Fraud alert: Trusted family members, friends, and carers stole £51 million from pensioners

Older and vulnerable people are losing millions of pounds to fraud committed by those closest to them, according to new figures from the City of London Police. During the 2025/26 financial year, £93.8 million was stolen through fraud by abuse of position, with victims aged 70+ accounting for over £51 million of losses.

3,812 reports were made. Fraud by abuse of position occurs when someone exploits a role of trust or responsibility to steal money, assets, or property. Offenders are frequently family members, friends, carers, employees, or people managing another person’s finances.

Older people are disproportionately affected. Victims aged 80–89 experienced the highest number of reports and the greatest losses, totalling almost £24 million.

Common offending methods identified include:

• Family members or friends stealing bank cards, obtaining banking details, or making unauthorised transfers.

• Offending continuing after a victim’s death, including manipulation of wills or legal documents.

There were 764 reports involving misuse of powers of attorney, causing £34.6 million in losses. These cases typically involved offenders exploiting legal authority to control finances and make unauthorised withdrawals, often targeting elderly or vulnerable people reliant on trusted individuals.

A further 444 reports involved social care workers, with losses of £13.3 million, often linked to access to bank cards, financial information, or personal belongings during care provision.

The data highlights how offenders target people during periods of vulnerability such as ill health, cognitive decline, or bereavement. Dementia was referenced in 337 reports, and victims were described as vulnerable in 359. Additional reports involved probate concerns and allegations of wills or estates being manipulated.

The City of London Police urges anyone supporting an elderly relative, acting under a power of attorney, administering an estate, or working in care to stay alert to signs of financial abuse. Most reports come from family members of elderly or vulnerable people who rely on others for care and financial management.

Guidance for organisations and the public

Review financial statements: Check regularly for unauthorised transactions and contact the bank immediately if anything looks suspicious.

Watch for warning signs: Unpaid bills, missing possessions, or unexpected changes to wills or bank accounts may indicate abuse.

If you are a victim:

• Tell your bank or card provider: Report any unauthorised transactions immediately.

• Act quickly: Raise a safeguarding concern with your local authority’s adult social care team. Concerns about solicitors or deputies can be reported to the Office of the Public Guardian.

How to report: Report online to Report Fraud or call 0300 123 2040. For advice or concerns, contact the Office of the Public Guardian