Putting measures and support in place for victims of financial abuse.
This article discusses domestic and family violence. If you or someone you know is experiencing domestic and family violence, help is available. Contact 1800RESPECT for confidential counselling and support.
When Suncorp Bank customer Francine* contacted us for help, she had left her partner of 10 years, Mark*. Following a violent escalation, emergency services took out immediate protection orders for Francine and her three-year-old child.
Once they separated, Francine became aware that Mark had fraudulently used her ID to apply for personal loans and credit cards, racking up a significant amount of debt.
What is financial abuse?
Francine’s account of her past relationship is chilling.
The Australian Bureau of Statements Personal Safety Survey, involving 12,000 Australian adults, found that 7.8 per cent of men, and 16 per cent (1.6 million) of women, are subjected to financial abuse in any given year.
More than simply a disagreement over money and household spending, financial abuse is often combined with other forms of abusive behaviours, including verbal and psychological abuse, physical violence, stalking, sexual abuse and intimidation. It includes actions that may limit victims’ access to money, with perpetrators exuding control over a partner’s finances.
Suncorp Group’s Executive People, Culture and Advocacy, Fiona Thompson, said financial institutions play a key role in helping improve the safety and protection of victims and survivors of financial abuse.
“It’s important we recognise the different contexts and ways in which victims and survivors experience abuse and design solutions that help our customers feel safe.” Ms. Thompson said.
“In Francine’s situation, we established a case manager, immediately put a hold on her joint account and developed a plan that helped Francine access short-term financial assistance.”
Protecting our customers now and in the future
Suncorp’s Customer Advocate Office is taking steps to support and protect customers from the challenges facing victims and survivors of financial abuse, as well as supporting our employees who may also be victims.
“Suncorp works with expert partners and customer advocates to identify improved practices and explore ways to reduce foreseeable harms where abusers can use insurance and banking to perpetrate financial abuse.” Ms. Thompson said.