S’pore banks developing guidelines to protect seniors from financial abuse

Move comes amid ageing population, uptick in cases of financial abuse by loved ones

- Theresa Tan

In May, UOB started training its branch staff such as (from left) Mr Li Jingshun, Ms Shann Goh and Mr Daniel Yu to spot and assist customers who could be facing financial abuse by a family member. ST PHOTO: ARIFFIN JAMAR

(ARIFFIN JAMAR)

The Association of Banks in Singapore and the major banks are currently developing industry guidelines to better protect elderly clients from being abused financially by their loved ones, such as their children and other family members.

The association’s director Ong-Ang Ai Boon told The Sunday Times these efforts to strengthen safeguards come amid an ageing population and instances of seniors being financially abused by “trusted parties”.

She said the enhancements would be progressively implemented from the second quarter of 2026, with more details to come when available.

Meanwhile, front-line staff at bank branches here are trained to spot signs of financial abuse of seniors, she added.

Financial abuse by a loved one can range from theft and coercion to manipulation or violence to obtain money and assets from the senior.

In May, UOB started training its branch staff to spot and assist customers who may be facing financial abuse by a family member.

Mr Benny Chan, UOB’s managing director of group channels and digitalisation, said UOB is the first financial institution here to specifically train its branch staff on familial financial abuse.

He said: “We implemented the training as our branch staff often serve as the first and last line of defence against financial abuse for customers visiting our branches, especially the elderly and vulnerable.”

Since the start of 2025, UOB branches — especially those in the heartland — have been seeing more cases of financial abuse that involve family members, he said.

For example, its Paya Lebar Quarter branch has handled five such cases so far in 2025, from just one in 2024.