Financial abuse support

What is financial abuse?

Financial abuse is when someone obtains an unlawful or unauthorised benefit from the money or assets of another more vulnerable person. People can be vulnerable due to their age, health or as a result of dependence on or trust in another person. Those experiencing family or domestic violence can have their access to financial resources restricted. Financial abuse often harms or has the potential to harm the more vulnerable person or benefits the person committing the abuse.

It’s something that can happen to anyone and is not purely a risk that comes with age. Financial abuse can occur within families, friendships or any other type of relationship.

Are you concerned about financial vulnerability?

If you have a concern about your account or the account of a loved one, please talk to us.

We can:

• have a confidential discussion about your concerns;
• help you or your authorised representative review the account and transaction history and other aspects of the account; and
• provide guidance on where else you may be able to receive assistance.

Having a ‘signatory’ on your account

We understand that having signatories on your accounts, such as an authority to operate or a power of attorney, can be a great help to you, however, it is important that your signatories act in your best interest. It is only in limited circumstances that a signatory can benefit themselves with your money.

From time to time, we may ask questions or request that a signatory provide documentation (such as invoices or bills) to help us understand what a payment may be for. We do this routinely to help protect our members from financial harm.

What are the warning signs of financial abuse?

It can be tricky to spot financial abuse, particularly in close relationships. Here are some signs that you may be at risk:

• someone else is controlling your bank accounts and access to money in general;
• you are feeling pressured to give money to someone else;
• someone is selling or threatening to sell your property or possessions without your knowledge or consent;
• someone is unreasonably relying on you to cover all of their living expenses;
• bills have not been paid when you entrusted someone else to pay them;
• someone is hiding money from you or may be making you feel as though you cannot manage money by yourself;
• you notice that valuable items have gone missing from your home; or
• you are being pressured to change your will.

What can you do to prevent financial abuse?

If you suspect you or someone you know is at risk of financial abuse, there are a number of things that you can do:

• keep up to date with your finances by regularly reviewing your statements and transaction history;
• store your ATM, Debit and Credit cards securely;
• do not share your PIN or internet banking/mobile banking passwords with anyone;
• have a confidential discussion with the friendly staff at your IMB branch who can help; and
• contact an independent service for help and support.

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