Safeguarding Ireland says the public needs to be vigilant to avoid increased financial abuse during the Covid-19 crisis.
The independent agency is especially worried about the use of ‘temporary agents’ for banking and welfare payments.
It is estimated internationally that between 10 and 20% of agents abuse their position.
Safeguarding Ireland chairwoman Patrica Rickard-Clarke said it was most important that people were safe and stayed at home during the pandemic.
However, people needed to be careful so that the temporary financial measures that came into effect at banks and post offices did not lead to greater financial abuse.
“Financial abuse is happening at a higher incidence than most people realise,” said Ms Rickard-Clarke.
Research commissioned by Safeguarding Ireland and Banking and Payments Federation Ireland last November found that up to 20% of adults have experienced financial abuse.
The HSE national safeguarding office reported almost 12,000 cases of alleged adult abuse in 2018, with financial abuse particularly prevalent among older age groups.
People should keep control of their finances as much as possible and terminate any temporary arrangement as soon as possible, said Ms Rickard-Clarke
Because of the coronavirus crisis, temporary agents at banks and post offices have become necessary to allow third parties to carry out financial transactions for people who are self-isolating or cocooning.