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What is financial abuse?
Financial abuse can take many forms and as people age, they are at higher risk of being taken advantage of financially. Financial or Elder financial abuse can happen to anyone. Financial abuse is when someone takes away access to your money. Or manipulates your financial decisions or uses your money without your consent. It may include:
- withdrawing or transferring large amounts of money from your bank account without your knowledge or consent
- controlling your access to your money by restricting access to accounts, statements and cards
- pressuring you to act as a co-borrower or guarantor for a loan when you do not want.
Is a family member or friend pressuring you with your finances? This could be financial abuse. We can help with confidential support.
Contact us
NAB Assist Customer Support Hub
Monday to Friday, 8:00am to 7:00pm (AEST/AEDT)
We can provide immediate assistance over the phone, in addition to online support resource provided below.
When you call us, we can support you to make your banking safe, put extra security on your accounts and if you are in financial difficulty we can assist. We can also refer you to confidential, professional counselling at no cost to you and other support services.
How the ABA ‘Safe and Savvy Guide’ can help
Developed by the Australian Banking Association (ABA), the Safe and Savvy Guide has been created to help you detect potential elder financial abuse, scams and fraud for both you and your loved ones.
The guide will help you understand:
- What elder financial abuse is, and why you need to be aware of it.
- How to recognise the types and signs of elder financial abuse.
- How to protect you and your loved ones against potential abuse both now and in the future.
The ABA Safe and Savvy guide (PDF, 6MB), opens in new window
NAB has zero tolerance of financial abuse
- We aim to protect you from financial abuse carried out on your personal accounts or through our electronic banking channels.
- If we identify (or are made aware of) unacceptable account conduct, we’ll investigate and act.
- We’ll reasonably exercise our rights under the account agreement if we believe we need to protect you or another person from financial abuse.
- We may suspend, cancel or deny an account holder access to a product or its features.
If you’re concerned about a family member or friend pressuring you with your finances, call our dedicated team on +1300 308 175 or visit nab.com.au/bankingsafety.
Who should read the ABA safe and savvy guide?
If you’re older than 50, or you have a loved one over the age of 50 then this guide is for you.
The more you understand about elder financial abuse, the more likely you, your family and friends will be able to identify and act to prevent it.
Do you think you’ve been affected by a fraud or scam?
If you think you have experienced fraud or a scam head to our fraud and scams page to find out what to do, and who to contact.
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Financial assistance
Having trouble making your repayments? We’re here to help.
If you’re struggling with your finances, it’s important that you reach out to us as soon as you can. Financial difficulty can happen to anyone. If you’ve had an unplanned life event like unemployment or reduced income, a relationship breakdown or domestic violence, a natural disaster, illness or injury or if you just need some temporary support, we can help.
Learn how to get financial hardship support
Third party and Financial Counsellor assistance
If you are experiencing financial difficulty or hardship, you may wish to appoint a third party to assist you, such as an independent Financial Counsellor or Community Legal Aid lawyer. An authorised third party can communicate with us on your behalf and negotiate repayment arrangements. We only accept authorities for licensed financial counsellors and legal aid representatives who we can authenticate. Once you have authorised a third party, that letter of authority remains until you give us notice.
National Debt Helpline, opens in new window is a not-for-profit service that provides free, independent and confidential financial counselling to help people tackle their debt problems and get back on track.
If you would like to add a third party to your accounts, you can complete a Letter of Authority (LOA) (PDF, 104KB), opens in new window with your representative.
Setting up a power of attorney (POA) with NAB
A power of attorney (POA) is a legal document that allows you to appoint someone to make decisions on your behalf relating to property or financial matters.
Setting up a power of attorney could help you manage your finances by choosing someone you trust, to act in your best interests if you become unable to manage for yourself.
Be aware, it can also be abused by an attorney to take your assets for themselves or for others. The ABA Safe and Savvy Guide (PDF, 6MB), opens in new window has some tips for choosing a suitable attorney and other helpful information.
Read more about what a Power of Attorney is and learn how to lodge and manage a Power of Attorney or Administration Order with NAB .
How older Australians can learn the online skills to stay safe
Online skills, knowledge and confidence are key for older Australians to protect their privacy, avoid scams and reduce social isolation that can foster elder abuse. Be Connected is an award-winning Australian government initiative that provides all of this – free of charge. The Be Connected website, opens in new window is a one-stop shop with more than 150 online learning modules and 350 learning activities. From setting strong passwords to communicating on social media and spotting scams – it is a powerful resource for older Australians to protect themselves.
Support services
There are many organisations that can help you if you are experiencing family or domestic violence.
