New report shows banking industry at front of pack in counteracting financial abuse

The ABA welcomes the release of the Flequity 2025 Respect and Protect Index showing the banking industry is leading the way in protecting customers from financial abuse.

The report highlights that 29 banks have or are taking action to change policies or product terms and conditions to safeguard customers from financial abuse and make it abundantly clear that it won’t be tolerated.

ABA CEO Anna Bligh said stamping out financial abuse and ensuring banking products are safe remains a key priority for the entire industry.

“Financial abuse is an issue that banks and their staff are confronted with every single day,” Ms Bligh said.

“Australian banks are taking world-leading action to make it harder for perpetrators to exploit banking products and services to control and financially abuse people.

“There has been a major focus across the sector to design safer banking products by ensuring terms and conditions are clear that financial abuse won’t be tolerated and could lead to account suspensions.

“Banks are also taking other measures such as training staff to spot red flags, assisting victim-survivors to resolve debt they accrued because of the abuse and to increase their privacy and safety settings as well as referring customers to specialised support. 

“This report is a timely reminder that products and services can be weaponised to financially abuse customers across the Australian economy.

“Banks remain committed to working with Government, consumers groups and organisations such as Flequity to continue efforts in safeguarding customers from financial abuse.”

Source: Flequity

To learn more about what banks are doing to help prevent financial abuse, visit: https://www.ausbanking.org.au/financial-abuse-prevention/

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