SINGAPORE - Over the past five years, the authorities investigated between five and 18 cases of alleged financial abuse of vulnerable adults, such as seniors with disabilities, each year.
The financial abuse of vulnerable adults is an emerging issue of concern, said Minister for Social and Family Development Masagos Zulkifli on Feb 6 in a written parliamentary reply to Associate Professor Jamus Lim (Sengkang GRC).
The cases investigated by the Ministry of Social and Family Development’s (MSF) Adult Protective Service include adult children forcing their parents to monetise their assets for the child’s benefit and the child withdrawing money from the parents’ bank accounts without the seniors’ knowledge, said Mr Masagos.
Often, the perpetrator was an immediate family member of the victim-survivor, he said.
Prof Lim had asked for the number of cases of financial abuse and exploitation of vulnerable adults each year in the past five years, the relationship between the victim and perpetrator, and existing measures to detect such abuse, among other questions.
A vulnerable adult is a person aged 18 and older who, because of his physical or mental infirmities, or disabilities, is incapable of protecting himself from abuse or neglect.
The Straits Times understands this is the first time figures relating to the financial abuse of vulnerable adults have been released.
Mr Masagos said: “Financial abuse is an emerging issue, and MSF is concerned with its potential negative effects on victim-survivors and the wider community.”
He added that some of the perpetrators also used violence, which harmed the victims physically and caused them distress.
Mr Masagos said there are industry guidelines for those working at the front lines, such as banking staff, to help them to spot signs of financial abuse when they interact with customers.
Victims or their families may in certain circumstances sue the perpetrators to recover the assets lost.
And depending on the facts of the case, the perpetrator may be liable for a criminal offence.
Social workers also detect cases of financial abuse when helping those facing violence at home, he added.
In July 2023, when the Women’s Charter (Family Violence and Other Matters) Amendment Bill was passed, Minister of State for Social and Family Development Sun Xueling said the MSF had considered whether to include financial abuse in the definition of family violence, but that this requires further study, as it is a complex issue.
With the amendment, the law was updated to make it clear that besides physical abuse, other forms of violence such as sexual, emotional and psychological abuse are also considered family violence.
An MSF spokesman said in 2023 that financial abuse of the elderly is a complex issue that is subject to different interpretations.
“Monies and gifts are frequently exchanged between family members, which may make the distinction between unwise financial decisions and financial abuse less clear,” the spokesman said.
It added that it is working with its partners and stakeholders to further study the problem of financial abuse.
In his parliamentary reply, Mr Masagos urged those who are abused by a loved one, including those who have been financially abused, to seek help from a Family Service Centre or call the National Anti-Violence and Sexual Harassment Helpline on 1800-777-0000.
