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What is financial abuse of older people?

Monday 15 June marks World Elder Abuse Awareness Day, a time to raise awareness of an issue that is often hidden but increasingly affecting older Australians.  Financial abuse is the most common form of abuse experienced by older Australians. As our population ages, the importance of recognising and responding to this issue has never been greater. Over the past 40 years, the proportion of Australians aged 65 and over has doubled, and this trend is expected to continue in the decades ahead.  So, what is elder financial abuse, and what can you do if you suspect something isn’t right?  Financial abuse occurs when someone illegally or improperly uses an older person’s money, property or assets.  Sadly, the person responsible is often someone the older person knows and trusts. In many cases, it involves adult children, close family members, carers or friends. Because it can happen without the older person’s knowledge, financial abuse can be difficult to detect and deeply distressing.  Financial abuse can take many forms, including:  Coercion or pressure to change a will, sign over property or alter financial arrangements Unauthorised control over bank accounts or finances, limiting access to their own money Misuse of Power of Attorney, where decisions benefit the appointed person rather than the older person  Direct theft, such as stealing cash, cards or personal belongings  Banking exploitation, including using financial documents or accounts without permission How to spot the signs  Financial abuse often happens behind closed doors, but there are warning signs to look out for.  You might notice:  Unpaid bills or utilities, despite having sufficient income Large or unusual bank withdrawals or transfers A sudden lack of money for everyday essentials like food or medication Unexpected changes to wills, legal documents or financial arrangements  Confusion or uncertainty about financial decisions A new person taking control of finances or becoming overly involved If something doesn’t feel right, it’s important to trust your instincts and look a little closer.  What to do if you’re concerned  If you believe you or someone you know may be experiencing financial abuse, support is available and taking early action can make a real difference.  Call 1800 ELDER HELP (1800 353 374)  This free, confidential service will connect you to your local state or territory support service for advice and assistance.  Visit Compass  Compass is a government-funded website offering practical resources and information about elder abuse.  Contact your financial institution  If the situation involves bank accounts or financial pressure, speak to your bank immediately. The Mutual Bank has trained team members who can help protect accounts, including placing holds or reviewing access.  Review Power of Attorney arrangements  If a Power of Attorney is being misused and the older person has capacity, it can be changed or revoked. In NSW, the NSW Civil and Administrative Tribunal (NCAT) can investigate concerns and appoint independent decision-makers if needed.  Contact police in urgent situations  If there is theft, fraud, threats or immediate danger, contact your local police straight away.  We’re here to help  At The Mutual Bank, we’re committed to supporting the financial wellbeing of our Members and the communities we serve.  If you’re ever unsure about activity on your accounts or need support, please reach out to our team. We’re here to listen and help you take the right steps to protect yourself or someone you care about. 

Scam Awareness

Bank impersonation scams are on the rise

Important update: bank impersonation scam activity  We are aware of scam activity where callers are impersonating banks and posing as fraud teams to trick people into moving money or sharing security information.  We are actively monitoring the situation and working closely with our fraud teams to protect our Members.  What’s happening  Scammers may contact people by phone or text pretending to be from our fraud team. They often use believable personal information and create urgency to pressure people to act quickly.  They may ask you to:  Transfer funds to another account  Share one‑time security codes or passwords  Click links to “secure” your account  What you need to know  The Mutual Bank will never ask you to move your money  We will never ask for one‑time passcodes or passwords  We will not pressure you to act urgently over the phone or by text   If something doesn’t feel right, hang up.  What to do if you receive a suspicious call  Do not engage or provide information  Hang up immediately  Contact us using the phone number on our website  Think you may have been scammed?  Act quickly:  Contact your bank immediately to report the incident  Change passwords on banking, email and other online accounts  Get support  ID Support NSW | NSW Government  Report the scam to Scamwatch.gov.au. Reporting scams helps warn others and disrupt criminal activity.  Remember!   It’s important to remember:  We will never ask you to move your money to another account  We will never ask for one-time passcodes, PINs or passwords  We will not pressure you to act urgently over the phone or by text  If you’re ever unsure, please hang up and contact us using the phone number listed on our public website.  Watch: How bank impersonation scams work  This video explains how scammers impersonate banks and why their tactics can seem so believable.  Awareness is one of the most effective ways to protect yourself. By staying alert and knowing what to look out for, you can help keep your money and personal information safe. 

