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What is financial abuse?
Financial abuse is when someone obtains an unlawful or unauthorised benefit from the money or assets of a vulnerable person. People can be vulnerable due to factors including their age, health or as a result of dependence on or trust in another person.
Financial abuse harms or has the potential to harm the vulnerable person or benefits the person committing the abuse. For example, someone experiencing family or domestic violence may have their access to financial resources restricted.
Financial abuse can happen to anyone and is not purely a risk that comes with age. It can occur within families, friendships or any other type of relationship.
What are the warning signs of financial abuse?
It can be difficult to identify financial abuse, particularly in close relationships. Here are some signs that you may be at risk:
What can I do reduce the risk of financial abuse?
If you suspect you or someone you know is at risk of financial abuse, there are a number of things you can do including:
What if I have a ‘signatory’ on my 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’s important that your signatories act in your best interests. It’s 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.
If you think you or a loved one may be experiencing financial abuse, please visit an IMB branch or call us on 133 462 so we can:
Talk to your solicitor or visit:
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.
If you have a concern about your account or the account of a loved one, please talk to us.
We can:
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.
It can be tricky to spot financial abuse, particularly in close relationships. Here are some signs that you may be at risk:
If you suspect you or someone you know is at risk of financial abuse, there are a number of things that you can do:
If you have a concern about your account or the account of a loved one, please talk to us.
We can:
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 ensure that all our members are safe-guarded from financial harm.
It can be tricky to spot financial abuse, particularly in close relationships. Here are some signs that you may be at risk:
If you suspect you or someone you know is at risk of financial abuse, there are a number of things that you can do:
This information has been prepared by IMB Bank for general information and reference and it is not intended to be advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice when appropriate, and consider the relevant Terms and Conditions or Product Disclosure Statement before deciding whether to acquire any products or services offered by IMB Bank. We do not recommend any third party products or services referred to in this article and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. IMB Ltd trading as IMB Bank. ABN 92 087 651 974 AFSL/Australian Credit Licence 237