If there is an immediate threat to your safety call 000.
Lifeline
Lifeline provides Australians experiencing a personal crisis with 24-hour crisis support and suicide prevention services.
Visit Lifeline, opens in new window or call 13 11 14.
National Centre for Suicide Prevention Training
Offers a range of evidence-based training programs across Australia.
Visit National Centre for Suicide Prevention Training, opens in new window or call 1300 60 80 95.
National Association of Community Legal Centres
An independent not-for-profit community organisation that provides legal and related services to the public, focusing on the disadvantaged and people with special needs.
Visit National Association of Community Legal Centres, opens in new window.
MensLine Australia
A free service offering national telephone and online support, information and referrals for men with family and relationship concerns.
Visit MensLine Australia, opens in new window or call 1300 789 978.
No to Violence Men’s Referral Service
This service provides confidential counselling online, over the phone or via live chat.
Visit No to Violence's Men's Referral Service, opens in new window, call 1300 766 491 or use Live Chat, opens in new window.
Other ways NAB can help
Financial assistance
If you’re experiencing financial difficulty, there are some ways we can help.
Customer Care Kit
A guide to trusted organisations that offer free financial counselling services and community support.
Unplanned life moments
Sometimes things don’t go to plan. Divorce, illness or job loss can be unexpected. Here are some tools and guides to help.
Helpful resources
How we can help
If you’re a NAB customer and you believe your business or personal accounts have been impacted by fraud or a scam, we’re here to help. Explore the immediate steps you can take to protect yourself and discover when you should get in touch with us to make a report.
Learn what to do in the event of fraud or scams
Get updates on the latest fraud alerts
IDCARE
IDCARE is Australia and New Zealand's not-for-profit counselling and support service set up to assist Australians impacted by identity theft and cyber-related crimes.
IDCARE can assist NAB customers to navigate through the process when identity details or credentials have been compromised through fraud or scams. IDCARE is a free service for all Australians.
Learn more about IDCARE, opens in new window
Australian Government | Australian Cyber Security Centre (ACSC)
The Australian Cyber Security Centre (ACSC) brings cyber security capabilities from across the Australian Government together in a single location. It’s the hub for private and public sector collaboration and information sharing to combat cyber security threats. ACSC provides topical, relevant and timely information on how home internet users and small businesses can protect themselves from, and reduce the risk of, cyber security threats such as software vulnerabilities, online scams, malicious activities and risky online behaviours.
Learn more about the Australian Cyber Security Centre, opens in new window
Australian Government | ReportCyber
ReportCyber is a secure reporting and referral service for cybercrime and online incidents which may be in breach of Australian law. The ReportCyber website provides a cybercrime reporting mechanism as well as helpful information about cybercrime.
Learn more about ReportCyber, opens in new window
Australian Competition and Consumer Commission | Scamwatch
Scamwatch provides information to consumers and small businesses about how to recognise, avoid and report scams using publications, videos and other online resources.
Learn more about Scamwatch, opens in new window
Australian Government | Office of the eSafety Commissioner
The Office of the eSafety Commissioner provides online safety education for Australian children and young people, a complaints service for young Australians who experience serious cyberbullying, and address illegal online content.
Learn more about the Office of the eSafety Commissioner, opens in new window
Australian Government | Attorney-General’s Department
The Attorney-General’s Department website provides helpful information and resources about your rights and protections in regards to identity security, freedom of information and cyber security. The Department has developed a range of resources to assist people protect their identity and recover from the effects of identity crime.
Learn more about the Attorney-General’s Department, opens in new window
Related articles
How to keep your identity safe online
Your identity is your most valuable asset. Protect it. Your freedom depends on it.
How to keep your family safe online
The internet is full of information, but it can also be dangerous. Learn how to keep your family safe online.
Get in touch
If you require extra care, feel like you are a victim of financial abuse or have concerns for your banking safety contact us.
Contact us
Call us
NAB Assist Customer Support Hub. Monday to Friday, 8:00am to 7:00pm (AEST/AEDT)
Email us
Questions? Email us your query and include your reference number.
Interpreters available
Do you have limited English or prefer to speak in a language other than English? When you call us, just say “I need an interpreter” and we’ll arrange for someone to help with your enquiry.
If you don’t see your language listed, please ask us for help to find someone who speaks your language to help with your banking.
National Relay Service
If you’re d/Deaf or find it hard to hear or speak to hearing people on the phone, the National Relay Service, opens in new window can help. To contact NAB give our phone number 13 22 65 to the National Relay Service operator when asked.
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