Letters

Action needed now to protect seniors

Ed, As our population ages there is greater risk for older Australians to fall victim to elder abuse, with financial abuse the most common form. Often difficult to identify, this type of abuse occurs when a trusted person misuses or wrongly exerts financial control, leading to harm and distress for the victim. It is estimated that Australians lose more than $3 billion to fraud and scams each year, and Commonwealth Bank data suggests that three out of every four people affected by scams are over the age of 50, with those in regional areas more likely to be victims. Sadly, it appears this is only the tip of the iceberg with scams and fraud making up only one part of financial abuse. The true costs are unknown as many seniors either don’t recognise abuse or feel too embarrassed to report it. Beyond the financial loss, abuse can affect a person’s mental health, ability to care for themselves, or their access to food, accommodation, and medical care. Greater action is needed now to protect older Australians from financial abuse, scams and fraud, which is why we have launched our Safe and Savvy program. The program aims to educate older Australians and their families about the risks, and empower them with the right tools and support to take action and protect their finances.    The new Safe and Savvy guide, developed in consultation with experts, is available online from June 15 and in almost 1000 Commonwealth Bank branches from mid-July. The Guide provides practical advice and tips for customers and their families, as well as a comprehensive list of resources and support services available. We are also training 9000 of our branch staff so that they can better identify and assist customers who may be victim to abuse.   Banks and the community need to shine a light on the silent abuse occurring in households across the country, and our guide is a valuable resource to help start the conversation.   Dr. Brendan French, Commonwealth Bank Customer Advocate