If you want to thwart financial abuse, first spot the warning signs

Imagine if you couldn’t access your money, or get a job without someone else’s permission – or if another person was racking up debts in your name.

The My Money, My Life campaign suggested 18 per cent of adults in the UK had been a victim of financial abuse. Photograph: PA

Horrible, right? But financial abuse may be more common than you think, and financial services firms are highlighting the help available for those affected, to start taking back control over their money.

Trade association UK Finance has published a leaflet with information on this topic, which services provider firms are placing on their websites. This follows a financial abuse code of practice – providing guidance for banks and building societies so customers can be confident they will be treated sympathetically – that was announced last year. The My Money, My Life campaign suggested 18 per cent of adults in the UK had been a victim of financial abuse in a current or past relationship.

To help highlight the issue and encourage people to speak up, here are some of the warning signs of financial abuse, plus ways to get help.

What is financial abuse?

It could happen when someone tries to take control of your finances, exploit them or sabotage them. The person doing this may be a partner, a family member, or someone outside the family, such as a carer.

Who’s at risk?

While it can happen to anyone, for some people it could take place alongside other forms of abuse, where someone is trying to gain control over another person, such as violence. The Co-op Bank and Refuge’s research found 60 per cent of cases were reported by women and in 82 per cent of cases, victims had also experienced other forms of abuse. Older people may also be particularly at risk, and people with dementia may be targeted.

What are the warning signs?

Someone may have stopped you from being able to work or go to university, or prevented you from being able to access your money. They may have taken out credit cards or loans in your name without your permission, or asked you to change your will. You may have had your money spent by someone else without your authorisation. Perhaps someone said they would pay bills or buy shopping for you – but despite you giving them money, this hasn’t happened.

How your bank or other provider may be able to help

If you are in immediate danger, you should call the police. And if it’s safe to do so, ask to speak to someone at your financial services provider about what is happening. They can help you to keep your finances safe, which could involve setting up a new PIN and passwords on your account if you think someone else knows them.

If someone is opening your post at home, you may be able to have letters sent elsewhere, or consider receiving your statements online.

If you have a joint account with an ex and you’re worried about cash being drained out, you could ask your provider that payments do not come out of the account without both you and the other joint account holder saying so. You may consider closing the joint account – but remember you’re both responsible for any overdrawn balance.

More help and support is available from charities such as Refuge, StepChange Debt Charity, Citizens Advice and the Money Advice Trust.