Online Abusers are Using Bank Reference Fields to Attack Their Victims
How would you feel if you opened your online banking app and saw a deposit for a dollar you weren’t expecting? You open up to the transaction details to find the reference fields reveal:
This is banking transaction abuse, and It’s on the rise. Abusers, who may have already been removed from common social media platforms, are using transaction reference fields as a messaging service to enact fear and intimidation towards their victims.
Transaction abuse can feel more sinister and malicious than other forms of abuse, not always being visible and giving the abuser a sense of control. Multiple messages over a short timeframe can have the same impact as constant pecking, leaving the victim feeling helpless and highly vulnerable.
Sweetheart messages such as ‘I love you’ and ‘Miss you’ are common and fairly innocuous between consenting couples. It’s when those messages turn abusive that it becomes a problem—showing explicit references to domestic and family violence.
“You are mine.”
“I can see you.”
It’s not just abusive messages that are sent. Other messages can make up brief conversations between two parties to commit banking fraud, presenting an opportunity to be more covert, hiding in their private transaction data away from authorities.
According to the Commonwealth Bank of Australia, in a three-month period, they identified over 8000 customers who received multiple low-value transactions, potentially containing abusive messages.
Banks recognize that transaction abuse is on the rise and commit to doing something about it. Commonwealth Bank of Australia’s Catherine Fitzpatrick, General Manager of Community and Customer Vulnerability, said:
“The message is simple, we can see you and we won’t tolerate the use of our digital banking platforms to facilitate abuse.” — CommBank
Global companies, especially banks, are changing the way they serve customers—providing a safe banking experience. Not just from banking scams but also online abuse.
Recognizing this, many have updated their terms of use conditions. Amounting to restrictions on banking transfer functions. Going as far as discontinuing their access to digital banking services altogether.
Westpac Australia has gone a step further, adding a feature to their online banking and mobile banking app to report abusive messages in payment transaction fields. This gives victims an opportunity to report offenders.
The challenge will lie in being able to apply automated systems to recognize abuse without affecting legitimate reference data.
It’s more important than ever that banks and online service providers acknowledge the risks their customers face and work to provide a better and safer online experience.
