Statistics of Financial Abuse and Exploitation of Vulnerable Adults Reported in Past Five Years and Current Preventive Measures
Ministry of Social and Family DevelopmentSpeakers
Summary
This question concerns the prevalence and prevention of financial abuse against vulnerable adults as raised by Assoc Prof Jamus Jerome Lim. Minister for Social and Family Development Masagos Zulkifli B M M reported that five to 18 cases were investigated annually over the past five years, predominantly involving immediate family members. Detection relies on industry guidelines for banking staff and social workers identifying signs during assessments, while legal recourse is available through civil suits or criminal charges. Victims are advised to contact Family Service Centres or the National Anti-Violence and Sexual Harassment Helpline for assistance. The Ministry continues to monitor financial exploitation, such as unauthorized asset monetization or bank withdrawals that cause distress to survivors.
Transcript
23 Assoc Prof Jamus Jerome Lim asked the Minister for Social and Family Development (a) in each of the past five years, how many cases of financial abuse and exploitation of vulnerable adults have been reported; and (b) what are the common types of relationship which suspects and perpetrators have with the victims.
24 Assoc Prof Jamus Jerome Lim asked the Minister for Social and Family Development (a) what are the existing measures to detect and identify financial exploitation and abuse of vulnerable adults; and (b) what recourse do vulnerable adults have if they are suspected to be financially abused by their family members.
Mr Masagos Zulkifli B M M: Financial abuse is an emerging issue and the Ministry of Social and Family Development (MSF) is concerned with its potential negative effects on victim-survivors and the wider community. Over the past five years, MSF’s Adult Protective Service has investigated five to 18 cases per year involving alleged financial abuse. Often, the perpetrator was an immediate family member of the victim-survivor.
Cases include adult children forcing their parents to monetise assets for their benefit and withdrawing money from their parents’ bank accounts without their knowledge. Some cases also allegedly involved the use of violence, which caused physical harm or distress to the victim-survivor.
There are industry guidelines for frontline professionals, such as banking staff, to help them detect signs of financial abuse when transacting with customers. Victim-survivors or their families may, in certain circumstances, be able to sue the perpetrator to recover assets lost. Depending on the facts, the perpetrator may also be liable for criminal offences.
Social workers may also detect cases of financial abuse when assisting clients facing family violence. Persons facing domestic violence, including financial abuse should seek assistance from a Family Service Centre or call the National Anti-Violence and Sexual Harassment Helpline.