Did you know that financial harm is one of the most common types of harm reported to the Fife Health and Social Care Partnership? These days, scams are a dime a dozen and can affect anyone, so here are some red flags to help you identify a potential risk.
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Across Fife, more and more people are victims of financial harm. This unfortunate rise in financial schemes and frauds can affect anyone, regardless of age or status.
During 2021/22, the most common types of principal harm leading to an ASP investigation were financial harm and psychological harm, consistent with the previous year’s data. Financial harm accounted for 20% of total investigations during 2021/22 (76 of 375).
What is financial harm?
Financial harm, as defined by the Fife Adult Support and Protection Committee, is caused by the illegal or improper use of an individual’s resources (both financial and property) by another person, without their informed consent or through the exercise of undue pressure.
An adult protection coordinator from Fife Council describes it as: “So variable, so prominent…and so the reason why we are choosing to focus on financial harm this quarter is because it is one of the most reported types of harm in the area of Fife.”
Many people don’t report financial harm due to embarrassment, but it can happen to anyone.” – Fife Adult Support and Protection Committee
3 forms of financial harm
With fraudsters becoming more and more sophisticated, financial harm can take many forms, including:
- Theft of money, benefits, property, possessions. Financial harm covers all forms of financial scams that often result in the loss of money, benefits, property or possessions
- Telephone call scams, internet scams, unsolicited mail. Due to the pandemic, scammers have realised that many potential victims can be reached directly in their homes. A rise in financial harm through telephone calls, emails, or the post has been reported, particularly across the Fife area.
- Befriending for the purpose of committing crime. Using social media and their detective skills, scammers are brilliant at posing as friends (old and new) and asking you for money. This scam doesn’t just hurt your wallet – it can hurt your pride too.
A new frontier of fraudsters: red flags of financial harm
Fife Adult Support and Protection Committee are working to spread awareness and educate the people of Fife about financial harm. Watch out for these red flags and protect yourself and loved ones from financial harm:
1. Becoming secretive about finances
If you notice a loved one suddenly becoming secretive about their finances, or if their living situation significantly conflicts with their income, they could be a victim of financial harm and are too embarrassed to tell you. Let your loved one know that financial harm can happen to anyone and that there are resources to help.
2. Opportunity for fraudsters
While anyone can be a victim of financial harm, certain people may be more attractive to potential scammers. For example, people with cognitive impairments (for example dementia), people who are socially isolated and people with an over-trusting nature are often selected by fraudsters. It’s important to spread awareness of financial harm and its many forms to prevent you or your loved ones from becoming victims.
3. Suspicious correspondence
Before you click on that link from that online seller, stop and think: are you actually expecting a delivery? Before you wire your ‘friend’ money, stop and think: is this request out of character for this person? Does the message sound like them? Does the email or website contain misspellings or a dodgy return address?
Is your new online paramour asking for a quick loan? Are you receiving unexpected calls from your ‘bank’ asking for personal details?
If you are receiving suspicious correspondence, or correspondence that seems out of character, be sure to ask questions and use a discerning eye or you could become a victim of financial harm.
Do you think you’ve been caught out by a financial scam?
Financial harm can lead to decrease of confidence, deterioration of health, even loss of assets. This can have a lasting effect on individuals. While you may feel a bit embarrassed, it’s important to remember that it can happen to anyone, regardless of age or circumstance.
The best way to help combat the rise of this crime in the Fife area is to report it.
If you think you or someone you know is at the risk of harm call the Adult Support and Protection line at 01383 602200. A Report of Harm form should also be completed and emailed to sw.contactctr@fife.gov.uk
Learn more about the warning signs and ways of protecting yourself against financial harm.
