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

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 Straits 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. It worked with the NTUC Learning Hub to develop the training programme.

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.  

Its Jurong Point branch has seen four such cases so far in 2025, up from two in 2024.

When asked why there has been an uptick in cases, Mr Chan said: “Possible reasons could be the broader economic environment, enhanced banking security measures implemented, and heightened awareness by bank staff on scams of this nature given previous media reports and regulatory attention on this issue.”

Ms Shann Goh, branch manager at UOB Upper Bukit Timah Branch, said one common scenario that may be a sign of abuse is when a loved one insists on being added as a joint account holder to a senior’s bank account.

Seniors in such cases usually appear uneasy or afraid, or stay silent when asked for consent. The other person would also often talk over or on behalf of the senior.

In one instance, a man repeatedly cut off his mother when UOB staff member Daniel Yu tried to talk to her, after the son demanded to be added to her bank account.

Mr Yu, a branch service manager at UOB Upper Bukit Timah Branch, said: “He didn’t allow her to answer the questions I asked, and she seemed nervous and stressed. I felt that something was off.”

He alerted his bosses, and Ms Goh recognised the elderly woman.

Two years ago, the senior had come to the bank alone, distressed because her son had been pressuring her to give him access to her internet banking account. After talking to Ms Goh, she did not grant her son access.

The senior had a “fairly substantial” amount in her account, Ms Goh said, declining to go into details.

At the recent visit, the senior asked Ms Goh a telling question – would she have access to her own money if she added her son to her account?

Ms Goh told her that for a joint-alternate account, only one account holder is needed to authorise transactions.

The woman fell silent, and Ms Goh gave the senior her phone number in case she needed help.

In the end, the woman decided not to add her son to her bank account.

She later returned alone to thank Ms Goh for advising her to draw up a will to distribute her assets to her children after her death, instead of giving her son access to her bank account now.

In another case, a man went to another UOB branch after realising that “substantial sums” had been withdrawn from his account while he was warded in hospital.

The staff told him that the withdrawals were made using his ATM card and asked who had access to his card. He mentioned his daughter.

The man suspected his son-in-law had taken the money, but chose not to pursue the matter to avoid breaking up his daughter’s marriage. 

In response to queries, the Monetary Authority of Singapore (MAS) said it has been collaborating with the financial industry to ensure that financial services remain “accessible, inclusive and sensitive to the needs of seniors”, as Singapore’s population ages rapidly.

An MAS spokesperson said: “Banks’ efforts in strengthening their practices to better protect their elderly customers from financial abuse are an important initiative in this area of work.”

Ms Jacqueline Lim, DBS Bank Singapore’s chief operating officer of consumer banking group, said DBS/POSB has trained its front-line staff to identify and support vulnerable or at-risk customers, and such training was stepped up in late 2024 amid the growing number of scam cases.

For example, it held five specialised sessions between April and June to further train staff such as those from DBS and POSB branches to manage clients, including those facing cognitive decline or pressure from their loved ones.

The sessions were developed with the Agency for Integrated Care.

Ms Lim said: “We recognise that financial abuse can sometimes be perpetuated by those closest to the customer, and such cases can be particularly difficult to detect.”

When bank staff spot clients who may be exploited by their loved ones, they are trained to carefully assess the situation and apply the appropriate safeguards.

Ms Lim said this may involve delaying a transaction and speaking with the customers privately to ensure they fully understand the implications of their banking transaction.

Ms Rachel Lew, OCBC’s head of risk and prevention, Singapore, said the bank’s staff are trained to identify red flags that may indicate that a customer is under undue influence, and to act to protect the client’s interests.

She said: “Anxiety and insistence on making large transactions urgently are some tell-tale signs. If the customer is accompanied by someone else, and exhibits a fear of that individual, that is also a red flag – even if that person is a relative or caregiver.”

UOB’s Ms Goh said staff often get scolded by relatives when they act to protect the senior’s interest. And they have to manage such cases a lot more sensitively and cautiously, as they involve family members.

Ms Goh said: “We are mindful of repercussions. Behind closed doors, we don’t know what the child may do to the senior.

“We want to let the seniors know they are not alone, and we are here to support them. We want to do right by all our clients, for the vulnerable who can’t speak up for themselves.”

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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