Sector News (Page 11)

30 March 2016

ANZ to refund $5million

ANZ to refund $5 million to basic account holders for incorrect late payment and overlimit fees

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11 March 2016

Bank app users targeted in cybercrime attack


Millions of customers of Australia’s largest banks have been the target of a sophisticated cybercrime operation.

Key points:

  • Millions of customers of Australia’s largest banks have been targeted by a sophisticated malware attack.
  • The virus presents a fake version of the login screen when an Android user accesses their banking app.
  • Experts believe it is likely we will see more Android banking malware in the future.


The criminals attacked customers with Android mobile phones by stealing bank details and thwarting security systems.

While millions of customers are potentially at risk, cyber experts said they cannot be sure how many people have been affected.

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8 March 2016

Women in Poverty – Lord Mayor’s Report


“In Australia there are 1.6 million women aged over 65 and approximately three in 10 (34 per cent) women aged over 60 live in permanent income poverty, compared to 27 per cent of single older men and 24 per cent of couples,” the report said.

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7 March 2016

Young Women Anxious About Their Finances


Separate household surveys by research firm Digital Finance Analytics found the proportion of women taking small high-interest loans from called “pay day” lenders grew between 2005 and 2015. The average size of those loans taken by women also rose over that period according to the firm’s analysis. The use of these loans can be a sign that the borrower is financially stressed.

NAB Group executive Michaela Healey said the financial literacy of young women needed to improve.

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2 March 2016

‘Car yard’ insurance faces ASIC crackdown


Life insurance policies in Australia are typically sold through financial advisers, obtained through group cover provided by superannuation funds, or direct through online websites. Some of the biggest life insurers in the country are AMP, TAL, CommInsure, MLC and AIA.

The average life policy might cost $987 when bought through traditional means, while a personal-use car yard life insurance product might cost $1492, ASIC found.

Dodgy insurance products and practices are not isolated to Australia.

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1 March 2016

Family made homeless from a credit card debt


Aaron Szepesvary and Buket Ozdil were forcibly evicted from their suburban Melbourne home on Tuesday, the lock drilled, the door smashed open, over an unpaid $20,000 credit card debt.

Plus at least $132,000 in legal costs. The total debt is now almost $300,000.

When the matter started the pair could have paid off the $20,000 debt easily. They did not, and now have lost everything they own

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29 February 2016

The Under 30’s and Credit Card Debt


Bankers are quietly talking about an uplift in credit card applications from young people, specifically to establish a credit rating. Hello temptation.

Your VedaScore, issued by the biggest of three credit ratings agencies, tells the story of your credit-worthiness. The average is 771 (out of 1200), which falls into the “very good” range, but Millennials score the lowest of any generation at 682: “good” but by no means great.

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26 February 2016

Gambling cards lure punters, find way around banks


Australians are using their online gambling accounts like bank accounts – and it’s good news for bookmakers.

New data has revealed punters are pouring money into online gambling accounts via new re-loadable debit cards – and much of it is flowing back to bookmakers.

eMerchants, the company setting up the prepaid cards for bookmakers, says the amount of cash being loaded onto the cards had risen from $15 million in the first half of last financial year to $90 million in the first half of this year.

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24 February 2016

‘Inheritance impatience’ one driver of elder financial abuse


Elder abuse is any behaviour or action within a relationship of trust that harms an older person. It includes financial, psychological, physical, sexual, social abuse and neglect.

Elder financial abuse in particular is the illegal or improper use of an older person’s property, finances and other assets without their informed consent or where consent is obtained it is by fraud, manipulation or duress.

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