Fuel crisis driving new wave of scams

Australians are being urged to stay alert, with a rise in scams linked to increasing fuel costs. Scammers are taking advantage of cost‑of‑living pressures by posing as trusted businesses and offering fake fuel discounts, rebates or urgent payment requests. What’s happening? The Customer Owned Banking Association (COBA) reports an increase in scam messages that: Offer fuel rebates or discounts and ask for your payment details to process a refund Claim toll or delivery costs have increased due to fuel prices Ask you to pay a small “fuel surcharge” to release a delivery or restore access to an account While these requests may seem minor, they are designed to trick you into entering your personal or payment details into fake websites. How these scams work These scams usually arrive via text message or email and often look very convincing. They may: Use company names or logos you recognise Include links to websites that look legitimate Create a sense of urgency so you act quickly In reality, the goal is always the same - to capture your personal information, such as: passwords banking details credit card information How to protect yourself A few simple steps can help keep you safe: Do not click links in unsolicited messages about tolls, deliveries or fuel rebates Always go directly to the company’s official website or app instead Check the sender’s details carefully. Scam messages often come from unofficial email addresses or phone numbers Be cautious of offers that seem too good to be true, especially around discounts or refunds. Legitimate companies will never ask for sensitive information via unsolicited messages.  Watch out for fake fuel tracking websites  Scammers may also create fake websites that claim to help you track fuel prices or find the cheapest fuel.  These sites are often designed to collect your personal information, not save you money.  What to do if you receive a suspicious message:  Do not interact with it  Delete it and report it   If you think you have shared your details or lost money:  Contact your bank or financial institution immediately  You can also report scams to:  Scamwatch (run by the ACCC)  Even if you didn’t lose money, reporting scams helps protect others and stop these criminals. 

Scam Awareness

Confirmation of Payee is here

A new layer of protection for your payments is now live. The Mutual Bank has introduced Confirmation of Payee (CoP) - an industry-wide service designed to help protect you from mistaken payments and scams when sending money to a BSB and account number. What is Confirmation of Payee? Confirmation of Payee checks the account name, BSB, and account number you enter against the details held by the recipient’s bank. It then lets you know whether the information matches, closely matches, or doesn’t match at all. This gives you more confidence that your money is going where you intend it to. How does it work? You don’t need to do anything to activate CoP, it’s already available in Internet Banking and the Mutual App. When you make a payment or update a payee’s details, you’ll see the match result before confirming the transaction. Learn more, including some Frequently Asked Questions here. 

Tea and Tips: Scam Awareness Event

Scams Awareness Week is back from 25–29 August, and this year we’re building on the success of last year’s branch visits by taking our message even further into the community. Last year, our team visited our branches to speak directly with Members about scams - how they happen, who they target and how to stay safe. The response was overwhelmingly positive, with Members sharing their own experiences and learning how to protect themselves and their loved ones. This year, we’re continuing that momentum with an event designed to open up the conversation, raise awareness and empower our community to take action. What’s Happening This Year? Our team will be hosting “Tea and Tips: Staying Safe from Scams” - a special event on Tuesday 26 August from 1.00 pm to 2.30 pm at the East Maitland Bowling Club. Members are invited to come along for a cuppa and hear from our CEO Mark Williams and a panel of experts as they share insights into common scams and how to avoid them. Our panel of experts will include:  Tamar MacDonald - Head of Financial Crimes, The Mutual Bank Giselle Lindley - Head of Financial Crimes, Indue Roger Darvall-Stevens - Partner, Fraud & Forensic Science, RSM Australia Andrew Connelly - Director, Fraud & Forensic Science, RSM Australia Our Financial Crimes Team will be available to chat, answer questions and hand out resources like the Little Black Book of Scams and our handy scam prevention fridge magnets. Why It Matters Australians lost $2 billion to scammers in 2024. The good news is the amount lost has dropped from the previous year which the National Anti-Scam Centre’s Targeting Scams Report attributes to the growing impact of coordinated efforts by government, industry, law enforcement and community organisations to disrupt scam operations and protect consumers. The top five scam types in the report were investment, romance, payment redirection, remote access and phishing scams, which jointly accounted for more than 70 per cent of the total combined losses. By sharing stories and starting conversations, we can help others spot scams before they happen. We want our Members to feel confident, informed, and supported. How You Can Get Involved Attend our Tea and Tips event – RSVP by Friday 22 August or by calling us on 1300 688 825. Stop. Check. Protect. – use this simple message to stay scam-aware Share your story – talking about scams helps others avoid them. We’re proud to be part of this national campaign and invite all Members to join us in protecting our community.

Introducing Confirmation of Payee

At The Mutual Bank we are dedicated to safeguarding our Members from scams and fraud.  As part of this commitment, we are working to introduce the Scam-Safe Accord, a joint initiative by Customer Owned Banking (COBA) the Australian Banking Authority (ABA).  The Scam-Safe Accord aims to protect Australian consumers and small businesses through principles of disrupt, detect, and respond.  A key initiative of this is the Confirmation of Payee (CoP) service which is a solution to verify payee details when making a payment or transferring money.  The Confirmation of Payee (CoP) service, an industry-wide initiative by Australian Payments Plus (AP+) adds a new layer of protection for our Members. It helps verify payee details when making a payment or transferring money, ensuring that you are sending the money where you intend to.  You can learn more about this new service, including reading some Frequently Asked Questions here.

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Scams Member notices