Financial abuse is not just confined to older people, and is commonly used in domestic abuse situations.
That's according to Women's Aid, which is to begin training bank staff to help them assist customers who may be subject to financial abuse and coercive control.
Members of the Banking & Payments Federation Ireland (BPFI) will be taking part in the programme.
This will include AIB, Bank of Ireland, KBC Bank, Ulster Bank and Permanent TSB.
It comes as new research found over 20% of young women aged 18-34 do not have control over their finances - and are more likely to rely on others for help with their money.
Despite this, the research found women in this age group are less likely to be concerned that someone might take advantage of them financially - with only 17% expressing concern compared with 27% overall.
Women's Aid CEO Sarah Benson says the problem is more widespread than people think.
"Often when people think about it they think of vulnerable older people, maybe, having their pension or their other income abused - or a disabled person who may be financially dependent on others, having that situation abused.
"But actually financial abuse is an incredibly common - and a remarkably effective - tactic in domestic abuse relationships, coercive controlling relationships.
"What it means is taking control of the finances or reducing the financial independence and autonomy of somebody who is being coercively controlled".
Red flags
She says this can also be insidious in the context of coercive control.
"It's usually a gradual process, so it might be a merging of bank accounts.
"It can be putting debt in somebody's name - so taking loans or putting mortgages [in somebody's name].
"What can happen then is somebody can find themselves with no money at all, or shackled to a debt that isn't theirs."
Louise O'Mahony, head of sustainable banking with the BPFI, gives an example of indicators for staff.
"It might be where somebody is earning quite a good income, and yet is still falling into debt.
"This is what's known as coerced debt, where their partner might be spending all their money - so they, despite earning a good income, are not able to manage their money.
"Or it might be a situation where... a frontline staff member would be looking at somebody's credit card bills, and they're really over-spending, but the person doesn't seem to know about that.
"That might a flag that somebody else is using their account, and that they're not in control of their money"
And she says some banks are already fielding calls from customers.
"In fact this morning, some of our members have let us know that some people have already called in to call centres in the banks - looking for guidance on how they can help people who might be in this situation."
Anyone affected by issues raised in this article can contact Women's Aid on 1800-341-900
Additional reporting: Kacey O'Riordan
