Australia's banks open to changes to prevent financial abuse

A new report is calling for banks to disrupt domestic violence in Australia by re-designing products to prevent financial abuse.

Australian Banking Association's CEO, Anna Bligh, admits there is room for improvement in how banks manage financial abuse, and insists they take this issue very seriously. Source: AAP / PAUL BRAVEN/AAPIMAGE

Key Points

• The banking products commonly used for financial abuse are credit cards, transaction accounts, personal loans and mortgages
• Since 2020, Australian banks have intercepted more than 500 thousand abusive transactions,
• Religious leaders, like the CEO of Muslim Women Australia, Maha Abdo, believe these recommendations offer a vital pathway towards peace.

The Centre for Women’s Economic Safety says 'Designed to Disrupt' makes a series of recommendations for banks to make it harder for perpetrators to use financial abuse as a tactic of coercive control.

LISTEN TO

Breaking Our Silence Episode 2: Emotional abuse

SBS Filipino

23:49Filipino