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What you should know to protect yourself or someone you love

You may not hear or know a lot about financial abuse, however reports show it’s an increasing issue for many Australians. At IMB we believe that the better we, as a community, understand this important issue, the easier it will be to identify and prevent potential financial abuse situations. Since 1880 we have been working with our members to help them achieve their financial goals and manage their financial affairs.

This extends to supporting members’ financial safety through:

Keep reading for information on common warning signs of financial abuse, tips to prevent financial abuse and how IMB can help. This is general information only and everyone’s situation is different so please consider getting personal, professional advice where appropriate.

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 incapacity, or dependence on or trust in another person. 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.

Financial abuse can be considered a type of a family violence (also known as domestic violence) and may be present with other forms of family violence, such as psychological abuse, physical abuse or neglect.

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:

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:

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 ensure that all our members are safe-guarded from financial harm.

How can IMB help?

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

We can:

iconAsk a QuestioniconVisit a BranchiconCall 133 462

Where else you can get help

Legal support

Financial information

Family violence support

Interpreter services

Emergency 000


Important Information:
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