The Commonwealth Bank and Domestic Violence NSW launched Addressing Financial Abuse, a booklet for domestic and family violence support workers in NSW to help affected people establish financial independence as a key step in leaving an abusive relationship.
The booklet provides guidance on the simple steps that can be taken to promote financial independence, such as opening up a new personal bank account; financial safety planning; freezing joint accounts and changing account passwords.
Customers deserve a loud voice, particularly those whose voice is hard for us to hear. Commonwealth Bank has a Customer Advocate to champion fairness for customers. We have four areas of focus: Advocacy, Prevention, Insights and Remediation.
We know that banking is an essential part of everyone’s life, yet there are still many within our community who face significant challenges. We want to help make their lives easier, that’s why we're focused on reducing – and, hopefully, eliminating – a number of these challenges.
The Commonwealth Bank launched the Safe and Savvy awareness program to help older Australians protect themselves from financial abuse.
Safe and Savvy is designed to help safeguard older Australians and their families from elder abuse, fraud and online scams. It was developed in collaboration and consultation with seniors’ rights advocates, subject matter experts and elder abuse support service organisations.
We know that people over the age of 50 are at risk of financial abuse. Even though it’s hard to discuss, the more we understand what elder financial abuse is, the more we can identify it, talk about it, and take action to prevent it from happening.