$60,000 in debt she knew nothing about, Ella fled her abusive relationship

The chief executive of the Women's Information and Referral Exchange, Julie Kun, said common forms of abuse reported by clients at the Melbourne service included not being allowed to make financial decisions and control over when and how their income is spent.

Mobile phone contracts, credit cards, and buy now pay later accounts using a victim's name without authority are the most common traps she sees among her clients, including Ella. In July the Commonwealth Bank launched a range of services designed to support survivors of domestic and family violence affected by financial abuse under its Next Chapter initiative, which includes financial literacy coaching and interest-free loans.

The bank is also implementing measures to withdraw banking services from perpetrators who facilitate technological abuse. It followed an audit over three months that found more than 8000 customers received internet transfers containing abusive and threatening messages.However she said the bank was conscious that any actions taken did not have unintended consequences for a victim, because "taking a banking service away could mean a childcare payment doesn't get through".

Source: Loan Digest (loandigest.net)

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