£51m Stolen From Older Victims: How Fraud by Trusted Individuals Can Go Undetected

New figures from the City of London Police have highlighted the scale of fraud committed against older people by those they trust most, including family members, friends and carers.

According to Report Fraud data, victims aged 70 and over lost more than £51 million through fraud involving an abuse of position during the 2025/26 financial year.

The figures also show that people aged between 80 and 89 suffered the highest number of reports and the greatest financial losses of any age group, losing almost £24 million.

Unlike many forms of fraud, these cases are often not committed by anonymous criminals operating remotely. They can involve people who already have legitimate access to the victim, their property or their finances.

That can make the activity considerably harder to identify.

How Trusted Individuals Can Exploit Their Position

City of London Police analysis identified several recurring methods used in cases involving older and vulnerable victims.

These included family members or close friends allegedly using their position to gain access to bank cards, banking information or accounts before making unauthorised withdrawals or transfers.

In some cases, the offending reportedly continued after the victim had died, with relatives accused of manipulating wills or other legal documents in an attempt to gain control of estates, property or other financial assets.

The relationship between the victim and the suspected individual can make these cases especially complex.

A person may have been given legitimate access to finances to help with day-to-day affairs. Transactions may therefore initially appear authorised or routine.

It can be only when unusual payments, unexplained transfers or missing assets are identified that concerns begin to emerge.

£34.6m Lost Through Alleged Misuse of Powers of Attorney

One of the most significant findings concerns the misuse of powers of attorney.

The City of London Police recorded 764 reports involving powers of attorney, with reported losses totalling £34.6 million.

These cases typically involved allegations that someone who had been granted legal authority over another person's finances used that position to make unauthorised withdrawals or otherwise benefit personally.

A power of attorney can be essential where an individual requires assistance managing their financial affairs.

However, it can also provide substantial access to accounts, assets and financial information.

Where that authority is abused, identifying exactly what has happened may require a detailed examination of transactions over a prolonged period.

Why Financial Abuse Can Remain Hidden

Fraud involving a trusted individual can continue for months or even years before it becomes apparent.

There are several reasons for this.

The suspected person may already have legitimate access to bank accounts, correspondence, property or financial records.

The victim may also be dependent on them for care, transport or financial assistance, making it difficult to question their behaviour.

In other circumstances, the victim may have reduced capacity or may simply trust the individual involved and therefore have no reason to scrutinise transactions.

Warning signs can include:

• Unexplained withdrawals or bank transfers.
• Sudden changes in spending patterns.
• Payments to unfamiliar individuals or companies.
• Assets being sold without a clear explanation.
• Changes to wills or other financial arrangements.
• Unexplained movement of money between family members.
• Missing valuables or property.
• Increasing secrecy around a person's finances.

None of these factors automatically proves wrongdoing.

However, where several unexplained issues occur together, it may be appropriate to establish exactly what has happened before further assets can be dissipated.

Following the Money

Where suspected financial abuse has taken place, one of the most important steps is often reconstructing the movement of funds.

This can involve reviewing bank statements, transaction histories, company records, property information and other available financial evidence.

The objective is to identify:

• Where money originated.
• Who had access to it.
• Where funds were transferred.
• Whether assets were purchased.
• Whether money was moved to third parties.
• Whether transactions were consistent with the victim's previous financial behaviour.

Conflict International's Fraud and Financial Investigation specialists can assist individuals, families, legal advisers and organisations in establishing the facts surrounding suspected financial misconduct.

This type of work can be particularly important where allegations are disputed or where there is a need to distinguish legitimate financial activity from potentially unauthorised transactions.

Asset Tracing After Suspected Financial Abuse

Identifying that money has disappeared is only part of the problem.

Funds may have been transferred through multiple accounts, used to purchase assets, moved to relatives or associates, or transferred overseas.

An asset tracing exercise can help establish what happened after the original transfer took place.

This may include examining:

• Property ownership.
• Corporate interests.
• Directorships and shareholdings.
• Business relationships.
• Identifiable financial assets.
• Overseas connections.
• Assets held through associated individuals or entities.

Conflict International provides Asset Tracing support where there is a legitimate requirement to identify assets or understand how funds may have been moved or concealed.

The findings can support legal advisers when considering the appropriate next steps for recovery.

Evidence Can Be Important in Family and Probate Disputes

Allegations involving family members can be particularly sensitive.

Disputes may arise over whether transactions were gifts, authorised payments or misuse of another person's finances.

Similar issues can arise following a death, particularly where concerns relate to wills, estates, property or financial decisions made while the individual was alive.

In these circumstances, assumptions are rarely sufficient.

An independent examination of available evidence can help establish a chronology of events and identify transactions or relationships requiring further scrutiny.

This can be relevant to civil disputes, probate proceedings and other forms of legal action.

Acting Before Assets Disappear

The longer suspected financial abuse continues, the more difficult recovery can become.

Funds can be spent, transferred, converted into other assets or moved beyond the UK.

Where there are credible concerns, preserving records and establishing the movement of money at an early stage can therefore be important.

Relevant material may include:

• Bank statements.
• Emails and correspondence.
• Property documents.
• Company records.
• Powers of attorney.
• Wills and probate documents.
• Transaction records.
• Communications between the individuals involved.

A clear evidential picture can help legal advisers determine whether further action is appropriate.

The Wider Risk of Fraud by Abuse of Position

The latest City of London Police figures demonstrate that financial abuse by trusted individuals is not an isolated problem.

Reported losses among victims aged 70 and above exceeded £51 million in a single financial year, while alleged misuse of powers of attorney alone accounted for £34.6 million.

These cases can be particularly damaging because the alleged offender may already occupy a position of trust and have legitimate access to the victim's finances.

That makes early detection difficult and can complicate attempts to determine whether particular transactions were authorised.

Where concerns arise, independently establishing the facts, understanding the movement of funds and identifying assets can provide the evidence needed to determine what has happened and what options may be available for recovery.