial wellbeing, including considering tools like Enduring Powers of Attorney. For those supporting older people, the key is to balance assistance with respect for autonomy.” 

Social connection 

Age Concern emphasises the importance of maintaining strong social connections as a protective factor against elder abuse. 

“Isolation and loneliness can make people particularly vulnerable to financial exploitation. We encourage people to continue to seek out social engagement as they age, and to seek help from organisations like Age Concern where they are finding this difficult,” Bond says. 

Anyone concerned about financial abuse should speak with their bank immediately, says King. 

“There are ways we can help while supporting a customer’s independence and dignity. BNZ has a specialist support team trained to help respond to cases of elder financial abuse, working to understand each situation and connect people with support services, guidance, and assistance to secure their banking facilities.”  

Key steps to protect financial wellbeing 

• Keep your banking PINs and passwords secure and private 
• Consider setting up an Enduring Power of Attorney 
• Seek independent advice before making major decisions 
• Support older relatives’ right to make their own financial choices 
• Be alert to signs of financial abuse and contact your bank if concerned for yourself or a loved one