Cases of Financial Abuse of Elderly Persons
Ms Joan Pereira asked the Minister for Social and Family Development regarding financial abuse of elderly persons (a) how many reported cases are there in each of the past five years; (b) of these cases, what proportion have resulted in (i) intervention (ii) civil action or (iii) criminal investigation, respectively; and (c) what is the Ministry’s assessment of the adequacy of sector guidelines developed by the Association of Banks in Singapore (ABS) to better protect elderly clients.
Answer:
From 2021 to 2025, among cases investigated by MSF’s Protective Service involving Vulnerable Adults aged 65 years and above, an average of six cases per year (about 8% of cases) involved concerns of alleged financial abuse, alongside other forms of abuse.
2. The Ministry of Social and Family Development's (MSF’s) Protective Service intervenes to safeguard Vulnerable Adults’ safety and well-being holistically. Where appropriate, MSF may link the Vulnerable Adult and their family to relevant services or authorities, including supporting them to make a police report where there are concerns of possible criminal wrongdoing. MSF does not track whether these cases subsequently result in civil action or criminal investigation, and is therefore unable to provide the relevant data.
3. The ABS playbook “Banking a Longevity Society” sets out the banking sector’s initiatives for supporting their elderly clients’ financial journey, including prevention of elderly financial abuse. The major retail banks are committed to building on these initiatives and refining them to meet the evolving financial needs of elderly clients. The Government is also working with the banks to further strengthen their capabilities to detect and safeguard their elderly clients from financial abuse by trusted parties, where harm is often hardest to detect and report. The Government will continue to work with ABS and the banking industry to ensure that elderly persons are adequately safeguarded.