Financial abuse is a form of domestic violence where money is used to control, monitor or trap someone. It occurs in nearly all cases of domestic violence and can leave victim/survivors without access to their own money, pressured into financial decisions, or forced to take on debt.

Customer-owned banks are committed to disrupting financial abuse and have partnered with financial safety expert Catherine Fitzpatrick, Founder of Flequity Ventures, and other financial institutions to launch the Financial Safety Alliance.

“Everyone, including businesses and banks, has a role to play if we are to end gendered violence in a generation,” Ms Fitzpatrick said.

“Women are often more likely to speak to their bank about economic abuse than a specialist service, because money gives you choices – to leave, disentangle and start again.”

Because financial abuse relies on control and secrecy, it is often hidden. Here are some common warning signs.

1. Total control of household income

One person controls all income and spending, forces the other to ask for money, or withholds funds for essentials, creating total dependence.

2. Unauthorised debt

Credit cards or loans are taken out without consent, or someone is pressured to increase limits, guarantee loans, or take on debt they can’t afford.

3. Misuse of joint accounts

Shared accounts or assets are drained, mortgage payments withheld, or property sold without agreement, threatening housing security.

4. Digital surveillance and financial stalking

Banking tools are used to track spending, locations, or send abusive messages through transaction descriptions.

5. Theft of personal funds

Money is taken from pensions, superannuation, wages, or personal property without consent, leaving the victim financially depleted.

6. Sabotage of work or study

An abuser interferes with employment or education to prevent financial independence and long-term security.

7. Intentional financial neglect

Bills, child support or shared expenses are deliberately unpaid, often placed solely in the victim’s name to damage their credit.

8. Property damage or gambling

Shared money is gambled away or property is destroyed or stolen, creating ongoing financial instability.

9. Blocking access to information

Financial details are hidden and access to accounts is restricted, preventing informed and independent decisions.

How your customer-owned bank can help

If you’re experiencing financial abuse, your bank can help investigate unauthorised transactions, update online banking details and PINs, and support you to set up new, secure accounts so you can manage your money safely and independently.

Financial abuse can be perpetrated by a partner, family member, carer or friend. It can happen to anyone – and it is never your fault.