Online Financial Abuse

Here is an excerpt from an article published 20/7/2020 on Financial Abuse:

https://www.news.com.au/finance/business/banking/commonwealth-bank-launches-antidomestic-violence-and-financial-abuse-initiative/news-story/0effbf9d24f9a1c8b41bd19d8c29aa1f

Most of us move money around online, say if we owe a mate some cash or to pay a bill. When you do, you usually have to write a description of what the transaction is that goes onto the statement of the person receiving the money.

I might write ‘love mum’ if I’m sending something to my children, but these people will send abusive messages,” said Ms Fitzpatrick (General Manager, Customer Vulnerability, CBA).

We were horrified by both the scale and the nature of what we found.

In a three-month period, we identified more than 8000 CBA customers who received multiple low-value deposits, often less than $1, with potentially abusive messages in the transaction description – in effect using them as a messaging service.“I’ve seen 900 messages over a two-hour period saying things like ‘I want to kill you’. They’re blocked on Facebook so they’re using the app to send intimidating and harassing messages for one cent each,” she said.

CBA said this form of abuse was more prevalent among younger people.Aside from the pain of receiving the message itself, some victims may, for example, need to rent a house and be forced to show a letting agency their bank statements meaning a complete stranger will see the messages.

Its technology assisted abuse and it can be a precursor to financial abuse,” Ms Fitzpatrick said.

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| July 20th, 2020 | Posted in Uncategorized |

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