One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abuse, and every one in four has heard of someone being personally affected by them. 

A report titled “Hidden Costs” has provided insights into financial crime in Western Australia. Commissioned by Bankwest, the data shows statements of almost one-third of the residents admitting to having experienced financial abuse.

The report was published by YouGov and presented during the Western Australian government’s fifth annual “16 Days in WA” garnered-violence awareness campaign. A total of 1,008 adults in the state were reported to have experienced financial abuse. 

Financial abuse, which is very common in this part of Australia, is considered to be a type of violence where one individual uses their money to control and overpower another, usually by pretending to be their partner.

As per the results of the survey, 29 percent of the residents said that they personally experienced financial abuse, while 25 percent claimed that they knew others, apart from themselves, who had been the victims of financial abuse. 

The majority of the experiences reported by residents were having their income used by an abusive partner (59 percent), having property damaged, destroyed, or stolen (59 percent), and refusal of an abuser to contribute to household costs (58 percent). 

Moreover, the survey also showed that 12 percent of Western Australians had committed financial abuse. 

According to Bankwest chief operating officer, Louise Tovey, the non-major bank is committed to supporting its customers and the 16 Days in WA campaign, as the bank “can often be among the first contacted by someone experiencing family and domestic violence or financial abuse”.

Ms. Tovey also added: “Despite its prevalence, financial abuse can be difficult to recognize, because it can take many forms and can affect anyone – as the Hidden Costs results show – and it’s common for victims and survivors to stay silent.”

In November, AUSTRAC issued a guide to “help businesses understand, identify, and report technology-facilitated abuse” with financial transaction payment text fields.

Suggested read: AUSTRAC to Update Guidance for Threshold Transaction Reporting