Abuse of position of trust.

"Position" is used for business owners, employers, employees or company directors. The offence occurs when they commit fraud by gaining financial due to their position of authority or control.

When someone has powers, and they misuse them to benefit their family or friends, for example, those caregivers or officials responsible for looking after or taking care of the vulnerable ageing or medically unfit individuals dependent on them for financial and personal needs. 

If they take advantage and access their personal or bank details or other information and use it for their benefit or misuse it for embezzlement of funds, it leads to abuse of position. 

Also, it applies to people who are particularly mentally and physically dependent on others; if someone entrusted with financial duties tries to deliberately abuse their position to gain financially from the dependent person, it leads to fraud, where a person desires to profit dishonestly from the situation. 

It also refers to someone deliberately abusing a position regardless of the outcome. Some indulge in such acts of multiple offences, which involve a huge amount of money transfers over a long period. They steal funds by misusing their powers, leading to the loss to the client.

How To Identify It?

• If someone you trusted to make a financial decision pressures you into making a quick decision.

• If you are asked not to tell anyone about the financial deal, keep it a secret from other trustees or if you see suspicious transactions or bank transfers from your account. 

How To Protect Yourself?

• Ensure the people you hire for making any financial decision can be trusted, and do not be afraid to replace the person if you doubt any activity.

• Hire more than one employee / professional to make joint financial decisions and be ready to handle suspicious behaviour. 

• If you suspect fraud, raise concerns; report it to the regulatory office.