September 07, 2026 - 169 views
Older people are being warned to be alert to financial abuse by people they trust, after new figures revealed almost £94 million was reported stolen through abuse of position in a single year.
Figures from Report Fraud, released by the City of London Police, show £93.8 million was lost through fraud by abuse of position during 2025/26.
People aged 70 and over accounted for more than £51 million of those reported losses, with those aged 80 to 89 suffering the highest number of reports and the highest financial losses in any age group.
There were 3,812 reports of this type of fraud during the year.
Abuse of position happens when someone exploits a position of trust or authority to gain access to another person's money, property or assets. Offenders can include relatives, friends, carers, employees or others trusted to manage someone's financial affairs.
The figures have particular relevance in Wales, where financial abuse is recognised as a safeguarding concern under the Social Services and Well-being (Wales) Act.
Welsh Government safeguarding statistics show that 265 financial-abuse concerns resulted in care and support protection plans across Wales in 2023-24. The official figures cover all 22 local authorities, including Conwy, Denbighshire, Gwynedd and Anglesey.
Welsh Government guidance describes financial abuse as including having money or property stolen, being defrauded, being put under pressure over money or property, or having money or property misused.
The City of London Police figures reveal that 764 reports involved the misuse of powers of attorney, with reported losses of £34.6 million.
A further 444 reports involved social care workers, with reported losses of £13.3 million.
Detective Superintendent Oliver Little, from the City of London Police Lead Force Operations Room, said the offences could be particularly devastating because they were committed by people trusted to act in the victim's best interests.
He said the fact that people aged 70 and over had more than £51 million stolen highlighted the significant threat to older and sometimes vulnerable people.
Cases can involve relatives or close friends taking bank cards or banking details, making unauthorised transfers, or exploiting access to accounts.
Police also found cases where alleged abuse continued after a person's death, including the manipulation of wills, estates and other legal documents.
The warning comes as Welsh Government figures show that safeguarding remains a significant issue for older people receiving care and support. In 2024-25, more than half of adults receiving care and support in Wales were aged 75 or over.
People are being urged to look out for unexplained withdrawals, unpaid bills, missing possessions or unexpected changes to bank accounts or wills.
Anyone who suspects financial abuse should contact the person's bank or card provider as soon as possible. Safeguarding concerns can also be raised with the local authority's adult social care team.
Concerns about a solicitor or deputy misusing their position can be reported to the Office of the Public Guardian.
The City of London Police says families, carers and anyone responsible for managing another person's financial affairs should remain vigilant and act quickly if something does not appear right.
